Moven collaborates with Q2 on bank-in-a-box project

Source: Moven

Movencorp, Inc., the NY-based fintech innovator announced a collaboration with Q2, a secure, cloud-based digital transformation company headquartered in Austin, Texas, to provide a turn-key digital bank-in-a-box that can be deployed in as little as 30 days.

This latest endeavor by Moven further solidifies the company’s strategic shift to providing its patented financial wellness and data and behavior analytics product offering to banks and financial institutions in the United States.

The initial product rollout will focus on Moven’s aggregation and savings tools used in conjunction with Q2’s cloud-based core processor, CorePro. Featured offerings will include an instant deployment model with real-time alerts + notifications; accounts issuance for savings and DDA; along with additional features such as instant external account verification, Wishlist savings and a “break-glass-to-use” emergency account.

Industry expert and advisor Bryan Clagett approached Moven and Q2 over the summer suggesting the two organizations shared a similar vision. “Community financial institutions are frustrated with their legacy core provider and want flexibility and affordability in delivering solutions that empower the consumer,” he stated. “Digital banking, as we know it, is evolving quickly and bringing together fintech organizations that have complementary competencies is key to the future of the financial services industry.”

Kesh Talwar, CEO and CRO at Moven, said of the collaboration, “Working with Q2 allows banks of all sizes to accelerate their consumer facing digital offering. Having a complete view of customer financial behavior, along with Moven’s data analytics, will increase contextual customer engagement. Improved customer engagement will result in lower attrition rates, increased revenues and acquiring new customers digitally at a lower cost.”

“We are thrilled that Q2’s CorePro system was selected by Moven to power this initiative,” said Paul Walker, GM of Q2 BaaS. “Now any bank can have its own Marcus or Chime in a matter of a few weeks.” Walker added that CorePro is the first and only core processing system purpose built for standalone, digital-only lines of business.

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