CLEVELAND, Aug. 17, 2017 /PRNewswire/ -- KeyBank (NYSE:
KEY) announced today its strategic partnership with and equity
investment in Billtrust, a pioneer of payment cycle management
solutions. This collaboration, along with the launch of KeyTotal
AR™, marks the most recent in a series of partnerships with
emerging fintech providers, affirming Key's commitment to bringing
innovative solutions to market. Terms of the investment were not
disclosed.
The KeyTotal AR™ platform 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. Powered by Billtrust's Quantum Payment Cycle Management
solution, the platform accelerates cash flow by automating invoice
delivery and payment and cash application. 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 market 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 Group Head
of KeyBank Enterprise Commercial Payments Ken Gavrity. "Our track
record with this strategy gives our clients reason to trust that we
will find the right solutions to streamline their payment
processes. Combining our investment with the strategic partnership
is critical—it fully aligns KeyBank's interests with Billtrust,
ensuring an integrated view of the product roadmap and client
experience."
"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," stated Head
of KeyBank Product & Innovation, Enterprise Commercial Payments
Matt Miller. "Partnering with innovators like Billtrust enables us
to optimize clients' processes from beginning to end."
Billtrust launched Quantum Payment Cycle Management in 2016, in
response to client demand for a single, strategic, end-to-end
solution to optimize AR processes. It leverages robotics process
automation to eliminate repetitive manual tasks throughout the AR
process, and employs supervised machine learning to improve the
effectiveness and efficiency of cash application.
"KeyBank recognizes that investments in fintech are an integral
source of innovation that drives better client experiences," said
Billtrust CEO and Founder Flint Lane. "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."
By investing in Billtrust, KeyBank has given further credence to
the notion that payment cycle management is crucial to elevating
business standards for invoicing and payments. KeyBank is the first
commercial bank in the U.S. to invest in and partner with
Billtrust.
About KeyCorp
KeyCorp's roots trace back 190 years to
Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $135.8
billion at June 30, 2017. Key
provides deposit, lending, cash management, insurance, and
investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
more than 1,200 branches and more than 1,500 ATMs. Key also
provides a broad range of sophisticated corporate and investment
banking products, such as merger and acquisition advice, public and
private debt and equity, syndications and derivatives to middle
market companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com. KeyBank is Member FDIC.
About Billtrust
Billtrust accelerates cash flow by
automating invoice delivery, invoice payment, and cash application.
Companies can improve operational efficiency throughout the
invoice-to-cash process with electronic invoicing and payments in a
flexible, cloud-based solution. Finance executives and AR
specialists love and recommend Billtrust payment cycle management
solutions for the remarkable cost savings, ease-of-use, and
improved customer satisfaction rates. To learn more about Billtrust
and payment cycle management, visit www.billtrust.com.
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SOURCE KeyCorp