Payrailz, Q2 Team on P2P Payments for Banks, Credit Unions

Digital payments company Payrailz is partnering with Q2’s digital banking platform to provide banks and credit unions with improved payment experiences, according to a press release on Monday (June 6).

Q2 Holdings offers digital solutions for banking and lending and will integrate with Payrailz to provide peer-to-peer (P2P) payment services within Q2’s Partner Accelerator Program.

The Q2 Partner Accelerator Program is part of the Q2 Innovation Studio and enables in-demand financial services providers using the Q2 software development kit (SDK) to integrate their technology with Q2’s digital banking platform.

See also: Payrailz Makes Payments More Engaging Through Alkami Digital Banking Platform

“At Q2, we are focused on empowering financial institutions to innovate faster and deliver differentiated offerings quickly, to delight their account holders,” said Johnny Ola, managing director of the Q2 Innovation Studio, Q2.

“Providing account holders with a seamless peer-to-peer payments experience is a priority for many banks, credit unions, and FinTechs. Through this integration, we are pleased that Payrailz is offering this option and capability to our customers,” Ola added.

Offering increased flexibility and ease of use, the P2P tool from Payrailz features an open-loop system with real-time transfer capabilities that also focuses on the ability to prevent fraud. By teaming up with Payrailz, Q2’s financial institutions can provide competitive value, per the release.

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“Our mission has always been to support banks and credit unions with solutions that help them build stronger relationships with end-users and better compete in the marketplace. We noticed there was a need for better P2P options that financial institutions could offer in order to stand up to today’s big payments players,” said Fran Duggan, CEO of Payrailz.

“We share Q2’s passion for innovation and are proud to work with them to bring smarter payment solutions to the banks and credit unions they serve,” Duggan said.