KEYBANK LAUNCHES VIRTUAL ACCOUNT MANAGEMENT SERVICES POWERED BY QOLO TECHNOLOGY PLATFORM
Innovative technology enables instant access to KeyBank cash management business 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 simplify their cash flow and account structure. KeyVAM is a technology-powered cash management solution powered by Qolo that gives customers the ability to manage multiple customers or cost centers with custom virtual account structures, automated reporting and reconciliation, an intuitive user interface and fast API integration is easy. 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 around the world. the United Statessolving your complex payments and financing needs.
Virtual accounts are linked to an existing commercial bank DDA in KeyNavigator, KeyBank’s online commercial banking system. KeyVAM allows incoming or outgoing payments to be reflected in real time, to maintain a virtual ledger that provides a continually updated transaction history and balance to provide transparency into enterprise-wide cash flows. These accounts have a unique account number accessible across external payment networks, are self-serviced and managed, and can be established to reflect the customer’s business needs or ideal liquidity structure with complete flexibility. KeyVAM also offers the ability to process real-time payments (RTP) in and out of subledgers, in addition to bank and ACH transactions.
“In today’s fast-paced digital business environment, customers appreciate real-time information and the flexibility to reflect account structures without having to open a multitude of physical accounts at multiple banks,” he said Jon Briggs, head of Commercial Product at KeyBank. “With KeyVAM, we can provide crucial straight-through processing for reconciliation or to help segregate transactions between multiple business units or entities.”
“We are 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; Greater efficiency by simplifying cash management to help avoid unwanted bank fees and additional overheads; Custom reports with transaction and reconciliation data for each virtual subaccount while your total funds are settled into a physical DDA account; and Easy integration with a set of flexible APIs designed to work with your existing infrastructure.
About KeyCorp
KeyCorp’s roots go back nearly 200 years to Albany, New York. Based in Cleveland, OhioKey is one of the largest bank-based financial services companies in the country, with assets of approximately US$188 billion at the December 31, 2023. Key provides deposit, lending, cash management and investment services to individuals and businesses in 15 states under the KeyBank National Association name 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 mergers and acquisitions advisory, public and private debt and equity, syndications and derivatives to middle market companies in select sectors across the country. the United States under the trade name KeyBanc Capital Markets. For more information, visit KeyBank is Member FDIC.
About Qolo
Qolo’s mission is to accelerate the global journey to simplify payments. Through our end-to-end card issuance, accounting and payments platform, we enable our customers to launch innovative financial products, centralize their payments infrastructure and provide real-time visibility into their payment solutions – all while accelerating the time to market and reducing 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.
SOURCE KeyBank
