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KeyBank launches virtual account management solution for treasury clients

By Delisha Fernandes

May 13, 2024

  • Cash Flows
  • Cash Management
  • Commercial Banking
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KeyBank

Cleveland-based KeyBank has launched KeyVAM, a virtual account management solution for treasury management clients.

KeyVAM is a technology-enabled cash management solution powered by Qolo, providing clients with the ability to manage multiple clients or cost centres with custom virtual account structures, automated reporting and reconciliation, an intuitive user interface, and fast, easy API integration.

With Qolo’s omnichannel payments platform, businesses can instantly open or close new subaccounts using self-service tools. This collaboration with Qolo marks another innovative FinTech solution from KeyBank designed to make cash management easier for treasurers across the United States, solving their complex payments and financing needs.

“In today’s fast-paced digital business environment, clients 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 KeyBank Commercial Product. “With KeyVAM, we can provide crucial straight-through processing for reconciliation or to help segregate transactions across multiple business units or entities.”

Virtual accounts are linked to an existing commercial bank DDA on KeyNavigator, KeyBank’s online commercial banking system. KeyVAM allows incoming or outgoing payments to be reflected in real-time, to maintain a virtual sub-ledger that provides a continuously updated transaction and balance history to deliver transparency into company-wide cash flows.

These accounts have a unique account number accessible on external payment networks, are self-serviced and managed, and can be established to reflect a client’s business needs or ideal liquidity structure with complete flexibility. KeyVAM also provides the ability to process real-time payments (RTP) in and out of the sub ledgers, in addition to wire and ACH transactions.

“We’re excited to power KeyVAM through our advanced card and payments capabilities combined with our bank-grade ledger,” said Qolo CEO, Patricia Montesi. “This collaboration with KeyBank marks a giant leap forward in making next-generation financial technology available to businesses of all sizes and in any market.

KeyVAM offers several benefits, including:  Real-time reconciliation within a flexible virtual account structure, bringing speed and clarity to your cash management while keeping up with evolving regulatory needs; Improved efficiency streamlining cash management to help avoid unwanted bank fees and additional overhead; Customized reporting with transaction and reconciliation data for each Virtual Sub account, while your total funds settle in one physical DDA account; and Easy integration with a suite of flexible APIs designed to work with your existing infrastructure.

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