Automated Account and Depositor Creation

When a member opens a new Extended Insurance Account at your credit union, ModernFi must be informed so the account can be recorded within the deposit network. This process is automated through the Admin Portal. To add a new account, click the "Manage Program" button and select "Add Single Account" from the dropdown. Enter the required account details, including the account title, signer's primary name, account type, account dividend rate, and upload the account agreement. For credit unions using SSO integration (such as Alkami), you must also provide the member ID, which maps to the Institution Depositor id in ModernFi's system. This ID is required for SSO authentication and should correspond to the depositor entity, not individual signers.

After submitting the account information, you'll be prompted to add depositor information to complete the onboarding flow. The depositor represents the end customer (individual or organization) that owns the funds in the account. Enter the depositor's details including their type, name, contact information, and address. You can optionally send the depositor a portal invitation to access their account information.

Once submitted, both the account and depositor are automatically created on ModernFi's side and will immediately appear in the Accounts and Depositors tabs.