Q2 Announces New Solution to Help Financial Institutions Automate Instant Payments
17 April 2023 - 4:00PM
Business Wire
Q2 Instant Payment Manager enables banks and
credit unions to leverage both Clearing House RTP® and Federal
Reserve FedNowSM instant payment rails
Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital
transformation solutions for banking and lending, today announced
Q2 Instant Payments Manager, a new solution designed to help
financial institutions manage instant payment workflows from
end-to-end with the new Clearing House RTP® and Federal Reserve
FedNowSM instant payment rails.
The new payment solution will be among the first
business-to-business (B2B) payment solutions available in the
market to support the full instant payment message set, including
Request for Payment, Request for Information, Credit Transfer and
Receipt Confirmation messages.
“Q2 Instant Payments Manager solves the challenges many
businesses face around partial B2B payments and exchanging invoice
data between billers and payers,” said Dallas Wells, SVP of Product
Management, Q2. “The new solution will modernize B2B payment flows
and provide a competitive advantage for banks and credit unions
striving for operating account deposits in a crowded commercial
banking market.”
According to the 2022 AFP Digital Payments Survey, 33 percent of
B2B payments in the U.S. are still made via check, and for those
made via ACH, 78 percent of the time, invoice data is still sent
through email or standard mail. Q2 Instant Payments Manager will
improve the way billers and payers process B2B payments by
providing business customers with the ability to include invoice
data within instant payment messages.
“Historically, the B2B payment workflow supported by financial
institutions begins with the payer, who originates the payment to
the biller,” said Wells. “With Q2 Instant Payments Manager, the
payment workflow can begin with the biller or payer and embeds the
invoice data within the workflow, making both accounts receivable
processing easier for the biller and accounts payable processing
easier for the payer.”
Q2 Instant Payments Manager is a part of Q2 Catalyst, a suite of
best-in-class commercial banking solutions and supports Q2’s
strategic approach to innovation. The solution will enable
financial institutions to help businesses improve their accounts
receivable and payable processes by reducing the times to post and
reconcile B2B payments.
To learn more:
- “Instant Payments: Just Another Payment Rail or an
Innovation Accelerant?” Blog: Click here to read
- 2023 Q2 State of Commercial Banking Report: Click here
to download
- Q2 Catalyst Website: https://www.q2.com/commercial
- Nacha 2023 Smarter Faster Payments Annual Conference:
Visit us at Booth #437, Las Vegas, NV, April 16 – 19. Learn more
about the event here.
Q2 Sessions at
Nacha:
- “On Track, On Time, and Onboard: Improve Your Business
Onboarding With Digital” – Sunday, April 16 from 3:10 – 4:00
p.m. PST
- Demo Presentation: Modernizing B2B Payments with the Instant
Payment Rails – Monday, April 17 from 9:20 – 9:50 a.m. PST
- “An Unbeatable Pair: FIs and Fintechs Play a Winning Hand
with Consumers” – Monday, April 17 from 4:40 – 5:30 p.m.
PST
- “Big Opportunities in Micro and Small Business Banking”
– Monday, April 17 from 2:50 – 3:40 p.m. PST
About Q2 Holdings, Inc.
Q2 is a leading provider of digital banking and lending
solutions to banks, credit unions, alternative finance, and fintech
companies in the U.S. and internationally. Q2 enables its financial
institutions and fintech companies to provide comprehensive,
secure, data-driven digital client engagement solutions – from
consumers to small businesses and corporate clients. Headquartered
in Austin, Texas, Q2 has offices throughout the world and is
publicly traded on the NYSE under the stock symbol QTWO. To learn
more, please visit Q2.com. Follow us on LinkedIn and Twitter to
stay up-to-date.
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version on businesswire.com: https://www.businesswire.com/news/home/20230417005540/en/
Carly Baker Q2 Holdings, Inc. +1 210-391-1706
Carly.baker@q2.com
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