Q2 and Plaid Partner to Deliver Secure and Efficient Digital Financial Experiences

Rhea-AI Summary

Q2 Holdings (QTWO) has announced a strategic partnership with Plaid to enhance digital banking services for approximately 18 million users. This collaboration will utilize Q2's digital banking platform along with Plaid's open finance technology to provide a seamless experience for account linking and funding. Customers of Q2's financial institutions will benefit from faster account funding and access to over 5,500 fintech apps, improving user experience while ensuring data privacy through secure API access.

Positive

• Partnership with Plaid enhances digital banking features for 18 million users.
• Access to over 5,500 fintech applications accelerates account linking and funding.
• Improved user experience with faster account opening processes.

Negative

• None.

Q2 and Plaid's partnership will provide 18 million users with access to new digital banking features

AUSTIN, Texas--(BUSINESS WIRE)-- Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, today announced it has launched a strategic partnership with Plaid, a data network that powers the tools millions of people rely on to live healthier financial lives. Q2 and Plaid's partnership will utilize Q2's leading digital banking platform and Plaid Exchange, the industry's first open finance platform, to offer customers a secure, reliable means to connect accounts to apps and services and provide the tools needed to manage and monitor those connections.

Additionally, as a result of the partnership, Q2 financial institution customers will have access to Plaid’s APIs to provide their account holders with a fast, easy digital account funding experience. With Plaid, new customers can quickly link their existing bank accounts during the account opening process to fund new accounts within seconds, compared with a more cumbersome process that could take days.

“Q2's mission is to build strong, diverse communities by strengthening their financial institutions (FIs), 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," said Adam Blue, chief technology officer at Q2. "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.”

Q2's partnership with Plaid will give Q2's customers "zero-lift" access to the Plaid network. Account holders will have secure and reliable API-based access to 5,500+ Plaid-powered fintech apps.

"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," said Reed Bouchelle, strategic partnerships at 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."

In a world where data privacy is a significant concern for most consumers, the Q2 and Plaid partnership will help millions of consumers control where their data goes. Using OAuth to eliminate the need to store end user passwords, financial institution customers will be able to authenticate fintech apps easily and provide secure access to their financial data. Learn more about Q2 and Plaid’s partnership in this blog post.

About Plaid

Plaid is a data network that powers the tools millions of people rely on to live a healthier financial life. Plaid works with thousands of companies, several on the Fortune 500, and many of the largest banks to make it easy for people to connect their financial accounts to the apps and services they want to use. Plaid’s network covers 11,000 financial institutions across the US, Canada, UK and Europe. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.

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 worldwide and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210921005671/en/

Maria Abbe

Q2 Holdings, Inc.

+1 315-657-0041

maria.abbe@q2.com

Kelly Reilly

Plaid

+1 314-306-8168

kreilly@plaid.com

Source: Q2 Holdings, Inc.

FAQ

What is the partnership between Q2 Holdings and Plaid about?

The partnership aims to enhance digital banking services for around 18 million users by utilizing Q2's platform and Plaid's technology for easier account linking and funding.

How many users will benefit from the Q2 and Plaid partnership?

Approximately 18 million users across more than 500 banks and credit unions will benefit from this partnership.

What advantages does the partnership offer to Q2 financial institution customers?

Q2 financial institution customers will have access to Plaid's APIs for a fast and easy digital account funding experience.

What security measures are included in the Q2 and Plaid partnership?

The partnership will use OAuth to enhance data privacy, eliminating the need to store end-user passwords and ensuring secure access to financial data.