Digital baking solutions provider Q2 Holdings has partnered with financial services company Plaid to improve digital banking for small banks and credit unions.
As part of the alliance, Q2 customers will have access to a suite of new Plaid-powered digital banking features.
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Q2 will become part of the Plaid Exchange platform, in turn providing Q2’s 500 customers with “zero-lift” access to the Plaid network.
The no-cost integration offers account holders secure, reliable, API-driven access to more than 5,500 Plaid apps.
In addition, Q2’s bank and credit union customers will gain access to the tools required to deliver digital experiences for their account holders.
Q2 financial institutions can leverage Plaid’s Auth and Identity APIs to offer a quick, easy digital account funding experience for their customers.
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By GlobalDataMeanwhile, new customers can connect their existing bank accounts while opening the account in order to fund new accounts in just seconds.
In a statement, Plaid said: “At Plaid, our mission is to unlock financial freedom for everyone.
“To achieve this, we need to empower as many institutions as possible to provide their customers with secure and reliable ways for accessing their financial data and putting it to work to make money easier to manage.
“Partnering with Q2 helps us extend the reach of our network and products to many more financial institutions and expand access to digital financial services to millions of consumers across the US.”
About one-quarter of accounts connected via Plaid are held at credit unions or community banks and other small financial institutions.
Last month, Plaid secured additional Series D funding from JP Morgan Private Capital Growth Equity Partners and American Express Ventures.
