KeyCorp KEY has made an equity investment in the New Jersey-based fintech company Billtrust, which offers cloud-based payment cycle management solutions.
KeyBank is launching an accounts receivable platform, KeyTotal AR, in conjunction with its investment in Billtrust, the bank said in a Thursday announcement.
The terms of the investment were not disclosed.
The platform “allows 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,” according to KeyBank.
Billtrust’s Quantum Payment Cycle Management solution, which automates processes such as invoice delivery and payment applications, will power the new KeyBank platform. The software was launched last year in response to client demands for an end-to-end accounts receivable solution, according to the company.
The technology uses supervised machine learning to improve the effectiveness and efficiency of cash application, Billtrust said.
Collaboration
Ken Gavrity, KeyBank’s group head of enterprise commercial payments, said in a statement that the Billtrust investment is part of the bank’s strategy to collaborate with fintech leaders.
The Cleveland-based bank is one of the nation’s largest financial services providers, with $135.8 billion in assets.
“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,” Gavrity said.
KeyBank’s decision shows that the bank recognizes the importance of fintech investment as a means of innovation, Billtrust CEO Flint Lane said in a statement.
“We are excited to have KeyBank as both an investor and a 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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