rewrite this title Pinwheel Integrates with Q2’s Digital Banking Platform – Finovate

Account activation company Pinwheel announced an integration with Q2’s Digital Banking Platform.

The integration will make it easier for Q2 customers to facilitate direct deposit switching as part of the account onboarding process.

Q2 won Best of Show at Finovate’s all-digital FinovateSpring event in 2021.

Frictionless account activation and engagement product provider Pinwheel announced an integration with Q2‘s Digital Banking Platform. The integration comes courtesy of Pinwheel’s participation in Q2’s Partner Acceleration Program, and will enable financial institutions to access income and employment data from Pinwheel’s data network of payroll providers. This coverage includes 1,800 platforms, representing up to 100% of US workers paid through direct deposit. The integration will empower banks and credit unions to offer their customers and members instant direct deposit switching as part of the account onboarding process.

“Removing friction from the deposit switching process is critical for financial institutions to boost activation rates and secure primacy,” Pinwheel Head of Revenue Brian Karimi-Pashaki said. “We’re thrilled to help Q2 customers take advantage of Pinwheel Deposit Switch by making it available through Q2’s Partner Acceleration Program. We are committed to helping credit unions and banks offer the best possible customer experience.”

In a statement, the companies highlighted research that indicated that 40% of newly opened accounts are never activated. One reason for this, according to the study by veteran banking analyst Jim Marous, was friction in the direct deposit switching process. By contrast, integrating Pinwheel’s technology with the Q2 Digital Banking Platform will give all Q2 customers the ability to embed one-click deposit switching.

Pinwheel began the year teaming up with digital banking provider Narmi to help Berkshire Bank launch its new service that enables customers reroute their direct deposits to their Berkshire accounts. Last month, Pinwheel partnered with human capital management software solutions provider Paychex to expand its PreMatch coverage to 45 million Americans.

Founded in 2004 and headquartered in Austin, Texas, Q2 made its Finovate debut in 2011, won Best of Show at our all-digital conference in 2020, and most recently demoed their technology on the Finovate stage at our all-digital FinovateSpring event in 2021. The company provides digital transformation solutions for banks, credit unions, fintechs, and other financial services companies in the US as well as around the world.

Earlier this month, Q2 announced that Signature Bank had selected the company as its new digital banking partner. Founded in 2006 and headquartered in Illinois, the bank went live with Q2’s Digital Banking Platform as part of its overall digital banking transformation. In March, United Federal Credit Union reported that it had tripled member engagement within 12 months of deploying Q2 Composable Dashboard. Part of Q2 Engage, the company’s suite of consumer banking solutions, Q2 Composable Dashboard gives financial institutions curated dashboards and the ability to build personalized experiences.

Q2 is publicly traded on the New York Stock Exchange under the ticker QTWO. The company has a market capitalization of $4.9 billion. Matthew Flake is CEO.

Photo by Nick Fewings on Unsplash

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