CLEVELAND, May 11, 2021 /PRNewswire/ -- KeyBank today
announced its strategic affiliation with an equity investment in
XUP Payments ("XUP"), a leading payments innovator, to deliver a
digital and physical merchant services experience that provides an
end-to-end streamlined process for sales, onboarding, activation,
and servicing.
This collaboration, along with the launch of the Key Merchant
Services ("KMS") improved acquisition and servicing website, marks
the most recent in a series of partnerships with emerging fintech
providers, affirming Key's commitment to bringing innovative,
digital first solutions to market. Terms of the investment were not
disclosed.
"Our new KMS digital platform provides businesses with a
superior overall experience in conjunction with our robust merchant
processing solution," said Jon
Briggs, head of KeyBank Commercial Product & Innovation.
"The collaboration with XUP further complements KMS' new
relationship with Boomtown Network, Inc., which further drives the
digital merchant customer experience."
"We are deeply appreciative of the partnership with KeyBank and
the confidence they have in us to provide a seamless merchant
processing solution," said Chris
May, XUP president. "We could not be more excited about
the insights and strategic guidance KeyBank will offer, and we look
forward to working with them as we continue to build XUP's exciting
future."
The latest investment in XUP illustrates KeyBank's model of
teaming up with fintechs to provide innovative solutions that
deliver ease and value to our clients by providing flexibility on
how and where they do business with Key. It marks the most
recent in a series of relationships with emerging fintech
providers.
The affiliation with XUP and Boomtown's CXMEngine helps KMS
overcome customer, technology, and speed-to-market challenges by
offering a fully digital experience in addition to traditional
customer channels. Additionally, the CXMEngine adds digital
servicing capabilities with chat functionality that improve
conflict resolution time for small businesses.
By investing in XUP, KeyBank has given further credence to the
notion that a seamless end-to-end digital experience for merchants
is crucial to elevating business standards in the merchant process.
KeyBank is the first commercial bank in the U.S. to invest in
XUP.
About KeyCorp
KeyCorp's (NYSE: KEY) 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 $176.2 billion at March
31, 2021. Key provides deposit, lending, cash management,
and investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
approximately 1,100 branches and more than 1,400 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 XUP
XUP, short for transactions "up", is a
Banking as a Service platform that allows financial institutions to
take back the merchant experience. Our platform offers a
seamless connection between merchants, financial service providers,
and acquirers across all channels. XUP combines years of
industry expertise with deep payments and technical knowledge to
offer products that deliver our clients' desired merchant
experience. XUP is headquartered in Charlotte, North Carolina. For additional
information, visit us at www.xuppay.com.
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SOURCE KeyBank