Bill.com, which works in cloud-based software to simplify payments through automation, has partnered with KeyBank to introduce Key CashFlowsm, which aims to help small to medium-sized businesses (SMBs) and commercial customers with online banking, a press release says.
Key CashFlow is scalable and centralized, and is designed to integrate seamlessly with accounting programs, the press release says. It allows business customers to have more visibility, to send and receive electronic payments, and to manage approvals digitally.
Josh Goines, senior vice president with strategic partnerships and business development with Bill.com, said the collaboration will hopefully aid companies in digitizing to help them reach more of a profit.
"SMBs are the lifeblood of our economy, and at such a crucial time in our country, businesses need digital tools to easily manage their cash flow and end-to-end payments in a central platform," he said, according to the release. "Through the power of Bill.com’s technology, Key CashFlow does that and more, helping to strengthen customers’ bottom line."
Megan Kakani, head of emerging products with KeyBank Enterprise Commercial Payments, said "managing cash flow and payable needs become more complex" as businesses continue to grow in size.
"As we continue to collaborate with innovative financial applications companies across the country, such as Bill.com, we strive to make it easier for customers to get business done," she said, according to the release.
The new platform can be accessed via KeyBank Business Online and KeyNavigator portals, and also through the integration into the KeyBank Small Business Financial Wellness.
Bill.com set its initial public offering (IPO) price from last December higher than expected, at $22 per share, amid a 67 percent revenue jump since 2018. The company is popular for smaller companies that don't always have the resources to build up digital payment options.