Digital banking providers firm Q2 is getting a lift at this time. The Texas-based firm introduced it has acquired Minnesota-based ClickSWITCH.

As a part of the settlement, Q2 will combine ClickSWITCH’s account switching software-as-a-service answer into its product choices. Phrases of the deal weren’t disclosed.

Based in 2014, ClickSWITCH presents its 450 monetary establishment shoppers an account switching answer for his or her finish clients. The corporate leverages direct integrations with hundreds of employers, payroll suppliers, and monetary establishments to assist customers swap their direct deposits and computerized funds to new accounts. The consumer onboarding course of, consequently, is simplified considerably.

Q2 anticipates the acquisition will assist its financial institution shoppers appeal to and retain new main account holders. “We additionally consider that with ClickSWITCH we will help our clients present their account holders with a extra streamlined, frictionless expertise, by providing an end-to-end digital buyer acquisition, onboarding, and account switching answer,” added Q2 CEO Matt Flake.

Q2 is not going to solely profit from publicity to ClickSWITCH’s consumer base, however can even provide its present banking-as-a-service shoppers extra deposits, decreased consumer acquisition value, and the potential for development from a rise in cross-selling.

“As a mixed pressure, we sit up for fixing a elementary difficulty that banks, credit score unions, and fintech firms face – managing the complexity and administrative burden of account switching – by offering probably the most complete and differentiated digital account switching answer out there,” stated ClickSWITCH Founder and CEO Cale Johnston. “We’re delighted to be becoming a member of the Q2 workforce and sit up for delivering best-in-class monetary options.”

Each Q2 and ClickSWITCH are Finovate alums, having demoed most just lately at FinovateWest 2020 and FinovateSpring 2019, respectively.

Picture by Bench Accounting on Unsplash

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