Payrailz Announces Integration with Q2';s Digital Banking Platform to Offer Peer-to-Peer Payments Services

Rhea-AI Summary

Payrailz, a digital payments company, has integrated its peer-to-peer (P2P) payment services with Q2's digital banking platform as part of Q2's Partner Accelerator Program. This integration allows financial institutions to offer enhanced payment solutions, which feature real-time transfers and fraud mitigation. Research indicates that 82% of Americans utilized digital payments in 2021. Q2 aims to empower financial institutions to innovate and meet consumer demands for seamless digital experiences.

Positive

• Integration with Q2's platform enhances Payrailz P2P service offerings.
• Enables financial institutions to provide modern, secure payment solutions.
• Research shows a strong demand for digital payment solutions among consumers.

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• None.

GLASTONBURY, Conn.--(BUSINESS WIRE)-- Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, announced its integration with Q2’s digital banking platform. Q2 Holdings, Inc. (NYSE: QTWO) is a leading provider of digital transformation solutions for banking and lending. Through this integration, Payrailz will offer peer-to-peer (P2P) payment services within Q2’s Partner Accelerator Program. According to research from McKinsey, 82 percent of Americans were using digital payments in 2021, including P2P.

The Q2 Partner Accelerator Program, part of the Q2 Innovation Studio, allows in-demand financial services providers who are leveraging the Q2 SDK (software development kit) to integrate their technology with the Q2 digital banking platform. Financial institutions can work with these partners to purchase their solutions and rapidly deploy the standardized integrations directly to their customers.

Payrailz’ P2P solution features an open-loop system, real-time transfer capabilities and fraud mitigation controls, along with a more modern payments experience for users. This increased flexibility is critical for today’s financial institutions, as their users want solutions that are convenient, secure and easy to use. Due to the rate of innovation in financial services today, consumers will not put up with a clunky experience, they will simply find a better experience elsewhere. Payrailz’ P2P solution and its seamless user experience will help Q2’s financial institutions demonstrate the value they are able to provide over payments competitors.

“At Q2, we are focused on empowering financial institutions to innovate faster and deliver differentiated offerings quickly, to delight their account holders,” said Johnny Ola, managing director of the Q2 Innovation Studio, Q2. “Providing account holders with a seamless peer-to-peer payments experience is a priority for many banks, credit unions and fintechs. Through this integration, we are pleased that Payrailz is offering this option and capability to our customers.”

“Our mission has always been to support banks and credit unions with solutions that help them build stronger relationships with end-users and better compete in the marketplace. We noticed there was a need for better P2P options that financial institutions could offer in order to stand up to today’s big payments players,” said Fran Duggan, CEO of Payrailz. “We share Q2’s passion for innovation and are proud to work with them to bring smarter payment solutions to the banks and credit unions they serve.”

To learn more about the Q2 Innovation Studio’s Partner Accelerator Program, please click here.

About Q2 Holdings, Inc.

Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumer to small business and corporate. Headquartered in Austin, Texas, Q2 has offices throughout the world and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.

About Payrailz®

Payrailz is a digital payments company offering advanced payment capabilities and experiences including consumer and business bill pay, external and internal transfers, new account funding, P2P, B2B, B2C, and other related solutions to banks and credit unions. In a society that increasingly has become focused on a “do it for me” culture, Payrailz’ smart technology makes the difference. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz’ API-first and cloud-native technology engine, to offer unique payment solutions to their consumers and businesses. Payrailz helps financial institutions meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit payrailz.com, follow them on Twitter @Payrailz, Facebook or LinkedIn, or contact Mickey Goldwasser at 860.430.9245.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220606005034/en/

MEDIA CONTACT:

Gracie Gay

678-781-7221

gracie@williammills.com

Q2 CONTACT:

Cole Lanier

205-616-6142

cole.lanier@q2.com

Payrailz CONTACT:

Mickey Goldwasser

860-430-9245

mgoldwasser@payrailz.com

Source: Payrailz

FAQ

What is the recent integration involving Q2 Holdings (QTWO)?

Payrailz has integrated its peer-to-peer payment services with Q2 Holdings' digital banking platform.

How does the integration benefit financial institutions using QTWO?

It provides them with enhanced payment solutions featuring real-time transfers and fraud mitigation.

What percentage of Americans used digital payments in 2021 according to the release?

According to the release, 82% of Americans utilized digital payments in 2021.

What program does the Q2 integration fall under?

The integration is part of Q2's Partner Accelerator Program.

What is the aim of Q2 Holdings with this partnership?

Q2 aims to empower financial institutions to innovate faster and deliver better offerings to their account holders.