Uses Qolo’s technology platform KeyBank (NYSE: KEY) is now offering KeyVAM, which it describes as a virtual account-management product for treasury-management clients who have “complex” demand deposit account (DDA) structures and want to streamline their cash-flow and account structure. Cleveland, Ohio–based KeyBank is the No. 2 bank ranked by deposit market […]
Uses Qolo’s technology platform
KeyBank (NYSE: KEY) is now offering KeyVAM, which it describes as a virtual account-management product for treasury-management clients who have “complex” demand deposit account (DDA) structures and want to streamline their cash-flow and account structure.
Cleveland, Ohio–based KeyBank is the No. 2 bank ranked by deposit market share in the 16-county Central New York area. It operates branches across the region and upstate New York.
KeyVAM is a technology-enabled, cash-management product supported 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 [application program interfaces] integration,” per the May 7 announcement.
With Qolo’s omnichannel payments platform, businesses can instantly open or close new subaccounts using self-service tools, KeyBank said. The collaboration with Qolo represents is designed to make cash management easier for treasurers across the U.S., “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 an 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 (automated clearing house) 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,” Jon Briggs, head of KeyBank Commercial Product, said in the bank’s announcement. “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,” Patricia Montesi, CEO of Qolo, added in the KeyBank announcement. “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.”
KeyBank says KeyVAM offers several benefits. They include real-time reconciliation within a flexible virtual account structure, bringing speed and clarity to cash management while keeping up with evolving regulatory needs. They also include improved efficiency streamlining cash management to help avoid unwanted bank fees and additional overhead.
In addition, the benefits include customized reporting with transaction and reconciliation data for each virtual sub account, while the client’s total funds settle in one physical DDA account; and easy integration with a suite of flexible APIs designed to work with the client’s existing infrastructure, KeyBank said.
