Financial Institutions can now provide Derivative Path’s FX Payments application to customers through Q2’s Digital Banking Platform
Derivative Path, a leading provider of capital markets technology and derivatives services to financial institutions and commercial end-users, 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. As part of the Q2 Partner Accelerator Program, customers of financial institutions will be able to purchase real-time foreign exchange (FX) contracts and then settle their FX International Payments via the Q2 Digital Banking Platform. Derivative Path’s integration with the Q2 Digital Banking Platform means that banks will be able to offer their customers an all-in-one solution for FX payments, while increasing non-interest income and providing payments at the speed of business.
Derivative Path FX Payments is a tech-light, integrated solution that provides an easy-to-use self-service payments interface, live currency conversions, and full transparency into the payment life cycle. Additionally, through Derivative Path’s award-winning partnership with a tier-one financial institution, customers have automated access to liquidity.
The Q2 Partner Accelerator is a program through the Q2 Innovation Studio that allows in-demand financial services companies that are leveraging the Q2 Software Development Kit (SDK) to pre-integrate their technology to the Q2 Digital Banking Platform. This enables financial institutions to work with these financial services companies, purchase their solutions and rapidly deploy their standardized integrations to their customers, particularly those banks that are facing increased demand for simple and transparent international payments and FX from their clients.
“Banks are looking for new ways to do more with their customers to help increase retention, retain deposits, and be their one-stop banking solution,” said Pradeep Bhatia, Co-Founder and Chief Executive Officer, Derivative Path. “Traditionally, FX payments have been outsourced to another bank as building an internal FX payments capability has been viewed as an expensive cost center. In this legacy model, Banks may lose control of pricing and the overall customer experience. Through our Q2 partnership, our tech-light, integrated solution provides our banking clients a way to deepen their client relationships while turning FX payments into a potential profit center.”
“This is exciting news for banks who see Derivative Path as a trusted partner and want to extend these capabilities to their commercial customers online,” said Matt Petrik, Head of FX Product, Derivative Path. “The Q2 Innovation Studio supports — within their digital environment — experts in the field such as Derivative Path to manage what can be a complicated process to collect and settle FX cross-border payments while also continuing to efficiently refine and improve the solution as further innovations and payment rails become available.”
“We’re excited to welcome Derivative Path to the Q2 Accelerator Partner Program,” said Johnny Ola, Managing Director of Q2 Innovation Studio. “The ability for financial institutions to offer their account holders Derivative Path’s FX solution will drive additional value for both financial institutions and their account holders.”
Derivative Path is a sponsor at this year’s CONNECT 23 Conference, hosted by Q2, in Austin, TX on May 15-18.
To learn more about the Q2 Innovation Studio Partner Accelerator Program, please click here.
