KeyBank (NYSE: KEY) has introduced KeyVAM, a virtual account management solution tailored for treasury management clients seeking to simplify their cash-flow and account structure, particularly those with complex demand deposit account (DDA) setups. This innovative solution, powered by Qolo, leverages technology to enhance cash management capabilities, offering clients customizable virtual account structures, automated reporting and reconciliation, an intuitive user interface, and seamless API integration.
KeyVAM facilitates real-time management of multiple clients or cost centers through Qolo’s omnichannel payments platform, enabling businesses to swiftly open or close new subaccounts using self-service tools. The collaboration between KeyBank and Qolo represents a commitment to delivering innovative fintech solutions designed to alleviate the complexities of cash management for treasurers nationwide, addressing their intricate payments and financing requirements.
Virtual accounts within KeyVAM are seamlessly linked to existing commercial bank DDAs on KeyNavigator, KeyBank’s online commercial banking system. This integration ensures that incoming or outgoing payments are promptly reflected in real-time, maintaining a virtual sub-ledger that offers continuous transaction and balance history updates, providing transparency into company-wide cash flows. These accounts possess unique identifiers accessible on external payment networks, offering self-serviced management and flexibility to align with clients’ specific business needs or liquidity preferences.
Moreover, KeyVAM empowers clients with the capability to process real-time payments (RTP), wire transfers, and ACH transactions within the sub ledgers, enhancing operational efficiency and liquidity management. Jon Briggs, Head of KeyBank Commercial Product, emphasized the importance of real-time information and structural flexibility in today’s digital business landscape, highlighting KeyVAM’s ability to facilitate crucial straight-through processing for reconciliation and transaction segregation across multiple business units or entities.
Qolo CEO Patricia Montesi expressed enthusiasm about powering KeyVAM with advanced card and payments capabilities, emphasizing the collaboration’s significance in democratizing next-generation financial technology for businesses of all sizes and industries.
KeyVAM offers a range of benefits, including real-time reconciliation within a flexible virtual account structure, improved efficiency in cash management, customized reporting with transaction and reconciliation data for each virtual subaccount, and easy integration with existing infrastructure through flexible APIs.
As businesses navigate the evolving landscape of cash management and regulatory requirements, KeyVAM stands out as a comprehensive solution designed to streamline operations, enhance transparency, and optimize liquidity management for treasury management clients.