KeyBank invests in Billtrust, launches accounts receivable platform
KeyBank is putting its money where its mouth is. The bank isn’t just partnering with fintech companies, it’s also investing.
The Cleveland, Ohio-based bank announced yesterday that it’s putting an equity investment in Billtrust, a pioneer of payment cycle management solutions, and launching KeyTotal AR.
Terms of the investment were not disclosed, but the new platform enables 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, the bank said.
“Combining our investment with the strategic partnership is critical, it fully aligns KeyBank’s interests with Billtrust, ensuring an integrated view of the product road map and client experience,” says Ken Gavrity, group head of KeyBank enterprise commercial payments.
Billtrust launched Quantum Payment Cycle Management in 2016. 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.
“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,” adds co-head of KeyBank product and innovation, enterprise commercial payments, Matt Miller. The partnership with Billtrust will help “optimise clients’ processes from beginning to end”.
KeyBank, which is a top 30 US bank by assets, is the first commercial bank in the US to invest in and partner with Billtrust.