Fintech
Keybank launches Qolo-based virtual account management
KeyBank (NYSE: KEY) announced the launch of KeyVAM, a virtual account management solution for treasury management clients who have complex demand deposit account (DDA) structures and want to streamline cash flow and structure of accounts. KeyVAM is a cash management solution based on technology provided by Qolo, giving customers the ability to manage multiple customers or cost centers with customized virtual account structures, automated reporting and reconciliation, an intuitive user interface and quick and easy API integration. With Qolo’s omnichannel payments platform, businesses can instantly open or close new sub-accounts using self-service tools. This collaboration with Qolo marks another innovative fintech solution from KeyBank designed to simplify cash management for treasurers across the United States by solving their complex payment and financing needs.
Virtual accounts are linked to an existing commercial bank DDA on KeyNavigator, KeyBank’s online commercial banking system. KeyVAM allows you to reflect incoming or outgoing payments in real time, to maintain a virtual sub-ledger that provides a constantly updated history of transactions and balances to ensure transparency in company-wide cash flows. These accounts have a unique account number accessible on external payment networks, are self-service and managed, and can be created to reflect the customer’s business needs or ideal liquidity structure with complete flexibility. KeyVAM also offers the ability to process real-time (RTP) payments in and out of secondary registers, as well as bank transfer and ACH transactions.
“In today’s rapidly evolving digital business environment, customers appreciate real-time information and the flexibility to reflect account structures without having to open a multitude of physical accounts with multiple banks,” said Jon Briggs, head of commercial product at KeyBank. “With KeyVAM, we can provide critical direct processing for reconciliation or to help separate transactions across multiple business units or entities.”
“We are excited to power KeyVAM through our advanced card and payments capabilities combined with our bank-grade registry,” said Patricia Montesi, CEO of Qolo. “This collaboration with KeyBank marks a huge step forward in making next-generation financial technology available to businesses of all sizes and in every market.”
KeyVAM offers numerous benefits, including: Real-time reconciliation within a flexible virtual account structure, bringing speed and clarity to liquidity management while staying abreast of evolving regulatory needs; Greater efficiency that simplifies cash management to avoid unwanted bank fees and additional overheads; Customized reports with transaction and reconciliation data for each virtual sub-account, while your total funds are deposited into a physical DDA account; and Easy integration with a suite of flexible APIs designed to work with your existing infrastructure.