First City Credit Union and Ribbon launch platform to initiate, simplify inheritance claims

The Murdochs — the family led by 93-year old Rupert Murdoch and that inspired HBO’s Succession — are in the midst of a court case that could compete with any fictional television series.

The family, which controls a global enterprise that includes the Wall Street Journal and Fox News, are in dispute due to the patriarch’s inheritance plan. If Rupert Murdoch wins an upcoming court case, his oldest son will receive the majority of his shares, with the other siblings receiving primarily financial inheritances and much less say.

While the high majority of families will encounter lesser challenges than the fore-mentioned, one thing is for certain: the episode is evidence of the complexity and issues when it comes to families and inheritance planning.

Two organizations this week are announcing plans to help address this. First City Credit Union, which supports families with inheritance claims, is announcing in partnership with Ribbon to launch the first-ever online inheritance portal.

The platform will support members and their families when navigating the inheritance process, with First City becoming the first credit union in the US to offer a fully self-serve online platform for families to initiate inheritance claims.

Said Nav Khanna, President and CEO at First City Credit Union, “Being there for our members and their families during an emotional and stressful time is part of why we exist. With this new service, an often emotional and cumbersome process can be simplified. Our goal is to support the financial needs of our members’ families with empathy, and Ribbon helps us deliver on that promise.”

Founded in 1937, First City Credit Union provides banking to consumers and businesses in southern California. The organization, which has more than $900 million in assets and greater than 56,000 members, helps its members build money through checking and savings accounts, auto and home loans, credit cards, digital banking, business services, and investments, among other areas.

With the platform and Ribbon’s technology, credit union members and non-members alike can submit inheritance requests through First City’s website.

In general, historically financial institutions have provided only offline methods, which can take up to or more than 18 months. Via the integration with Ribbon, families no longer need to visit branches or call customer service to manage claims.

Added Saeid Kian, CEO of Ribbon, “Ribbon is thrilled to partner with First City Credit Union to bring modern, accessible solutions to an area that has long been overlooked.”

“This partnership sets a new standard for how financial institutions can support their members during life’s most challenging moments,” concluded the executive.

Ribbon, which is a VC startup revolutionizing inheritance processes, helps enable financial institutions to launch their own inheritance center, allowing them to retain deposits and lower costs, while providing a seamless experience for their members.

Its technology gives time back to those who are grieving, while allowing financial institutions to provide a world-class inheritance center.