DETROIT, Jan. 7, 2021 /PRNewswire/ --Detroit-based Autobooks, a holistic product suite for small business banking, has joined financial experience company Q2 as the first Fintech to join the Q2 Partner Marketplace.
Q2 created a marketplace – Q2 Partner Marketplace – in response to financial institution demands to accelerate innovation delivery, enhance digital solutions, and enable new, alternative revenue opportunities. With Q2 Partner Marketplace, financial institutions enjoy an elegant app-store experience that allows them to evaluate, select, and deploy pre-integrated, branded third-party products, like Autobooks, with just a few clicks. From that point forward, individual account holders and small business banking clients of those financial institutions can directly subscribe to Autobooks as a turn-key solution that integrates into their existing online banking platform.
"Q2 Partner Marketplace is exciting for our team because we can continue to grow even faster, reach new customer bases and implement quickly and easily," said Steve Robert, CEO at Autobooks. "It's also great for financial institutions because, with such a low barrier of entry, they can quickly launch solutions like ours that are both revenue-drivers for the institutions and game-changers for their small business banking clients. Instead of spending months or years in negotiations and implementation cycles, we can all focus on delivering value to the end customers."
Financial institutions can leverage the Q2 Partner Marketplace to dramatically increase their online and mobile banking offerings while avoiding traditional risks like low adoption, high up-front investment, and complex technical integrations. Much like an app store, the Q2 Partner Marketplace allows third-parties to use Q2's software development kit (SDK) to create and offer services directly to account holders at partner institutions.
Autobooks has leveraged Q2's SDK to make their full product suite available to account holders as a monthly subscription. For account holders that do not need the full product suite, Autobooks has directly integrated its invoicing and virtual terminal modules into the Q2 digital banking experience. This enables account holders to leverage Autobooks receivables capabilities on a transactional basis native within digital banking, like they would online bill pay or mRDC. Both the subscription and transactional revenue generated is shared with the financial institution.
As an early adopter, Autobooks is already live with several financial institutions through the Q2 Partner Marketplace. In addition, the Detroit-based fintech has an accelerating pipeline of new clients both evaluating and actively onboarding the product to bring new value to their account holders. With the partnership with Q2, Autobooks has been able to bring these new clients to market in under 55 days.
"Q2 Partner Marketplace was created so financial institutions can deliver a sophisticated, user-friendly app-store experience to accelerate innovation delivery and provide incremental, non-interest income and stickier, more engaged account holders," said Will Furrer, Q2's chief strategy & marketing officer. "For fintechs, Q2 Partner Marketplace provides what they and their investors want most—a reliable, proven distribution channel that can fuel their growth with attractive customer acquisition opportunities. Autobooks is a prime example of how Q2 Partner Marketplace enables financial institutions and fintechs to more easily partner, removing the friction of delivering better banking experiences to the end customer."
The Q2 Partner Marketplace was awarded Best In Show at the FinovateFall 2020 event, showcasing the Autobooks extension in its presentation to highlight the platform's unique model. Extensions can be uploaded or built directly within the Q2 Partner Marketplace by the financial institution, Q2, certified development groups or a third-party fintech. The Q2 Partner Marketplace allows for both monthly subscription and transactional fee revenue models, enabling revenue to be created and shared to the mutual benefit of all parties.
About Autobooks: Detroit-based Autobooks is a provider of small business banking solutions that make it simple to get paid online, manage cash flow, and automate accounting. Through Autobooks, financial institutions can provide a small business Ecommerce platform directly embedded within their existing digital banking channels.
About Q2 Holdings, Inc.: Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumer to small business and corporate. 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. For media inquiries, please contact Beth Williams at [email protected], or call 512-293-6013.