In February 2023, KeyBank partnered with payments infrastructure provider Qolo to enhance its KeyVAM platform. Qolo enabled the addition of near real-time payments, accessible via clients' systems. The platform processes payments and reconciliation directly within client software, facilitating advanced sub-accounting. Since its launch, KeyVAM has processed over $9 billion in transactions. The partnership allows KeyBank to introduce features like same-day ACH reconciliation and advanced reporting, emphasizing the collaborative nature of their relationship and the evolution of embedded banking infrastructure.
The KeyBank-Qolo alliance reflects an evolution in how banks and fintechs can co-create value through deeper integration, signifying a shift in partnership models.
KeyBank introduced additional capabilities to the KeyVAM platform, including same-day ACH reconciliation, advanced dashboard reporting, and simplified statement reporting.
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