Q2 Protects Consumer Data and Ensures Secure Direct Deposit Switching for ADP® Clients

Q2 Protects Consumer Data and Ensures Secure Direct Deposit Switching for ADP® Clients

By Q2

18 Nov, 2021

By Lili Farhandi

Gaining a primary banking relationship with customers is a top priority for financial institutions. Therefore, when a customer chooses to switch primary banks, Q2 makes switching direct deposits as easy and secure as possible. As part of this focus, we are excited to announce our integration with ADP Workforce Now® to make it easy and safe for employees to update their direct deposit information from their new bank directly.  

The integration to ADP’s payroll API means consumers can remain confident their information is kept secure and under their complete control, removing the hassle and the risk of fraud for both customers and their employers.

Why is this important?

Today, there are several fintech data aggregator companies that are increasingly using screen scraping and other insecure methods to make the process of direct deposit switching faster.

When users are asked to enter their payroll portal credentials, they assume their trusted financial institution is solely updating direct deposit information on their behalf. However, unbeknownst to the user, these data aggregators are gaining access to the employee’s private financial life by obtaining the employee's username and password to their payroll portal.

Doing the right thing

At Q2, we believe in doing the right thing. While we can use browser automation/screen scraping, we prefer to use APIs and other direct methods, which protect the consumer’s financial data. Q2 Switch communicates direct deposit switch instructions directly to employers and payroll providers. APIs put more control into the customers' hands while eliminating the need for employers to touch the employee’s direct deposit information. 

By integrating with ADP’s Workforce API, Q2 can help financial institutions make it easy, fast and secure for account holders to update their direct deposit information.   

This technology can also be used for employment verification, though we are laser-focused on the benefits of direct-to-ADP integration for primary banking. In particular, Q2 Switch will use ADP APIs to allow direct and instant switching of direct deposit for ADP customers. 

A bonus to employers is Q2 Switch enables them to activate direct deposit switching within the ADP Workforce Now® at no cost. 

Why Q2 Switch?

Q2 Switch is a patented account-switching software-as-a-service (SaaS) solution that revolutionized how financial institutions and fintech companies attract and retain new primary account holders.

Its unique customer acquisition technology allows Q2 Switch to automatically switch account holders’ recurring deposits and payments to their new accounts quickly, safely and efficiently. We work with over 500 financial institution clients, and we have successfully done millions of switches.

As the market leader in the direct deposit ecosystem, Q2 Switch helps financial institutions streamline the process for end-users to update their direct deposit information with their employer securely without accessing or compromising the security and privacy of their financial lives.

It’s a win-win-win for the consumer, employer and financial institution.

ADP, the ADP logo, and ADP Workforce Now are trademarks of ADP, Inc. or its affiliates or licensors. The information in this document was prepared by Q2 and Q2 is solely responsible for its accuracy and completeness. ADP makes no representation as to the accuracy or completeness of any information contained herein.


Written by Q2