Cleveland-based financial institution KeyBank has launched a virtual account management solution for treasury management clients.
The new Key Virtual Account Management (KeyVAM) solution is designed for clients who have complex demand deposit account (DDA) structures and provides them with instant access to KeyBank commercial cash management bank accounts, KeyBank said in a Tuesday (May 7) press release.
“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,” Jon Briggs, head of KeyBank Commercial Product, said in the release.
KeyVAM, which is powered by Qolo, enables clients to use custom virtual account structures to manage multiple clients or cost centers, according to the release. The virtual accounts are linked to an existing commercial bank DDA on KeyBank’s online commercial banking system, KeyNavigator.
With KeyVAM, incoming or outgoing payments can be reflected in real time, with a virtual sub-ledger providing a continuously updated transaction and balance history and delivering transparency into company-wide cash flows, the release said.
KeyVAM also enables the processing of real-time payments in and out of the sub-ledgers, in addition to wire and ACH transactions, per the release.
This new solution is delivered with an intuitive user interface and easy application programming interface (API) integration, according to the release.
“We’re excited to power KeyVAM through our advanced card and payments capabilities combined with our bank-grade ledger,” Qolo CEO Patricia Montesi said in the release. “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.”
The launch of KeyVAM comes about a year after KeyBank adopted solutions from Qolo to offer its business clients embedded banking solutions.
The companies said in an April 2023 press release that KeyBank’s new capabilities would be powered by Qolo’s digital-first financial solutions, which would complement the scale and security offered by the financial institution.
Financial institutions (FIs) are working to bring the speed and convenience of consumer transactions into the B2B payments world, Montesi told PYMNTS in an interview posted in October 2022.
As businesses increasingly demand a consumer-style payment experience, FIs are being pushed to up their game, Montesi said.
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