Innovative technology enables instant
access to KeyBank commercial cash management bank
accounts
CLEVELAND, May 7, 2024
/PRNewswire/ -- KeyBank (NYSE: KEY) announced the launch of KeyVAM,
a virtual account management solution for treasury management
clients who have complex demand deposit account (DDA) structures
and want to streamline their cash-flow and account structure.
KeyVAM is a technology-enabled cash management solution powered by
Qolo, providing clients with the ability to manage multiple clients
or cost centers with custom virtual account structures, automated
reporting and reconciliation, an intuitive user interface, and
fast, easy API integration. With Qolo's omnichannel payments
platform businesses can instantly open or close new subaccounts
using self-service tools. This collaboration with Qolo marks
another innovative fintech solution from KeyBank designed to make
cash management easier for treasurers across the United States, solving their complex
payments and financing needs.
Virtual accounts are linked to an existing commercial bank DDA
on KeyNavigator, KeyBank's online commercial banking system. KeyVAM
allows incoming or outgoing payments to be reflected in real-time,
to maintain a virtual sub-ledger that provides a continuously
updated transaction and balance history to deliver transparency
into company-wide cash flows. These accounts have a unique account
number accessible on external payment networks, are self-serviced
and managed, and can be established to reflect a client's business
needs or ideal liquidity structure with complete flexibility.
KeyVAM also provides the ability to process real-time payments
(RTP) in and out of the sub ledgers, in addition to wire and ACH
transactions.
"In today's fast-paced digital business environment, clients
appreciate real-time information and the flexibility to reflect
account structures without having to open a multitude of physical
accounts with multiple banks," said Jon
Briggs, head of KeyBank Commercial Product. "With KeyVAM, we
can provide crucial straight-through processing for reconciliation
or to help segregate transactions across multiple business units or
entities."
"We're excited to power KeyVAM through our advanced card and
payments capabilities combined with our bank-grade ledger," said
Qolo CEO, Patricia Montesi. "This
collaboration with KeyBank marks a giant leap forward in making
next-generation financial technology available to businesses of all
sizes and in any market."
KeyVAM offers several benefits including: Real-time
reconciliation within a flexible virtual account structure,
bringing speed and clarity to your cash management while keeping up
with evolving regulatory needs; Improved efficiency streamlining
cash management to help avoid unwanted bank fees and additional
overhead; Customized reporting with transaction and reconciliation
data for each Virtual Sub account, while your total funds settle in
one physical DDA account; and Easy integration with a suite of
flexible APIs designed to work with your existing
infrastructure.
About KeyCorp
KeyCorp's roots trace back nearly 200
years to Albany, New York.
Headquartered in Cleveland, Ohio,
Key is one of the nation's largest bank-based financial services
companies, with assets of approximately $188
billion at December 31, 2023.
Key provides deposit, lending, cash management, and investment
services to individuals and businesses in 15 states under the name
KeyBank National Association through a network of approximately
1,000 branches and approximately 1,300 ATMs. Key also provides a
broad range of sophisticated corporate and investment banking
products, such as merger and acquisition advice, public and private
debt and equity, syndications, and derivatives to middle market
companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.
About Qolo
Qolo's mission is to accelerate the world's
journey to simplify payments. Through our all-in-one card issuing,
ledger, and payments platform, we empower our customers to launch
innovative financial products, centralize their payments
infrastructures, and provide real-time visibility into their
payment solutions–all while also speeding time to market and
lowering total cost of ownership. Qolo's next-generation
infrastructure provides instant access to payments data, analytics,
card and account generation, and money movement. Join us as we
reshape the future of payments.
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SOURCE KeyBank
