KEYBANK EXPANDS EMBEDDED BANKING PLATFORM WITH NEW PAYMENT FACILITATION CAPABILITIES

Rhea-AI Summary

KeyBank has launched new end-to-end payment facilitation capabilities, enhancing its embedded banking solutions. This move allows software companies to easily manage and control payments while improving the onboarding experience for merchants. Following the acquisition of XUP Payments in November 2021, KeyBank aims to solidify its position as a leader in embedded banking. The innovative solution simplifies merchant experiences, enabling clients to drive new revenue opportunities. With assets of approximately $181.2 billion as of March 31, 2022, KeyBank continues to focus on digital innovation.

Positive

• Launch of new end-to-end payment facilitation capabilities enhances embedded banking solutions.
• Acquisition of XUP Payments strengthens KeyBank's digital payment offerings.
• Improved onboarding experience for merchants and enhanced control over risk management.

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• None.

CLEVELAND, June 1, 2022 /PRNewswire/ -- KeyBank announced the release of its end-to-end payment facilitation capabilities, allowing software companies to easily own and process payments. The concept of embedding financial products like payments and lending into software is at the forefront of the financial services industry. This release highlights KeyBank's commitment to being a leader in Embedded Banking.

KeyBank acquired XUP Payments in November 2021 to help advance its embedded banking solutions. With KeyBank's new end-to-end capabilities, powered by XUP, payment facilitators 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.

Software companies can reduce their payment complexities and offer a superior onboarding experience while exercising greater control over risk management and customer service.

"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," Ken Gavrity, Head of Enterprise Payments & Analytics, KeyBank.

"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." Chris May, President, XUP Payments.

Learn more about KeyBank's payment facilitation components by downloading the infographic here.

About XUP Payments
XUP, a brand of KeyBank, is a digital payments platform that provides tailored merchant services experiences to healthcare, commercial real estate, and technology companies. The XUP platform offers a seamless connection between merchants, financial services providers, and acquirers across all channels. XUP combines years of industry expertise with deep payments and technical knowledge to offer products that deliver our clients' desired merchant experience. XUP is headquartered in Charlotte, North Carolina. For additional information, visit us at www.xuppay.com. XUP is a brand of KeyBank National Association.  ©2022 KeyCorp® All Rights Reserved. KeyBank is Member FDIC.

About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $181.2 billion at March 31, 2022. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

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SOURCE KeyCorp

FAQ

What new capabilities has KeyBank launched?

KeyBank has launched end-to-end payment facilitation capabilities for software companies.

When did KeyBank acquire XUP Payments?

KeyBank acquired XUP Payments in November 2021.

How do KeyBank's new capabilities benefit software companies?

The new capabilities simplify payment processes and enhance control over merchant onboarding.

What is the significance of embedded banking for KeyBank?

Embedded banking allows KeyBank to provide integrated financial solutions, enhancing customer experience.

What are KeyBank's assets as of March 31, 2022?

KeyBank's total assets are approximately $181.2 billion as of March 31, 2022.