New industry standard to be implemented at no additional cost to Q2
member institutions
Company Website:
http://www.q2ebanking.com
AUSTIN, Texas -- (Business Wire)
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of secure,
cloud-based virtual banking solutions for regional and community
financial institutions (FIs), today announced its plan to support
originating same-day ACH transactions soon after they become supported
by the Federal Reserve on Sept. 23, 2016.
The National Automated Clearing House Association (NACHA) recently
announced the adoption of a rule that will enable same-day processing of
virtually any ACH payment. Currently, ACH payments—most commonly
payroll, person-to-person and bill-pay transactions—are settled on the
next business day. Now, community and regional FIs can process such
transactions on the same day. NACHA will implement the plan in three
phases, the first of which is set to begin Sept. 23, 2016.
“Our number one focus is delivering an unparalleled user experience, and
providing the convenience of same-day processing—across all devices—is
critical for banks and credit unions to serve their customers and
members,” said Coy Joyner, senior vice president of product at Q2. “Q2
remains on the leading edge of digital banking with the adoption of the
Same Day ACH Rule, and we make it even easier for our clients to enable
it at no extra cost.”
Q2 interviewed more than 20 customers with asset sizes from $100 million
to $30 billion to determine the best method for providing same-day ACH
origination services to online bank and credit union customers. As part
of the research, Q2 also wanted to ensure optimal support to back office
operations teams when processing these transactions as the Same Day ACH
Rule is gradually implemented in 2016 and beyond.
“Our customers have already identified numerous offensive and defensive
uses for same-day ACH transactions,” said David Raborn, product manager
at Q2. “Whether to proactively market to existing customers or to offer
same-day ACH to new customers as an advantage over competing
institutions, Q2 is prepared to empower FIs and their customers with the
mechanism to originate and process same-day ACH transactions at no
additional cost.”
Q2 will also proactively provide an automated analysis of customer and
member risk levels through Centrix’s Payments I.Q. System (CentrixPIQs).
CentrixPIQs monitors and manages ACH activity for financial
institutions, offering intuitive analytical reporting while safeguarding
against ACH fraud with rapid validation of originated files—a critical
component in same-day transactions.
“Everything will happen much faster with same-day ACH functionality,
increasing the opportunity for error and fraud risk,” said Brian Koenig,
product owner at Centrix Solutions, a Q2 company. “CentrixPIQs will
validate and manage those transactions, automatically packaging them up
for quick, actionable review at the institutional level.”
Although phase one of the rule only supports credits starting Sept. 23,
Q2 is planning to support same-day ACH credits and debits
simultaneously. Therefore, Q2 customers will not have to upgrade when
phase two begins Sept. 15, 2017. Q2 plans to certify same-day ACH
credits this fall and be in production with credits by year-end.
To learn more about CentrixPIQs, visit www.centrixsolutions.com.
To learn more about Q2, visit www.q2ebanking.com.
About Q2 Holdings, Inc.
Q2 Holdings, Inc. (Q2) is a leading provider of secure, cloud-based
digital banking solutions headquartered in Austin, Texas. Q2 is driven
by a culture of partnership and dedication to empowering community banks
and credit unions with digital banking solutions that help them stand
apart, scale smart and grow beyond with retail and commercial account
holders. Q2’s solutions are designed to deliver a compelling, secure and
consistent user experience on any device and enable customers to improve
account holder retention and to create incremental sales opportunities.
To learn more about Q2, visit www.q2ebanking.com.
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Contacts:
Red Fan Communications
Emma Chase, 512-551-9253
C: 512-917-4319
emma@redfancommunications.com
Source: Q2 Holdings, Inc.
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