- Pinwheel integrates with Q2 Holdings (QTWO, Financial) to offer instant direct deposit switching during account onboarding.
- The integration covers 1,800 payroll providers, reaching nearly 100% of US workers paid via direct deposit.
- Addresses a key issue: 40% of new bank accounts are never activated due to direct deposit switching complications.
Pinwheel has announced its integration with Q2 Holdings (QTWO) through the Q2 Partner Accelerator Program, allowing financial institutions to offer instant direct deposit switching during the account onboarding process. This strategic partnership aims to streamline customer experience and improve account activation rates, solving a major challenge in digital banking.
Many banks and credit unions face difficulties with activating new accounts due to complications in the direct deposit switching process. In fact, research shows that 40% of newly opened accounts are never activated. The integration enables financial institutions to embed one-click deposit switching, significantly reducing friction for consumers.
Pinwheel's technology connects to a vast network of 1,800 payroll platforms, covering up to 100% of US workers paid via direct deposit. This comprehensive coverage provides banks and credit unions with access to valuable income and employment data, enhancing the utility of Q2's Digital Banking Platform.
Q2 Holdings, known for its digital transformation solutions, strengthens its market position by facilitating the deployment of Pinwheel's services. The Partner Accelerator Program within the Q2 Innovation Studio allows for pre-integration of partner technologies, enabling rapid deployment for their clients. While the partnership signals a significant enhancement to digital banking capabilities, details on implementation timelines and cost structures have not been disclosed.
