KeyBank expands embedded banking platform with new payment facilitation capabilities
By Edlyn Cardoza
June 02, 2022
- Embedded Banking
- End-to-end Payment Facilitation Capabilities
- Financial Services
KeyBank announced the release of its end-to-end payment facilitation capabilities, allowing software companies to own and process payments easily. The concept of embedding financial products like payments and lending into software is at the forefront of the financial services industry.
KeyBank acquired XUP Payments in November 2021 to help advance its embedded banking solutions. With KeyBank’s new end-to-end capabilities, powered by XUP, payment facilitators control more of the client experience by digitally onboarding new merchants, setting and managing risk thresholds, and visualising their transactions through a robust reporting suite.
Software companies can reduce their payment complexities and offer a superior onboarding experience while exercising greater control over risk management and customer service.
“Payment facilitation is an imperative for many companies as they look to compete in a rapidly changing environment. We have simplified the experience for software companies by offering a fintech-led, bank-sponsored, processor-powered solution. The launch of these new capabilities is the most recent example of KeyBank providing digital innovation at scale,” said Ken Gavrity, Head of Enterprise Payments & Analytics, KeyBank.
“We’re excited to expand our capabilities to further enable KeyBank’s clients to simplify the merchant experience and drive new revenue opportunities. These newest capabilities further solidify KeyBank’s position as a leader in the embedded banking space, starting with payment innovation,” said Chris May, President, XUP Payments.
XUP, a brand of KeyBank, is a digital payments platform that provides tailored merchant services experiences to healthcare, commercial real estate, and technology companies. The XUP platform seamlessly connects merchants, financial services 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.
KeyCorp’s roots trace back nearly 200 years to Albany, New York. Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $181.2 billion on March 31, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through approximately 1,000 branches and approximately 1,300 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.
IBSi Daily News Analysis
June 02, 2023
How wealth management firms can grow revenues in a declining marketRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
June 02, 2023