Chime Banking is first to integrate Q2’s technology to help people
easily move their bill payments when they switch to Chime
AUSTIN, Texas--(BUSINESS WIRE)--
Q2
Holdings, Inc. (NYSE:QTWO), a leading provider of secure,
cloud-based digital banking solutions for community-focused financial
institutions (FIs), announced today the launch of CardSwap, a powerful
tool designed to help FIs and card issuers achieve top-of-wallet
position while generating valuable interchange revenue. Q2’s first
partner to implement CardSwap is Chime,
the leading branchless bank account that helps members avoid fees and
save money automatically through their award-winning app.
CardSwap enables account holders to automatically apply new debit or
credit card information across their favorite subscription and digital
point-of-sale services—such as Amazon, Netflix and Hulu—in a single,
elegant workflow. Chime—which serves hundreds of thousands of members
through its online banking service—uses Q2’s technology to eliminate one
of the biggest hassles of switching bank accounts by allowing members to
automatically move their online and subscription payments to their Chime
card.
“We know lots of people, particularly millennials, would like to switch
their bank, but many haven’t changed because it’s a pain to move your
bill payments to a new account,” said Chris Britt, CEO and founder of
Chime. “Our new bill switch feature is a great example of how we’re
using modern technology to make banking faster and hassle-free. Signing
up and switching to Chime is now even easier, and it can all be done
from your smartphone.”
In addition to simplifying the customer onboarding process, CardSwap can
also be used to improve the compromised card replacement experience or
as a complement to an FI’s card reward or incentive program.
“We believe there’s still untapped potential for technology to create
new business opportunities for financial institutions,” said Paul
Walker, general manager of Q2 Open. “Consumers are adopting new digital
services and subscriptions at a rapid pace and traditional bill pay
strategies weren’t designed to account for these new billers. CardSwap
helps our clients get their cards top of wallet for these vendors,
putting them in a position to tap into new interchange revenue.”
CardSwap is Q2’s first turnkey product built using its recently
announced Q2 Open APIs. It can be consumed at the API level, allowing
third parties to build their own front-end experience, or integrated
with virtually any front-end product, including the Q2 Platform.
Q2 and Chime will demo CardSwap in Chime’s bill switch flow at
FinovateFall in New York on Sept. 11. For more information on CardSwap
and the Q2 Open portfolio, visit https://www.q2ebanking.com/api.
About Q2 Holdings, Inc.
Q2 Holdings, Inc. (Q2) is a leading provider of secure, cloud-based
digital banking solutions headquartered in Austin, Texas. Q2 is driven
by a culture of partnership and dedication to empowering
community-focused banks and credit unions with digital banking solutions
that help them stand apart, scale smart and grow beyond with retail and
commercial account holders. Q2’s solutions are designed to deliver a
compelling, secure and consistent user experience on any device and
enable customers to improve account holder retention and to create
incremental sales opportunities. To learn more about Q2, visit www.q2ebanking.com.
About Chime
Chime is the leading branchless bank account designed to help people
avoid fees, save money automatically, and lead healthier financial
lives. Founded by financial and tech industry veterans Chris Britt and
Ryan King, Chime has created a new approach to banking that doesn't rely
on fees, doesn't profit from members' misfortune or mistakes, and helps
members get ahead financially. Chime members get a debit card, a
Spending Account, a Savings Account, and a powerful app that keeps them
in control. The Chime mobile app is available for iPhone and Android
devices and has been featured as one of the best new Money Management
apps on the App Store. To learn more about Chime visit www.chimebank.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170911005161/en/
Source: Q2 Holdings, Inc.