ModernFi has announced its integration with Q2’s Digital Banking Platform, via the Q2 Partner Accelerator Program. This end-to-end integration, bringing sweep and reciprocal programs directly into digital banking, aims to eliminate friction for depositors and bank operating teams and drive adoption of these crucial programs throughout the industry.

Q2 is a provider of digital transformation solutions for financial services

As part of the Q2 Partner Accelerator Program, financial institutions will be able to offer ModernFi’s digitally integrated insured sweep accounts to provide their highest-value customers extended deposit insurancevia the Q2 Digital Banking Platform. ModernFi helps financial institutions strengthen the insured composition of their balance sheets compete for depositors that might otherwise go to the largest competitors or leave the banking sector entirely.

ModernFi’s integration with the Q2 Digital Banking Platform offers a non-rate solution for financial institutions to grow deposits and bolster the strength of their balance sheets, a top concern for both banks and credit unions. The integration is key for financial institutions that are used to running these under-utilised sweep and reciprocal programs manually through paperwork, phone calls, and emails.

Brendan Quinn, Digital Banking Partnerships Lead of ModernFi, said: “ModernFi is proud to partner and integrate with Q2’s Digital Banking Platform to launch its fully integrated insured sweep account. By breaking new technical ground and bringing sweep and reciprocal programs into the modern age, we have removed the friction for depositors and operational burden for institutions, dramatically increasing the usability and adoption of these critical products. We look forward to continuing to innovate alongside our partners to help drive deposit growth and stability for financial institutions and the communities they serve.”

Johnny Ola, managing director of Q2 Innovation Studio at Q2, added: “We’re excited to welcome ModernFi to the Q2 Accelerator Partner Program. Financial institutions can now access ModernFi’s deposit network to help grow deposits.”

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