Ways that Q2 Open’s BaaS is put to work by those wanting to offer banking services

Innovative fintechs are going to market faster and making a quicker impact in the lives of customers with Q2 Open and CorePro, our lightweight core API. This blog post highlights some of these recent Banking as a Service (BaaS) success stories.

Offering high-yield savings for your platform

An online personal finance platform sought to offer high-yield savings accounts in the U.S. Using Q2 Open BaaS, working with a bank of record, and providing identification verification service through Socure, the fintech is well positioned to provide the right member experiences and meet its ambitious growth goals. The fintech can continue to deliver great experiences and expand its customer base by taking quick advantage of changing rates to optimize savings.

Providing DDAs and debit cards

Another fintech provides an automated investing platform that helps customers manage their money through cash management, guided investing, and retirement planning. It sought to provide demand deposit accounts (DDAs) and a debit card program and turned to Q2 Open. With CorePro driving these offerings, the company is extending its digital footprint and attracting more business.

Offering millennials account and card options

Yet another fintech is using CorePro to facilitate its DDA and debit card offerings to bring more financial options to members in the mobile channel. This fintech, a provider of a personal finance app designed to motivate users to save money through gamification of their spending behavior, has a large millennial customer base. CorePro has been pivotal in getting financial products to its mobile-first base quickly and efficiently.

Establishing friend and family banks

The provider of a pooled savings service that allows friends and family to save together has created one of its savings products with CorePro. Group investors can open their own FDIC insured bank account and set up ACH to get rolling. CorePro, again, has been instrumental in bringing a fintech vision to reality, providing more banking options to these groups.

There are many options for fintechs

Fintechs can now build and support bank products at scale without being a bank. Working with CorePro, a fintech can bring its customers new ways to:

• Establish funding reserves
• Save for retirement
• Invest
• Make payments
• Provide lending
• And more.

Besides the capability to deliver many financial solutions to consumers and businesses, CorePro is highly scalable and can meet the needs of a growing fintech provider.

Along with CorePro, Q2 Open helps aspiring fintechs meet strategic bank partners and gain access to a deposit network of 800+ community banks through our partnership with StoneCastle.

Interested in learning more about BaaS?

It’s possible to offer banking services without jumping through the compliance hoops required to become a bank. It just takes the right technology and the right partners. In this white paper, Q2 Open presents three crucial pieces to offering banking services without being a bank—as well as a brief description of CorePro, the API that links them together.