CORE BANKING, DIGITAL BANKING
Businesswire | May 31, 2023
Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions for banking and lending, announced today that Fortis Private Bank (“Fortis”) has selected Q2 PrecisionLender™, Q2’s relationship pricing and profitability solution for commercial lending institutions, to strengthen its client relationships and increase deal profitability.
Based in Denver, Colorado, Fortis is a $1.4 billion commercial bank focused on delivering an exceptional client experience and service to small and medium-sized businesses (SMB).
“Q2 PrecisionLender has established a reputation in the industry as having the best relationship pricing application in the market today, and we expect the solution to help Fortis significantly grow our market share by delivering superior service to small-to-medium-sized businesses,” said Co-Founder and Chief Executive Officer Chris Luce. “I’m confident that Q2 PrecisionLender will be a winner for our clients, especially since our Chief Financial Officer Mark Olson implemented the solution at a number of financial institutions and has seen firsthand how powerful it is in empowering relationship managers to offer the most competitive pricing for clients.”
Q2 PrecisionLender is used by some of the largest banks in the U.S. and financial institutions of all sizes. Its intelligent virtual analyst, Andi®, augments bankers’ strengths with the latest technology and data, delivering recommendations on different structures and tactics, while the deal is being priced and negotiated. The solution empowers client relationship managers with actionable, real-time insights and coaching to structure, price and negotiate stronger, more profitable deals.
“Q2 is excited to partner with Fortis Private Bank to help their client team grow relationships and increase profitability,” said Dallas Wells, SVP of Product Management, Q2. “We look forward to working alongside the Fortis team as they modernize their approach to relationship pricing with Q2 PrecisionLender to achieve a more profitable commercial portfolio.”
Q2 PrecisionLender is a part of Q2 Catalyst, a suite of best-in-class commercial banking solutions, and supports Q2’s strategic approach to innovation.
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.
About Fortis Private Bank
Fortis is a high-growth $1.4 billion commercial bank serving small- to medium-sized businesses in Colorado and Utah. Its clients have direct access to bankers and decision-makers, who work with clients to understand their specific needs and offer customized financial solutions. More information about Fortis is available at www.fortispb.com.
CORE BANKING, DIGITAL BANKING
PRnewswire | May 30, 2023
Jack Henry™ (Nasdaq: JKHY) announced it continues to replace inbound screen scraping on its Banno Digital Banking Platform with API connections to all five major data exchange platforms, Finicity, Akoya, Plaid, Envestnet | Yodlee, and Intuit, giving accountholders more control of their financial data and protecting financial institutions from a wide range of fraud and security risks that arise from passwords shared with third parties. Screen scraping, while a common practice throughout the industry, presents multiple challenges in both security and customer experience; Jack Henry is on track to eliminate all inbound screen scraping on its Banno Digital Banking Platform by the end of summer this year.
Screen scraping is an automated process that uses bots, web crawlers, and other proprietary tools to log into websites on behalf of accountholders using their passwords and credentials. In addition to being a slow and unreliable means of data extraction, screen scraping makes it difficult for financial institutions to distinguish legitimate login attempts from fraudulent ones, leaving systems vulnerable to credential-stuffing attacks and other cyber threats that continue to plague the industry at large.
Replacing inbound screen scraping for the more than 700 banks and credit unions on Jack Henry's Banno Digital Banking Platform inaugurates a new and more secure era of financial data exchange. Unlike the indiscriminate data extraction performed by screen scraping, open-API aggregation allows accountholders to specify, minimize, and fully control their data and how it's shared with third-party providers—including the ability to grant or revoke data permissions within their bank or credit union's digital banking experience.
"This is an important milestone for the industry, and I am in full support of modernizing the exchange of financial data with Jack Henry's direct APIs to the five major data exchanges," said Phil Suckow, vice president of innovation at $1.9 billion IncredibleBank. "Ending screen scraping for the more than 9 million end-users on Jack Henry's Banno Digital Banking Platform will reset consumer expectations, create a new data security standard, and empower community and regional financial institutions to strengthen and differentiate their service on security and reliability. Leveraging the new API connections to the data exchanges through Jack Henry enables us to continue to be at the forefront in providing open financial data access to our customers."
Ted Anastasi, growth team lead at Akoya, added, "The collective goal here is to make financial data access easy and secure so that consumers feel confident using fintech applications. Using APIs as a means of data transfer is a model the industry can use to create more reliable and more secure data sharing. This is a big win for both consumers and open finance."
"Screen scraping is an outdated, broken process," said Ben Metz, chief digital and technology officer at Jack Henry. "Sharing passwords is both problematic and prevalent, and this is why the CFPB is scrutinizing screen scraping and proposing new open banking rules later this year. Changing consumer behaviors and expectations is best done at scale. Requiring the use of API-driven, consumer-permissioned data access across our platform will make it easier to recognize and neutralize malicious activity and enable banks and credit unions to minimize fraud and improve their accountholders' financial health and security. It's the right thing to do."
Jack Henry is working with the banks and credit unions on its Banno Digital Banking Platform to make a smooth transition from screen scraping to secure, API-based financial data exchange. Visit jackhenry.dev to learn how to integrate solutions with Jack Henry's digital banking platform.
The Akoya Data Access Network is simplifying data access for open finance. Through a single integration with Akoya, financial institutions, fintechs, and data aggregators can enable multiple API connections and avoid continued maintenance and development efforts. Akoya handles all data-sharing relationships on behalf of network participants and removes the myriad of internal and external costs required to develop and manage multiple third-party agreements. Akoya optimizes for security, transparency, and scalability, and offers a passthrough model that does not copy, store, or hold any financial data or personal information. The network is an interoperable solution available to the entire financial services industry. The independent company is co-owned by 12 of the largest North American financial institutions. To learn more, please visit www.akoya.com.
IncredibleBank, headquartered in Wausau, Wisconsin, was awarded as one of America's Most Innovative Banks by the Independent Community Bankers of America in 2019. With deposit and lending customers in all 50 states, plus their status as one of the nation's top motorcoach and SBA lenders, they are America's First Online National Community Bank (and who doesn't love the idea of a national community?). They are dedicated to their promise of an Incredible Customer ExperienceTM with every interaction. Learn more about IncredibleBank at www.incrediblebank.com.
About Jack Henry & Associates, Inc.®
Jack HenryTM (Nasdaq: JKHY) is a well-rounded financial technology company that strengthens connections between financial institutions and the people and businesses they serve. We are an S&P 500 company that prioritizes openness, collaboration, and user centricity – offering banks and credit unions a vibrant ecosystem of internally developed modern capabilities as well as the ability to integrate with leading fintechs. For more than 46 years, Jack Henry has provided technology solutions to enable clients to innovate faster, strategically differentiate, and successfully compete while serving the evolving needs of their accountholders. We empower approximately 8,000 clients with people-inspired innovation, personal service, and insight-driven solutions that help reduce the barriers to financial health. Additional information is available at www.jackhenry.com.
Businesswire | May 29, 2023
UniCredit and Mastercard today announce a global expansion of their payment partnership.
The agreement sets the stage for the start of a strong partnership consistent with the UniCredit Unlocked strategy. This is the first time any large commercial bank has put in place a single card multi market strategy of this scale in Europe. It brings together in one agreement UniCredit’s ability to harness the collective weight of 13 banks as one institution with Mastercard’s expertise in the card payment space. The significant broadening of the parties’ relationship will deliver payment innovation and enhanced digital experiences to customers.
This enhanced multi-year partnership provides the necessary resources to achieve a shared ambition to increase the speed of innovation in the payments space and put customers at the center. It enables UniCredit to provide a best in class offering for all its cardholders, delivering a simplified core product proposition, optimized digital experience with a full suite of in-app solutions and the development of a dedicated approach for innovation, increasing payment choice to customers, across multiple payments rails.
Both parties’ commitment to increase their tangible actions across environmental and social sustainability will also be enhanced through this partnership. Insight and resources will be combined with a particular focus on the implementation of new projects on common ESG goals, developing solutions to support empowering communities to progress, fighting climate change with mindful spending choices and the ability to contribute tangibly to environmental goals, integrating donations in the everyday spend.
This agreement is a clear example of the execution of the UniCredit Unlocked plan, uniting 13 banks to deliver value for UniCredit stakeholders in a capital-light manner, taking opportunities from European DNA but working as a unified group. It is the most immediate manifestation of the potential within payments, which UniCredit is focused on to further extract value in terms of product simplification, cost synergies and digital transformation.
The partnership will focus on supporting the delivery of the UniCredit’s strategic priorities. This includes digitalization of payments solutions, offering multi functioning solutions with a fully equipped card. It aligns with UniCredit’s brand attributes to build increased preference and loyalty across the consumer lifecycle, enriching bank wide opportunities thanks to Mastercard’s strong award-winning Priceless brand platform and sponsorship marketing assets.
“This partnership epitomizes the essence of UniCredit Unlocked and our commitment to leverage the full impact of our multi market footprint as one complete offering for the benefit of our clients," said Andrea Orcel, CEO, UniCredit. "Our geographical reach and Mastercard’s expertise in this space enables us to not only streamline our partnerships and contracts, but enhance our digital, security and product offering for all our current and future cardholders. This is a perfect example of the new way of managing projects in UniCredit, bringing benefits to all legal entities in a disciplined way and acting as a single company.”
“UniCredit has been an important partner for many years. Together we have created real solutions that help people and businesses across Europe. This expanded relationship will build on that experience to bring new innovations to UniCredit cardholders,” said Michael Miebach, CEO, Mastercard.
UniCredit Note for Editors
UniCredit is a pan-European Commercial Bank with a unique service offering in Italy, Germany, Central and Eastern Europe. Our purpose is to empower communities to progress, delivering the best-in-class for all stakeholders, unlocking the potential of our clients and our people across Europe. We serve over 15 million customers worldwide. They are at the heart of what we do in all our markets. UniCredit is organized in four core regions and two product factories, Corporate and Individual Solutions. This allows us to be close to our clients and use the scale of the entire Group for developing and offering the best products across all our markets. Digitalisation and our commitment to ESG principles are key enablers for our service. They help us deliver excellence to our stakeholders and creating a sustainable future for our clients, communities and people.
Mastercard Note for Editors
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.