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  • Functionality & Response to Areas of Focus

  • Quick Facts

Functionality & Response to Areas of Focus

Core Functionality

Q2 states that CorePro is a BaaS (Banking as a Service) core exposed as an API, supporting the following:

  • Hosted at MS Azure Cloud
  • Supports DDA, Custodial, and Savings accounts
  • KYC
  • Onboarding
  • FDIC insurance
  • ACH transactions
  • Debit cards
  • Interest accrual
  • 1099-INT and monthly statement generation
  • Monthly OFAC re-verification
  • Monthly Reg D fee calculation

Firm's Response to Core Committee's Key Areas of Focus

Q2 states that data remains the property of the client, full access to data at any time with API queries and GUI reporting. No cost to access data. As such, banks are free to use Q2’s API to deliver their own integrations. 

  • Q2 states they provide an API portal and library.
  • Bank and third party work with CorePro regarding access.
  • All access to data and functionality is through the Corepro API.

(Including Exclusivity, Coterminous Contracts, Deconversion Fees, Limitation of Liability, SLAs and Early Termination Penalties)

Q2 states the following: 

  • No exclusivity provisions.
  • All contracts are coterminous.
  • Deconversion fees are based on time and materials on published hourly rate. No exit barriers.
  • Limitations of Liability are variable; negotiated with customer, they could be a couple months, one year or term of contract. Detailed SLAs and remedies included in all contracts.
  • Customer is responsible for the full value of the contract if terminated early.

Quick Facts

Quick Facts
Headquarters LocationAustin, Texas
Websiteq2ebanking.com
Year Established2004
Ownership ModelPublic
Regionally Focused or NationalNationwide
Number of Cores Offered1
Name of Core SolutionCorePro
Number of US Banks on the CoreN/A
FunctionalityLightweight, cloud-hosted core processing exposed as an API.
Target Bank Asset SizeN/A
Business StrategyQ2 states that Corepro is the first and only lightweight, purpose-built core account processing system for standalone digital-only lines of business. Banks are using Corepro as an innovation platform, a companion core, to deliver new products through new channels and support partnerships. These new channels and support of partnerships allow FIs to acquire customers and deposits, such as those Q2 currently enables through fintech firms. CorePro is not designed to support full-service physical branch banking. Currently Q2 does not consider core replacement or conversion opportunities.