Q2 Holdings, Inc., a digital banking platform provider, has introduced Q2 Open. Q2 Open is Q2's portfolio of open API financial services. The APIs within Q2 help brands and financial institutions build financial apps and tools. Currently, the platform offers 4 services to third parties (i.e. debit, save, ledger, and biller direct) that give developers a range of flexibility to innovate with common banking features.
"Our mission is to strengthen financial institutions, and as our industry evolves, our clients need new ways to deliver innovative financial services," Q2 CEO, Matt Flake, commented in a press release. "Q2 Open is designed to make it easier, faster and more cost-effective to develop digital financial tools and represents meaningful opportunities for financial institutions and fintechs to partner and drive new growth."
Q2 was built with the goal of challenging the status quo among the traditional banking scene in the US. Q2 is blunt in its stance: "We believe there should be more than five banks in America. Our comprehensive, adaptable single platform--backed by a purpose-built culture of partnership--is designed to help community financial institutions stand apart, scale smart, and grow beyond." Q2 Open delivers the banking tools to help newcomers and smaller institutions compete by providing fintech tools previously limited to the major banks with massive resource pools.
Q2 debit allows developers to create checking account functionality directly into apps. Debit cards can currently integrate within Visa and MasterCard environments. Q2 Save allows developers to build saving account capability into apps. The accounts are simple, compliant, and FDIC-insured. Q2 ledger allows developers to include FBO ledgering functionality. Q2 biller direct allows developers to create bill presentment, aggregation, and bill pay features directly within a third party app. All four features are delivered through individual APIs, giving developers the functionality to pinpoint the desired banking feature. Check out the API docs for each feature linked above to learn more.
Q2 partnered with a number of early users (e.g. Qapital) to test Q2 Open. Feedback has been positive and has confirmed Q2's business purpose. We live in an on-demand world. Accordingly, people expect on-demand service from their bank. Q2 Open delivers the banking tools needed for on-demand services through an API portfolio for rapid innovation and service delivery.