KeyBank expands its integrated financing offer

Cleveland-based financial services provider KeyBank has unveiled end-to-end payment facilitation capabilities, a move the company says allows “software companies to easily own and process payments.”

KeyBank said in a Wednesday, June 1 press release that this new offering stems from its acquisition of digital banking platform XUP Payments last November.

Learn more: KeyBank buys B2B digital banking platform XUP

“Payments facilitation is imperative for many businesses as they seek to compete in a rapidly changing environment,” Ken Gavrity, head of corporate payments and analytics at KeyBank, said in the announcement.

“We’ve simplified the ISV experience by delivering a fintech-based, bank-sponsored, processor-powered solution. The launch of these new capabilities is the most recent example of KeyBank delivering digital innovation at scale. »

See also: KeyBank acquires GradFin, loan forgiveness advisory service

Another recent example came last month with KeyBank’s acquisition of GradFin, a Philadelphia-based utility loan forgiveness advisory firm.

And in April, KeyBank and payment platform Billtrust expanded their relationship with the Business Payment Provider Network (BPN) with the addition of B2B invoice delivery, allowing KeyBank to deliver invoices to more than 170 accounts payable portals. .

As for Wednesday’s launch, the company says its new end-to-end capabilities give payment facilitators more control over the compliant experience by digitally onboarding merchants, setting and managing risk thresholds, and using the report suite to visualize transactions.

PYMNTS spoke earlier this year with Megan Kakani, Head of Payments at KeyBank for Emerging Products, about the increased number of payment choices available to payers.

See more : KeyBank on the Role of Pervasive Payments in Meeting Consumer and Business Expectations

She said that while the growing boom in payment choice is a positive development, it still presents hurdles for payers trying to meet large-scale payee demands.

Kakani added that one of the main challenges for payers making business-to-consumer (B2C) disbursements stems from maintaining security while working across a wide range of payment networks. Beneficiaries trust payers with sensitive data, making it essential to strengthen security across multiple rails.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.

Michael J. Birnbaum