How long does onboarding take?

Onboarding typically takes a few weeks, from 4 to 8 weeks, depending on your institution's needs and priorities. The process is composed of 4 key phases to ensure a smooth and successful launch:

Program Setup (Week 1–2)
ModernFi kicks off with your business development and operations teams. We onboard your institution to Northern Trust, our custodian, and guide you through opening the program account, which facilitates your institution's participation in the ModernFi network.
Fund Movement (Week 2–3)
Once the program account is set up, we test the movement of funds with a small dollar amounts to familiarize your operations team with the processes and address any institution-specific adjustments. Your team will receive test funds and gain access to the ModernFi portal, where reporting data is shared.
First Account (Week 3–4)
Next, we finalize the targeting and positioning strategy for Extended Insurance Accounts. Your institution will open its first sweep account in a soft launch to test the system, with ModernFi providing guidance throughout this phase.
Grow Accounts! (Week 4+)
With the system fully operational, your institution can begin rolling out sweep accounts to members. ModernFi will support your growth efforts by providing sales and marketing assistance, helping you attract new members and deepen existing relationships.

Throughout the whole onboarding process and beyond, our Institution Success team provides continuous support, ensuring your credit union is prepared to leverage ModernFi's tools effectively.