Subaio and ABN AMRO digitise recuring payments for families of deceased

Denmark-based fintech Subaio, in partnership with ABN AMRO has launched a solution for surviving family members who wish to understand the recurring payments of deceased loved-ones.

What happens with your bank account when you die? The answer is that your surviving relatives spend a lot of time in a difficult situation just to understand what types of recurring payments you have, which ones should be cancelled, and which ones should be moved to, for instance, your wife or husband. This is the issue that the fintech Subaio and the bank ABN AMRO are addressing in their newest solution.

The solution was brought to life as ABN AMRO saw a need to provide financial guidance when their customers pass away by offering surviving family members a simple overview of the deceased person's recurring payments, including subscriptions, loans, insurances, and more. 

ABN AMRO is a bank based in Netherlands and it focuses on customer-centred innovation. In the past, ABN AMRO's customer support needed to go through financial transactions manually to find each recurring payment which could then be cancelled or moved by the deceased customers' surviving relatives.

The task was time-consuming as the typical Dutch person has more than 11 recurring payments on average. Now, this process is digital, which relieves customers' administrative burden of managing the recurring payments of their recently deceased relative.