Q2 Holdings, Inc. announced UK-based Knoma, which provides zero-interest, no-fee student loans, has partnered with Second Quarter Lending to reduce the average student wait time for loan decisions from several months to less than two minutes. By harnessing Second Quarter Lending, which securely automates end-to-end loan management from application to repayment, Knoma has created a fast, cost-effective system to transform the student lending industry. Knoma – which provides student loans to working adults taking continuing education classes in technology-related fields – can now safely and accurately automate student loan decisioning for more than 90% of its applications without needing a secondary review.

Second Quarter Lending – which incorporates Second Quarter Originate, Second Quarter Portal and Second Quarter Loan servicing – serves as Knoma's backbone and provides students with a clean, modern interface from loan application to payoff. Knoma's main system, powered by Q2, enables quick, accurate and flexible workflows that configure and adapt to Knoma's internal criteria for loan suitability and approval, underwriting, compliance, risk assessment and identity verification. It automates loan deposits to universities and educational partners, securely linking payments to the students who received funding, and showing the transaction history to both students and educational partners.

The fully automated platform is able to push and pull data through multiple APIs, reducing the administrative burden and time typically associated with loan processing. Only 10% of loan applications require a secondary review, reducing Knoma's business costs and creating a flexible, scalable system that can easily be expanded. Q2's single-source backend seamlessly integrates with Salesforce and draws upon other best-in-class fintechs to gather and evaluate multiple data points to render reliable loan decisions.

Student identity verification is done through Onfido, credit history and banking data flows through True Layer and Credit Kudos. Conga, available as an optional API on Q2's platform, automatically populates the student loan contract, gathers the student's signature and helps manage repayment schedules.