Key drives innovation through strategic partnership with leading fintech provider
CLEVELAND and HAMILTON, NJ (Aug. 17, 2017) — KeyBank (NYSE: KEY) announced today its strategic partnership with an 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 Co-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.
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