Q2 Now Helps Firms Navigate Real Time Payment Rails

Q2 Now Helps Firms Navigate Real Time Payment Rails
Q2 payment rails
  • Q2 is launching the Q2 Instant Payments Manager.
  • The new tool helps banks manage workflows for instant payment schemes, including Clearing House RTP and Federal Reserve FedNow rails.
  • The Instant Payments Manager supports multiple functions, including Request for Payment, Request for Information, Credit Transfer, and Receipt Confirmation messages.

Digital banking solutions provider Q2 Holdings unveiled its Q2 Instant Payments Manager this week. The new tool helps banks manage workflows for instant payment schemes, including Clearing House RTP and Federal Reserve FedNow rails.

The Clearing House has offered its real-time payment (RTP) rails since 2017 and the U.S. Federal Reserve is planning to launch its FedNow RTP solution this summer. The new capabilities have many U.S. firms seeking to integrate real-time payment flows into their systems to not only keep up with competing banks, but also with customer expectations. For both of these instant payment message sets, Q2’s new solution supports multiple functions, including Request for Payment, Request for Information, Credit Transfer, and Receipt Confirmation messages.

“Q2 Instant Payments Manager solves the challenges many businesses face around partial B2B payments and exchanging invoice data between billers and payers,” said Q2 SVP of Product Management Dallas Wells. “The new solution will modernize B2B payment flows and provide a competitive advantage for banks and credit unions striving for operating account deposits in a crowded commercial banking market.”

The Q2 Instant Payments Manager is a part of the company’s Q2 Catalyst, a set of commercial banking solutions. Q2 anticipates today’s offering will help banks improve their accounts receivable and payable processes by reducing the times to post and reconcile B2B payments.

Headquartered in Austin, Texas, Q2 offers a range of digital financial solutions for consumers, business clients, and fellow fintechs. The company is publicly traded on the New York Stock Exchange under the ticker QTWO, and has a market capitalization of more than $1.36 billion.

The topic of RTP among banks and fintechs has gained major headway in the U.S. this year. Earlier this week, Plaid unveiled its Instant Payouts solution. The multi-rail payout tool enables a range of financial services firms– including verticals like personal lending, marketplaces, insurance, brokerages, and digital investment platforms– to send funds instantly, 24/7 within Plaid’s Transfer product. 

Photo by Albin Berlin

Veem Teams Up with Visa, Q2 to Bring Digital Money Management and AR/AP Innovations to SMEs

Veem Teams Up with Visa, Q2 to Bring Digital Money Management and AR/AP Innovations to SMEs

From a collaboration with Visa to a partnership with Q2, new Finovate alum Veem, which made its Finovate debut last September at FinovateFall, continues to offer the kind of solutions to help make business payments easy, efficient, and affordable.

In fact, within one month of the company’s first-ever demo on the Finovate stage – a presentation of Veem’s Partner Connect product – the San Francisco, California-based company inked two major deals with some of the most innovative companies in financial services and digital banking.

Veem’s partnership with Visa, announced in the first half of October, will give the company’s 400,000+ customers access to a new SMB Visa card program, as well as digital money movement capabilities courtesy of Visa’s real-time push payments platform, Visa Direct. The agreement will enable Veem customers to generate and issue virtual Visa payment cards that can be used to cover business costs ranging from payments to suppliers to more general business expenses. The virtual card program, along with Veem’s spend management tools, also provides reconciliation and other financial benefits to help customers further digitize and streamline their operations. Access to Visa Direct will give Veem’s U.S. clients the ability to send money directly to both bank accounts and eligible Visa cards in more than 160 currencies.

“Visa is renowned for having broad network acceptance both domestically and internationally,” Veem CEO Marwan Forzley said. “Our collaboration helps Veem expand digital payment options for our customers, as we continue to build the next generation global solution for businesses.”

Veem also last month announced that it was teaming up with digital banking innovator Q2. The partnership is geared toward taking the friction out of the accounts payable/accounts receivable process for SMEs by making Veem’s AP/AR automation platform available to the 450+ financial institutions and 1.5 million businesses on Q2’s digital banking platform.

“This partnership with Veem gives our Financial institutions the ability to deliver Veem’s modern payment services to SMB customers with agility and reliability,” Q2 Innovation Studio Managing Director Johnny Ola said. “Businesses are looking for embedded solutions that act as a one-stop-shop to conduct all their day-to-day transactions. With our integration with Veem, we are excited to give our financial institution customers the option to offer small businesses innovative technology solutions.”

The two collaborations were only part of a very busy autumn for Veem, which was founded n 2014. Also last month, the company appointed Jeff Revoy as Chief Growth Officer and Travis Green as Vice President of Product Management. Revoy brings 20 years of CEO, President, and C-level experience at a number of public and VC-backed firms. Previous to his joining Veem, Revoy was Chief Operating Officer for SpaceIQ, a real estate workplace management software company he founded in 2016 that was acquired by WeWork in the summer of 2019.

In September, Veem secured $31 million in strategic funding in a round led by Truist Ventures. The company said in a statement that the capital will help it develop a robust channel partner program to broaden the company’s geographic footprint. The investment takes the company’s total equity funding to just over $100 million.

“This funding round marks an important milestone for the company, putting us in an ideal position to build out our channel partner program and prepare for Veem’s next stage of global growth,” Forzley said when the investment was announced. “Our channel partner network serves as our vehicle to better commercialize our product offering and further expand upon our market development efforts.”

As Veem’s FinovateFall debut showed, the development of its channel partner program has already borne fruit. At the conference, Veem’s Revoy and Connor Grilo demonstrated a new minimal code integration – Partner Connect – that enables banks to offer their clients an all-in-one, global payments platform designed for small and mid-sized businesses that keeps the bank’s branding at the forefront. The solution is integrated with the major accounting platforms so that, with a couple of clicks, users can reconcile what they are sending out from or receiving in Veem with their accounting software.

“There’s no back and forth, there’s no trying to keep two separate systems,” Revoy said from the Finovate stage. “All of this is automated and designed in a way so that, as a business owner, it can be fast, it can save you time, hopefully it will save you money, and will save you a lot of headaches, because everything is tied together.”

Photo by Ariadne Barroso from Pexels

Q2 and Plaid Partner Up to Expand Access to Digital Banking Solutions

Q2 and Plaid Partner Up to Expand Access to Digital Banking Solutions

A strategic partnership between Finovate alums Q2 and Plaid will give 18 million consumers across more than 500 banks and credit unions the ability to access 5,500+ fintech apps and other digital banking features. The alliance, announced today, combines Q2’s digital banking platform and Plaid’s open finance platform, Plaid Exchange. The goal is to provide customers with a secure and reliable way to both connect accounts to digital apps and services, as well as give them the tools to manage these connections.

“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,” Plaid director of strategic partnerships Reed Bouchelle said.

The partnership also will enable Q2’s financial institution customers to leverage Plaid’s APIs to give accountholders fast, easy, and secure digital account funding. New customers will be able to save time and effort by linking their bank accounts during the account opening process to fund new accounts in seconds rather than days.

“Our partnership extends beyond data access,” Bouchelle continued. “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,” he said. Bouchelle credited a quartet of Plaid solutions – Exchange, Auth, Identity, and Transactions – for ensuring the comprehensive nature of the new functionality.

Q2 Chief Technology Officer Adam Blue highlighted the needs of financial institutions serving diverse communities in emphasizing the importance of the partnership with Plaid. “To stay competitive in the market, and provide unparalleled customer experiences,” Blue said, “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.”

Austin, Texas-based Q2 was founded in 2004 and made its Finovate debut (as Q2ebanking) at FinovateSpring seven years later. The digital banking and lending solution provider went public in spring of 2014 under the ticker symbol QTWO, and currently has a market capitalization of $4.8 billion. The company’s Plaid partnership announcement comes just weeks after Q2 inked a deal with Stanford Federal Credit Union ($3.6 billion in assets; 77,000 members) to deploy both its digital banking platform and its Q2 Innovation Studio. Q2 also recently announced core processing partnerships with b1BANK ($3.9 billion in assets), Citizens Bank of Edmond ($350 million in assets), and fellow Finovate alum Moven.

Financial data network Plaid works with more than 11,000 financial institutions to ensure broad access to the thousands of digital financial services built on its platform. Making its Finovate debut in 2014 as a presenter at FinDEVr SiliconValley where the company demonstrated its “API for Financial Infrastructure,” Plaid has become synonymous with the movement to democratize digital finance. The company secured a Series D extension – amount undisclosed – from American Express and JP Morgan in August and, later that month, announced a new partnership with advanced bank-to-bank transfer solutions company Astra. Earlier this month, Plaid announced a collaboration with Silicon Valley Bank to make the institution the first to offer ACH account token integration with its technology.

“With Silicon Valley Bank,” Plaid Head of Revenue and Partnerships Paul Williamson said when the partnership was announced, “thousands of fintech innovators now have access to an integrated payment processing solution that combines the power of SVB and Plaid to deliver seamless, convenient digital finance experiences.”

Plaid was founded in 2013 by William Hockey and Zachary Perret (CEO). The company achieved unicorn status in 2018 after securing a $250 million Series C investment that gave the San Francisco, California-based firm a valuation of $2.65 billion.

Moven, Q2 Partner with Community Banks to Help Deliver Financial Wellness Solutions

Moven, Q2 Partner with Community Banks to Help Deliver Financial Wellness Solutions

Moven’s transition to a financial wellness platform received a big boost this week as the company announced that a pair of community banks – b1 BANK and Citizens Bank of Edmond will leverage its technology to power their own personalized digital banking offerings.

Moven’s platform is powered by core processing technology from fellow Finovate alum Q2. CorePro, as the technology is named, will give these community banks the ability to build a solution with a front-end based on financial wellness and a backend able to interact with a variety of legacy core systems.

Keith Mansfield, Chief Operating Officer with the Louisiana-based b1 BANK, underscored how the partnership with Moven will enable the institution to offer its customers new tools to enhance their financial wellness. Mansfield added that working with Moven will also help the $3.9 billion AUM bank gain the kind of customer insights that will enable it to “compete with both larger banks and fintech competitors.”

Citizens Bank of Edmond ($350 million in assets) CEO and President Jill Castilla was even more direct, highlighting both the importance of “deliver(ing) exceptional products and exceptional customer service in an increasingly digital manner” as well as the key role that community banks play in the financial lives of a sizable number of individuals and families.

“No one is more skilled at developing relationships and meeting customer needs than community banks,” Castilla explained. She praised both Moven and Q2 as companies that not only understood this reality but also were “committed to bringing a first-class digital experience to underbanked and underserved communities in need.”

The initiative announced this week is not the first time Moven and Q2 have collaborated. Most recently, in the fall of 2020, the two companies teamed up to offer a turn-key digital bank-in-a-box that can be deployed by financial institutions in as few as 30 days. Combining financial data aggregation and savings tools from Moven with Q2’s CorePro cloud processing technology, the new offering provides real-time alerts and notifications, the ability to issue savings and demand deposit accounts, as well as instant external account verification, wishlist savings, and an emergency account.

“Community financial institutions are frustrated with their legacy core provider(s) and want flexibility and affordability in delivering solutions that empower the consumer,” said Bryan Clagett, industry expert and advisor who helped bring Moven and Q2 together for the project. “Digital banking, as we know it, is evolving quickly and bringing together fintech organizations that have complementary competencies is key to the future of the financial services industry.”

Photo by Summer Li from Pexels

FinovateSpring Digital 2021 Sneak Peek: Q2

FinovateSpring Digital 2021 Sneak Peek: Q2

A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

Q2 offers CorePro, a light-weight core processing platform, to power its Banking-as-a-Service and Digital Bank-in-a-Box services for fintechs and FIs.


  • Real-time updates to the core
  • Low cost basis means increased account profitability
  • Unlimited sub-account creation

Why it’s great
CorePro is proven at scale.


Rahm McDaniel, VP Strategic Solutions
McDaniel is VP of Strategic Solutions and an entrepreneur. He has been in the technology industry for 22 years. He joined Q2 in 2013.

Brett King, Founder, Moven
King is a world-renowned futurist and speaker, bestselling author, and Founder & Executive Chairman of Moven, a start-up, with the world’s first mobile, downloadable bank account.

Q2 Acquires ClickSWITCH for Digital Account Switching Service

Q2 Acquires ClickSWITCH for Digital Account Switching Service

Digital banking services company Q2 is getting a boost today. The Texas-based company announced it has acquired Minnesota-based ClickSWITCH.

As part of the agreement, Q2 will integrate ClickSWITCH’s account switching software-as-a-service solution into its product offerings. Terms of the deal were not disclosed.

Founded in 2014, ClickSWITCH offers its 450 financial institution clients an account switching solution for their end customers. The company leverages direct integrations with thousands of employers, payroll providers, and financial institutions to help users switch their direct deposits and automatic payments to new accounts. The client onboarding process, as a result, is simplified significantly.

Q2 anticipates the purchase will help its bank clients attract and retain new primary account holders. “We also believe that with ClickSWITCH we can help our customers provide their account holders with a more streamlined, frictionless experience, by offering an end-to-end digital customer acquisition, onboarding, and account switching solution,” added Q2 CEO Matt Flake.

Q2 will not only benefit from exposure to ClickSWITCH’s client base, but will also offer its existing banking-as-a-service clients more deposits, decreased client acquisition cost, and the potential for growth from an increase in cross-selling.

“As a combined force, we look forward to solving a fundamental issue that banks, credit unions, and fintech companies face – managing the complexity and administrative burden of account switching – by providing the most comprehensive and differentiated digital account switching solution in the market,” said ClickSWITCH Founder and CEO Cale Johnston. “We are delighted to be joining the Q2 team and look forward to delivering best-in-class financial solutions.”

Both Q2 and ClickSWITCH are Finovate alums, having demoed most recently at FinovateWest 2020 and FinovateSpring 2019, respectively.

Photo by Bench Accounting on Unsplash

Moven and Q2 Team Up on Bank-in-a-Box Initiative

Moven and Q2 Team Up on Bank-in-a-Box Initiative

A turnkey digital bank-in-a-box that can be deployed in as little as 30 days? That’s the product of a new partnership announced this week between a pair of Finovate alums: data-driven financial wellness innovator Moven and digital banking services provider Q2.

“Working with Q2 allows banks of all sizes to accelerate their consumer facing digital offering,” Moven CEO and CRO Kesh Talwar explained. “Having a complete view of customer financial behavior, along with Moven’s data analytics, will increase contextual customer engagement. He added that better customer engagement will lead to “lower attrition rates, increased revenues and acquiring new customers digitally at a lower cost.”

Initially, the collaboration will focus on the integration of Moven’s data aggregation and savings tools with Q2’s cloud-based core processor, CorePro. This will enable them to offer banks and credit unions an instant deployment solution with real-time alerts and notifications, as well as account issuance for savings and demand deposits accounts. The offering also includes features such as instant external account verification, wishlist savings, and an emergency account.

“We are thrilled that Q2’s CorePro system was selected by Moven to power this initiative,” GM of Q2 BaaS Paul Walker said. “Now any bank can have its own Marcus or Chime in a matter of a few weeks.”

The partnership is the latest evidence of Moven’s shift toward leveraging its financial wellness and behavioral data technology and away from the direct to consumer / neobank model of years past. Fintech expert and advisor Bryan Clagett, who approached both Moven and Q2 over the summer to discuss compatibilities between the two firms, underscored the importance of this strategy. “Digital banking, as we know it, is evolving quickly,” he said “and bringing together fintechs organizations that have complementary competencies is key to the future of the financial services industry.”

Founded in 2011 and becoming a Finovate alum after its debut at FinovateEurope two years later, Moven announced a partnership with Saudi Arabia’s STC Pay this spring. The New York-based company has raised more than $47 million in funding, and includes TD Bank and SBI Group among its investors. Brett King is founder and executive chairman. In a statement, King highlighted the significance of his company’s partnership with fellow Finovate alum, Q2.

“We started as a challenger bank in the U.S. market before collaborating with banks and FIs around the world, so we understand what it takes in the post-COVID digital world to stand out,” King said. “The Q2 alliance is our first major core partnership in the U.S., and no doubt will set a steep benchmark for other providers in the space.”

Headquartered in Austin, Texas, Q2 has become one of the leaders in the embedded finance movement, offering a range of digital financial solutions for consumers, business clients, and fellow fintechs. The company won a Best of Show award at FinovateFall in September for its Partner Marketplace, an app store that is integrated within the client’s digital banking platform.

Q2 is publicly traded on the New York Stock Exchange under the ticker QTWO, and has a market capitalization of more than $5 billion. See them next week as the company returns to the Finovate stage to demo its latest technology at FinovateWest Digital.

Photo by Porapak Apichodilok from Pexels

FinovateWest Digital 2020 Sneak Peek: Q2

FinovateWest Digital 2020 Sneak Peek: Q2

A look at the companies demoing at FinovateSpring Digital on May 10 through 13, 2021. Register today and save your spot.

With Q2 dynamic personalization, your institution can quickly and easily tailor your user’s experiences based on the intersection between known data points and your institution’s objectives.


  • Dynamically composed experiences
  • Fluid audience grouping
  • Targeted UI presentation

Why it’s great
Digital is today, personalization is tomorrow. Through dynamic personalization you can improve your relationship with accountholders and understand their needs.


Adam Blue, CTO
As CTO, Blue is responsible for creating and coordinating the company’s technology strategy, while supporting the teams at Q2 responsible for customer satisfaction and technology innovation.

H.O. Maycotte, CEO, Molecula
Maycotte is the CEO of Molecula, an enterprise future store that centralizes data for machine-scale analytics and AI.

At Your Service: A Look at Q2’s “As-a-Service” Offerings

At Your Service: A Look at Q2’s “As-a-Service” Offerings

In today’s era of embedded finance, everything is available as a service. Digital banking services company Q2 is at the leading edge of this trend, offering a range of solutions for banks’ retail clients, their commercial customers, and fintechs.

Many fintechs sell an “as-a-service” offering that focuses on a single aspect of banking. Q2, however, takes a more holistic approach. Here’s a look at some of the company’s embeddable offerings.

Q2’s consumer solutions include remote onboarding, PFM tools, remote deposit check capture, lending tools, marketing offers, behavioral biometrics, and authentication. The company helps banks leverage client data using machine learning technology that brings the necessary intelligence to effectively market new products to customers.

On the commercial side of things, Q2 can aid with account opening, loan origination, ERP integration, and scalable tools to suit a range of business sizes.

Q2 offers fintechs both lending-as-a-service and banking-as-a-service tools to integrate into their existing offerings. The former focuses on the application, approval process, and loan funding, while the latter offers bank accounts, debit cards and payment solutions without the need to partner directly with a traditional bank.

In addition to these embedded finance offerings, Q2 is venturing into the bank-fintech collaboration space. In a Best of Show winning demo at FinovateFall last month, Q2 launched its Partner Marketplace, an app store integrated within the company’s digital banking platform. Fintechs can upload their tools on the platform’s app store and banks can browse the offerings they’d like to integrate.

By relying on fintechs to bring the tech, the Partner Marketplace broadens Q2’s reach as a provider of embedded finance. The company offers banks access to a variety of fintech solutions that range beyond what Q2 itself is able to create or provide.

For fintechs, the marketplace lowers customer acquisition costs by making the startups’ solutions visible to Q2’s network of bank partners on the platform. It also helps with integration and deployment– after integrating with Q2’s digital banking platform, fintechs can offer their product to 400+ banks and credit unions, one million businesses, and 16+ million end users.

Photo by KOBU Agency on Unsplash

FinovateFall Digital 2020 Best of Show Winners Announced

FinovateFall Digital 2020 Best of Show Winners Announced

Digitally or in-person, the live fintech demos continue to be one of the most popular and worthwhile features of our fintech conferences. This year was no different. FinovateFall Digital featured fewer demoing companies than in years past to better accommodate our COVID-induced, all-digital format. But, as always, the quality of demos was absolutely on point.

With that, let’s take a look at the companies that our attendees have awarded with Best of Show trophies at this year’s event.

Finzly with its BankOS open banking platform that helps banks innovate at speed by transitioning away from legacy technology. Video.

Horizn for its ability to help financial institutions accelerate digital adoption with customers and employees. Video.

Lendsmart for its AI-driven technology that solves for the lack of automation, transparency, and communication in the lending process. Video.

Monit for its finance application that gives small business leaders the insights and personalized guidance they need to manage their businesses successfully. Video.

Q2 for its online digital marketplace that makes collaboration between fintechs and financial institutions easier and more efficient. Video.

Thanks to all the companies that participated in FinovateFall Digital! And thank you, our FinovateFall Digital attendees, for making your voices heard and for being part of a very special event this year. We look forward to seeing many of you in a few months for FinovateWest!

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their five favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The five companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2020 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019
FinovateAsia 2019
FinovateMiddleEast 2019

FinovateEurope 2020

FinovateFall Digital 2020 Sneak Peek: Q2

FinovateFall Digital 2020 Sneak Peek: Q2

A look at the companies demoing at FinovateAsia Digital on June 22, 2021. Register today and save your spot.

Your fintech product. Millions of users. One integration. Q2’s Q2 Partner Marketplace lets you offer your fintech products to more than 400 bank and credit union customers.


  • Rapid partnership
  • Streamlined integration to over 450 financial institutions
  • Target end users through a trusted channel

Why it’s great
The path to partnering with financial institutions is hard. The Q2 Partner Marketplace makes it simple.


Greg Varnell, VP Engineering
Varnell has worked in the technology arena for over 20 years. With more than ten years of experience at Q2, he is responsible for creating and growing the Q2 Caliper SDK team.

Derik Sutton, VP Product & Experience, Autobooks
Sutton joined Autobooks in 2018 as Vice President of Product and Experience. As part of the executive team, Derik leads Autobooks’ product, design, and marketing execution.

Q2 Closes Acquisition of PrecisionLender

Q2 Closes Acquisition of PrecisionLender

Last week, Q2 completed its sixth acquisition since its 2004 launch. The digital banking services company closed the books on a $510 million deal to purchase PrecisionLender, a sales enablement platform.

“We are thrilled with the outstanding talent, culture and industry expertise the PrecisionLender team brings to the Q2 family,” said Q2 CEO Matt Flake. “We are also excited about the potential we have to help our customers improve margins, profitability and the quality of their relationship with their key accounts using our combined data insights and commercial banking solutions.”

Q2 will leverage PrecisionLender to further its corporate banking expertise and solidify its leadership in digital banking. Going forward, PrecisionLender will operate as Precision Lender, a Q2 company.

Q2 debuted Q2 Biller Direct at FinovateSpring 2018 and the company’s CIO Lou Senko made a cameo appearance in ALTR’s demo at FinovateFall earlier this year.