ModernFi announces integration with Q2’s Digital Banking Platform

By Delisha Fernandes

ModernFi, a fully integrated and API-driven deposit network, has announced its integration with Q2’s Digital Banking Platform via the Q2 Partner Accelerator Program.

This end-to-end integration, bringing sweep and reciprocal programs directly into digital banking, aims to eliminate friction for depositors and bank operating teams and drive the adoption of these crucial programs throughout the industry.

ModernFi’s integration with the Q2 Digital Banking Platform offers an attractive, non-rate solution for financial institutions to grow deposits and bolster the strength of their balance sheets, a top concern for both banks and credit unions. The integration is key for financial institutions that are used to running these under-utilized sweep and reciprocal programs manually through paperwork, phone calls, and emails. This burdensome onboarding and management process helps explain why less than half of all U.S. banks participated in reciprocal programs last year, even though those that did experienced 12 percent higher growth than those that did not.

“ModernFi is proud to partner and integrate with Q2’s Digital Banking Platform to launch its fully integrated insured sweep account,” said Brendan Quinn, Digital Banking Partnerships Lead of ModernFi. “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. We look forward to continuing to innovate alongside our partners to help drive deposit growth and stability for financial institutions and the communities they serve.”

The Q2 Partner Accelerator is a program through the Q2 Innovation Studio that allows in-demand financial services companies who are leveraging the Q2 SDK to pre-integrate their technology to the Q2 Digital Banking Platform. This enables financial institutions to work with these partners, purchase their solutions, and rapidly deploy their standardized integrations to their customers.

“We’re excited to welcome ModernFi to the Q2 Accelerator Partner Program,” said Johnny Ola, managing director of Q2 Innovation Studio, at Q2. “Financial institutions can now access ModernFi’s deposit network to help grow deposits.”