US-based fintech company ModernFi has announced its integration with digital transformation solutions provider Q2’s digital banking platform through the Q2 Partner Accelerator programme.
The integration is aimed to remove friction for depositors and bank operating teams as well as drive adoption of crucial programmes throughout the industry. It will also bring sweep and reciprocal programmes directly into digital banking.
Besides, the end-to-end integration will enable ModernFi’s digitally integrated insured sweep accounts to deliver their highest-value customers extended deposit insurance through the Q2 digital banking platform.
Headquartered in New York, ModernFi claims to be the first fully integrated and application programming interface (API)-driven deposit network.
The firm facilitates financial institutions to bolster the insured composition of their balance sheets and compete for depositors.
Banks and credit unions leverage ModernFi’s deposit network to expand, retain, and manage their deposit base. This is made possible by sourcing deposits, sweeping funds, and providing additional security to depositors through extended deposit insurance delivered by network institutions.
ModernFi digital banking partnerships lead Brendan Quinn said: “By breaking new technical ground and bringing sweep and reciprocal programs into the modern age, we have removed the friction for depositors and operational burden for institutions, dramatically increasing the usability and adoption of these critical products.”
The Q2 Partner Accelerator programme enables high-demand financial services companies utilising the Q2 SDK to pre-integrate their technology with the Q2 digital banking platform.
The programme allows financial institutions to collaborate with the partners, purchase their solutions, and swiftly deploy their standardised integrations to their customers.
Q2 Q2 innovation studio managing director Johnny Ola said: “We’re excited to welcome ModernFi to the Q2 Accelerator Partner Program. Financial institutions can now access ModernFi’s deposit network to help grow deposits.”
