Pinwheel Announces Integration With Q2's Digital Banking Platform

Rhea-AI Summary

Pinwheel has announced an integration with Q2's Digital Banking Platform (NYSE: QTWO) through the Q2 Partner Accelerator Program. The integration enables financial institutions to offer instant direct deposit switching during account onboarding.

Through Pinwheel's data network covering 1,800 payroll providers, banks and credit unions can access income and employment data for up to 100% of US workers paid via direct deposit. This addresses a significant challenge, as research indicates 40% of newly opened accounts are never activated due to complications with direct deposit switching.

The integration via Q2's Partner Accelerator program allows financial institutions to embed 1-click deposit switching, streamlining the account activation process and improving customer experience.

Positive

• Integration expands market reach through Q2's Digital Banking Platform
• Access to comprehensive payroll data network covering 1,800 providers
• Solution addresses 40% account activation failure rate

Negative

• None.

Financial Institutions can now provide Pinwheel's embedded 1-click deposit switching to customers through Q2's Digital Banking Platform

NEW YORK, April 24, 2025 /PRNewswire/ -- Pinwheel, the fintech helping financial institutions win primacy with frictionless account activation and engagement products, today announced an integration with Q2's Digital Banking Platform, via the Q2 Partner Accelerator Program. Q2 Holdings, Inc. (NYSE: QTWO) is a leading provider of digital transformation solutions for banking and lending.

Pinwheel allows banks and credit unions to offer instant direct deposit switching during the account onboarding journey.

As part of the Q2 Partner Accelerator Program, financial institutions can access Pinwheel's exclusive data network of payroll providers, enabling access to income and employment data across 1,800 platforms, covering up to 100% of US workers paid via direct deposit. With this integration via the Q2 Digital Banking Platform, banks and credit unions can provide consumers with instant direct deposit switching within their account onboarding journey.

Research shows that 40% of newly opened accounts are never activated, largely due to customer frustration with the current direct deposit switching process. Pinwheel's integration with the Q2 Digital Banking Platform means all Q2 customers can embed 1-click deposit switching.

"Removing friction from the deposit switching process is critical for financial institutions to boost activation rates and secure primacy," said Brian Karimi-Pashaki, Head of Revenue at Pinwheel. "We're thrilled to help Q2 customers take advantage of Pinwheel Deposit Switch by making it available through Q2's Partner Accelerator Program. We are committed to helping credit unions and banks offer the best possible customer experience."

The Q2 Partner Accelerator program through the Q2 Innovation Studio allows in-demand financial services companies 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.

To learn more about Pinwheel and the Q2 Innovation Studio Partner Accelerator Program, please click here.

About Pinwheel

Pinwheel helps banks, CUs and fintechs win primacy with embedded 1-click deposit switching and bill management tools. Through an exclusive data network of payroll providers, Pinwheel enables access to income and employment data across 1,800 platforms (covering up to 100% of US workers paid via direct deposit) and over 1.5 million employers. With this connectivity, Pinwheel supports leading fintechs and financial institutions (such as Acorns, Cash App, Citizens Bank, Credit Karma, and more) power instant direct deposit switching, earned wage access, income & employment verification, and bill management products. Pinwheel has raised $77M from top-tier investors such as Notable, Coatue, First Round Capital, Upfront and more.

About Q2 Holdings, Inc.

Q2 is a leading provider of digital transformation solutions for financial services, serving banks, credit unions, alternative finance companies, and fintechs in the U.S. and internationally. Q2 enables its financial institution and fintech customers to provide comprehensive, data-driven digital engagement solutions for consumers, small businesses and corporate clients. Headquartered in Austin, Texas, Q2 has offices worldwide and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com. Follow us on LinkedIn and X to stay up to date.

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SOURCE Pinwheel

FAQ

What does the Pinwheel and Q2 (QTWO) integration mean for banking customers?

The integration enables instant 1-click direct deposit switching during account onboarding, making it easier for customers to activate new bank accounts.

How many payroll providers does Pinwheel's network cover through Q2's platform?

Pinwheel's network covers 1,800 payroll providers, reaching up to 100% of US workers paid via direct deposit.

What percentage of new bank accounts fail to activate without streamlined deposit switching?

According to research, 40% of newly opened accounts are never activated due to friction in the direct deposit switching process.

How do financial institutions access Pinwheel's deposit switching through Q2 (QTWO)?

Financial institutions can access Pinwheel through Q2's Partner Accelerator Program, which pre-integrates the technology with Q2's Digital Banking Platform.