Q2 Holdings has launched a strategic partnership with open banking platform Plaid to offer customers a secure way to connect accounts to apps and services.
According to Q2, the partnership will utilise its leading digital banking platform and Plaid’s Plaid Exchange – an open finance platform – to offer customers a secure, reliable means to connect bank accounts to apps and services and provides the tools needed to manage and monitor these connections.
The collaboration will also see Q2 financial institution customers secure access to Plaid’s APIs to provide their account holders with a fast and simple digital account funding experience. With Plaid, new customers will be able to link their existing bank accounts rapidly during the account opening stage to fund new accounts in seconds.
Q2 noted that its partnership with Plaid will give its customers ‘zero-lift’ access to the Plaid network, with account holders able to secure access to over 5,500 Plaid-powered FinTech apps.
The partnership will also offer consumers more control over where their data goes. Through using OAuth, customers will be able to end the need to store end user passwords, financial institution customers can authenticate FinTechs apps easily and offer secure access to their financial data.
Q2 CTO Adam Blue said, “Q2’s mission is to build strong, diverse communities by strengthening their financial institutions, which are the lifeblood of our communities. To stay competitive in the market and provide unparalleled customer experiences, FIs need to offer the services their customers expect. By integrating Q2’s digital banking platform with Plaid Exchange, Q2’s financial institutions will be able to effectively partner with FinTechs while providing improved end-user experiences to their customers.”
Plaid strategic partnerships manager Reed Bouchelle added, “At Plaid, we believe all consumers should have access to digital financial services, regardless of where they bank, and the Q2 team shares this same mission. Together we will unlock for ~18 million consumers across 500+ banks and credit unions, secure, reliable API-based access to the 5,500+ FinTech apps powered by Plaid.
“Our partnership extends beyond data access. With Plaid, Q2 financial institutions will enable consumers to more easily fund new accounts and see a holistic view of spending and net worth across all of their financial accounts. All of this is made possible using Plaid Exchange, Auth, Identity and Transactions.”
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