Digital Banking Company Q2 Joins Forces With Plaid to Bolster Banking Capabilities

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Q2 Holdings Inc., a cloud-based supplier of integer banking solutions, is collaborating with fiscal services institution Plaid to amended the integer banking acquisition astatine tiny banks and recognition unions, Plaid announced successful its Tuesday (Sept. 21) blog post.

As portion of the associated effort, Q2 volition integrate into the Plaid Exchange platform, providing Q2’s 500 customers with “zero-lift” entree to the Plaid network, according to the blog post. The no-cost integration provides relationship holders with secure, reliable, API-powered entree to the 5,500+ Plaid apps. The concern volition payment millions of relationship holders of fiscal institutions connected the Q2 platform, the institution said.

In summation to the integration, the concern volition supply Q2’s FI customers with entree to the tools indispensable to make integer experiences appealing to modern slope customers, specified arsenic Plaid’s Auth and Identity APIs for speedy and casual integer relationship funding. New customers tin link their existent slope accounts during the relationship opening process to transportation wealth successful existent time.

The impetus for the Q2 and Plaid concern stems from the information that adjacent to one-quarter of accounts connected done Plaid are held astatine recognition unions oregon tiny assemblage banks, according to the blog.

Tuesday’s announcement comes connected the heels of past week’s PYMNTS study that Silicon Valley Bank (SVB) is partnering with Plaid for instant authentication of slope relationship accusation utilizing ACH tokenization to supply unafraid payments. SVB is the archetypal slope to supply ACH relationship token integration with Plaid, according to PYMNTS.

See more: Silicon Valley Bank Teams With Plaid for ACH Tokenization

In summation to those collaborative efforts, Plaid announced this outpouring that it was collaborating with U.S. Bank, the fifth-largest slope successful the U.S., successful an unfastened concern partnership. The collaboration volition let the bank’s millions of customers to negociate their accounts and link to Plaid’s apps and services, according to PYMNTS.

Related news: US Bank, Plaid Partner connected Open Banking Portal

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