KeyBank (NYSE: KEY) is adding another Fintech service with the launch of KeyVAM, which is described as a “virtual account management solution for treasury management clients who have complex demand deposit account (DDA) structures.”
This new cash management service is powered by Qolo, a card issuing, ledger, and payments platform.
Qolo’s payments platform allows businesses to open or close new subaccounts using self-service tools. The service aims to simplify cash management for treasurers. KeyVAM provides the ability to process real-time payments (RTP) in and out of the sub-ledgers, as well as wire and ACH transactions.
Jon Briggs, head of KeyBank Commercial Product, said customers appreciate real-time information, and with KeyVAM, they can provide straight-through processing for reconciliation or help segregate transactions across multiple business units or entities.
KeyCorp is based in Cleveland, Ohio, holding assets of approximately $188 billion. The bank provides services in 15 states
