In a strategic alliance that marks KeyBank, USA’s continuing commitment to modernize services with innovative Fintech inputs, the Board of Directors of the bank has approved an equity participation in Billtrust, a pioneer of payment cycle management solutions.
The collaboration ran parallel with the launch of KeyTotal AR, the accounts receivables management platform that allows KeyBank’s corporate clients to improve operational efficiency during the invoice-to-cash process using electronic invoicing and payments in a flexible, cloud-based solution.
Running on the Billtrust-developed software power-house called the ‘Quantum Payment Cycle Management Solution’, the platform accelerates cash flow by automating invoice delivery, payment and cash application in an integrated and seamless process flow.
Merging this innovation with KeyBank’s broad range of accounts receivable (AR) capabilities has created one of the highest-level product suites available in the banking industry today.
“Our partnership model centers around collaborating with industry-leading software companies whose solutions align with our broader strategy of delivering innovations that truly make our clients’ businesses more efficient and effective,” said Ken Gavrity, Group Head, KeyBank Enterprise Commercial Payments.
Echoing the same sentiment, Matt Miller, Co-Head, KeyBank Product & Innovation, said,”Banks have traditionally focused on payment execution. We think that’s important, but in consulting with our clients, we hear a lot of pain upstream and downstream of payment processing. Partnering with innovators like Billtrust enables us to optimize clients’ processes from beginning to end.”
Billtrust’s Quantum Payment Cycle Management leverages robotics process automation and thus eliminates repetitive manual task handling. There is also machine learning factored-in that improves efficiency and effectiveness of cash application in the system.
“We are excited to have KeyBank as both an investor and partner. The collaboration to launch the KeyTotal AR platform will empower accounts receivable teams and finance professionals to increase efficiency, reduce AR costs and spend more time on strategic initiatives.”, said Flint Lane, Founder & CEO, Billtrust.
KeyBank is the first commercial bank in the U.S. to invest in and partner with Billtrust.