KeyBank has made an equity investment in payment cycle management solutions provider Billtrust.
KeyBank’s KeyTotal AR platform allows the bank’s corporate clients to improve operational efficiency during to invoice to cash process through the use of cloud-based electronic invoicing and payments. The platform is powered by Billtrust’s Quantum Payment Cycle Management solution.
“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,” KeyBank head of product and innovation, enterprise commercial payments Matt Miller said. “We think that’s important, but in consulting with our clients, we hear a lot of pain upstream and downstream of payment processing. Partnering with innovators like Billtrust enables us to optimize clients’ processes from beginning to end.”
“KeyBank recognizes that investments in fintech are an integral source of innovation that drives better client experiences,” Billtrust CEO and Founder Flint Lane said. “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.”
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