Q2 Open is a portfolio of open APIs that enable any organization—fintechs, traditional FIs, leading brands and more—to develop and enhance their own financial apps and tools. Q2 Open is comprised of four services consumed through open APIs:
- Q2 Debit, which enables federally insured checking account creation into applications and offers branded debit card integrated into Visa or MasterCard rails.
- Q2 Save, which offers fully functional compliant and cost-effective savings accounts with account and routing numbers inside an application.
- Q2 Ledger, which provides ledgering functionality for “For the Benefit Of” (FBO) accounts as an alternative to traditional checking and savings accounts.
- Q2 Biller Direct, which aggregates users’ bills and payments into a single view, enabling bill presentment, aggregation and bill pay functionality into their applications.
Q2 Open benefits and uses include but aren’t limited to::
- Offers new opportunities for traditional financial institutions and fintechs to partner and utilize each other’s strengths to grow deposits, drive growth and deliver a compelling user experience.
- Bypasses legacy core systems to empower traditional financial institutions to develop deposit-, savings- and bill pay-based products and services at a faster rate and at a fraction of the cost.
- Helps FIs easily adapt to changing customer expectations and demands by quickly bringing to market products and services that fill untapped needs in a customer base.
- Empowers FIs to attract a greater market share with a wider selection of strategies and products for building savings, making payments and more.
- Enables FIs and others to build direct banks that exist separately from the full-service bank and self-service channels (and legacy core infrastructure), allowing the direct banking arm of the FI to become “best-in-class” at several specific and particular offerings, services or products.
- Provides a plug-and-play infrastructure that is cost-effective and easy to connect to.
- Offers a scalable banking-as-a-service economic model that can make accounts of all sizes profitable.
Q2 Holdings, Inc.