"KeyBank's Bennie Pennington noted that commercial clients across various sectors consistently reported challenges in seeing their balances due to having numerous accounts. They sought consolidated visibility and real-time data to manage their finances effectively."
"Patricia Montesi from Qolo emphasized that many US banks are eager to modernize their treasury operations, but legacy systems pose significant barriers. These outdated systems require extensive manual reconciliation and hinder the visibility needed for efficient financial management."
"Virtual account management serves as a modern solution that integrates with existing banking infrastructure. It allows for instant account opening and complex fund hierarchies, addressing the needs of clients without necessitating a complete overhaul of legacy systems."
Mid-market companies often struggle with managing multiple bank accounts due to outdated banking systems. KeyBank and Qolo are addressing this issue by developing a real-time virtual account management platform. This platform aims to provide consolidated visibility and real-time data for clients, allowing for easier management of payment information. The need for modernization in treasury operations is evident, as legacy systems hinder efficiency. Virtual account management offers a solution that enhances existing infrastructure without requiring complete overhauls.
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