Pinwheel integrates with Q2’s Digital Banking Platform

By Gloria Methri

US FinTech Pinwheel has integrated its services with Q2’s Digital Banking Platform through the Q2 Partner Accelerator Program. Q2 Holdings, Inc. is a provider of digital transformation solutions for the banking and lending industries.

The integration allows financial institutions to access Pinwheel’s data network, which connects to 1,800 payroll platforms and covers income and employment data for up to 100% of US workers paid via direct deposit. Through the Q2 Digital Banking Platform, banks and credit unions can enable consumers to switch direct deposits instantly during the account onboarding process.

Research suggests that around 40% of newly opened bank accounts remain inactive, with customer frustration over the direct deposit switching process identified as a key factor. By embedding one-click deposit switching, Q2 customers can integrate the feature directly into their digital banking experiences.

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

The Q2 Partner Accelerator program, offered through the Q2 Innovation Studio, enables in-demand financial services companies to leverage the Q2 SDK to pre-integrate their technology into the Q2 Digital Banking Platform. This enables financial institutions to work with these partners, purchase their solutions and rapidly deploy their standardised integrations to their customers.