Q2 Launches CardSwap to Keep FIs Top of Wallet, Generate Valuable Interchange Revenue
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.
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.
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