Payrailz announces integration with Q2’s digital banking platform

By Edlyn Cardoza

Payrailz®, a digital payments company offering smarter, more engaging payment experiences to banks and credit unions across the United States, announced its integration with Q2’s digital banking platform. Q2 Holdings, Inc. is a leading provider of digital transformation solutions for banking and lending. Payrailz will offer peer-to-peer (P2P) payment services within Q2’s Partner Accelerator Program through this integration. According to research from McKinsey, 82% of Americans were using digital payments in 2021, including P2P.

The Q2 Partner Accelerator Program, part of the Q2 Innovation Studio, allows in-demand financial services providers leveraging the Q2 SDK (software development kit) to integrate their technology with the Q2 digital banking platform. Financial institutions can work with these partners to purchase their solutions and rapidly deploy the standardised integrations directly to their customers.

Payrailz’s P2P solution features an open-loop system, real-time transfer capabilities and fraud mitigation controls, along with a more modern payments experience for users. This increased flexibility is critical for today’s financial institutions, as their users want solutions that are convenient, secure, and easy to use. Due to the rate of innovation in financial services today, consumers will not put up with a clunky experience; they will find a better experience elsewhere. Payrailz’s P2P solution and its seamless user experience will help Q2’s financial institutions demonstrate the value they can provide over payments competitors.

“At Q2, we are focused on empowering financial institutions to innovate faster and deliver differentiated offerings quickly, to delight their account holders,” said Johnny Ola, managing director of the Q2 Innovation Studio, Q2. “Providing account holders with a seamless peer-to-peer payments experience is a priority for many banks, credit unions and fintechs. Through this integration, we are pleased that Payrailz is offering this option and capability to our customers.”

“Our mission has always been to support banks and credit unions with solutions that help them build stronger relationships with end-users and better compete in the marketplace. We noticed there was a need for better P2P options that financial institutions could offer in order to stand up to today’s big payments players,” said Fran Duggan, CEO of Payrailz. “We share Q2’s passion for innovation and are proud to work with them to bring smarter payment solutions to the banks and credit unions they serve.”