KeyBank adds payments to embedded banking solution

Rick Steves

“These newest capabilities further solidify KeyBank’s position as a leader in the embedded banking space, starting with payment innovation.”

KeyBank has released end-to-end payment facilitation capabilities onto its embedded banking platform in order to allow software companies to easily own and process payments.

The launch follows the acquisition of XUP Payments in November 2021 as the firm chose to enlarge the scope of its offering. Payment facilitators now can control more of the client experience by digitally onboarding new merchants, setting and managing risk thresholds, and visualizing their transactions through a robust reporting suite.

According to KeyBank, software companies can use the solution to reduce their payment complexities and offer a superior onboarding experience while exercising greater control over risk management and customer service.

Simplifying merchant experience

Ken Gavrity, Head of Enterprise Payments & Analytics, KeyBank, said: “Payment facilitation is an imperative for many companies as they look to compete in a rapidly changing environment. We have simplified the experience for software companies by offering a fintech-led, bank-sponsored, processor-powered solution. The launch of these new capabilities is the most recent example of KeyBank providing digital innovation at scale.”

Chris May, President, XUP Payments, commented: “We’re excited to expand our capabilities to further enable KeyBank’s clients to simplify the merchant experience and drive new revenue opportunities. These newest capabilities further solidify KeyBank’s position as a leader in the embedded banking space, starting with payment innovation.”

The Cleveland, Ohio-based firm one of the United States’ largest bank-based financial services companies, with assets of approximately $181.2 billion. 

KeyBank has recently acquired GradFin, a Public Service Loan Forgiveness counseling provider as it accelerates growth through targeted investments in digital, niche businesses. GradFin offers high-touch advisory solutions for individuals seeking assistance with student loan debt.

Jamie Warder, Head of Digital, KeyCorp, said: “GradFin combines the best of digital and human interaction to create a unique client experience. Advisors thoroughly understand the economic environment as well as the specific needs of healthcare providers, while the digital platform provides fast and effective solutions for debt relief and government forgiveness programs. This approach perfectly fits Key’s commitment to seamless client interactions and provides for a best-in-class experience.”

Chris Walters, CEO of GradFin, added: “We’re excited to become part of the Key team because of their exceptional track record in acquiring and growing fintech companies. We could not have asked for a better partner to help us launch into our next phase, continuing on our mission of bringing our loan education programs and market aggregation to financial advisors and their clients.” Walters will continue to lead the GradFin team following the acquisition.

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