KeyBank taps Versapay for AI-driven accounts receivable

KeyBank has launched its automated accounts receivable tool for middle-market clients. The $185 billion bank developed the solution, KeyTotal AR, with payments service provider Versapay . The solution does not require business clients to change their existing systems and workflows. [caption id="attachment_57363622" align="alignright" width="300"] Courtesy/Bloomberg[/caption] “The ERP [enterprise resource planning] integration capabilities allow us to onboard clients faster and with less disruption” to their existing software and processes, a KeyBank spokesperson told Bank Automation News. KeyTotal AR embeds AI and machine learning into the invoice-to-cash process to drive faster AR [accounts receivable] operations, they said. The platform can automatically link existing ACH, wires, checks and credit cards to open invoices with more than 90% straight-through processing. The solution eliminates reconciliation bottlenecks and reduces routine data entry, the spokesperson said. “We’re seeing promising results thus far from our recently onboarded clients to Versapay through Key’s referral relationship,” the spokesperson said. Development and integration Cleveland, Oh-based KeyBank has been working with Versapay for nearly two years on multiple services and started building KeyTotal AR about a year ago, the spokesperson said. “Versapay had a product roadmap and structure in place to support both institutional and middle-market clients, addressing the core of our client base,” they said. Integration time can vary, and KeyBank took about a year to white label the platform, establish a servicing and onboarding model, and ensure payments ran on KeyBank’s rails, a Versapay spokesperson told BAN . “KeyTotal AR supports both secure file transfers and modern API-based connections to meet the institution where they are today and provide a pathway for future scalability,” the Versapay spokesperson said. Commercial clients want digital tools that simplify operations, improve cash flow and strengthen buyer-supplier relationships, the Versapay spokesperson said, adding that the company aims to build more solutions to streamline business banking clients’ operations. Visit the Bank Automation News interactive Transactions Dashboard. Register here for “Seamless integration: The new frontier in embedded payments,” a free Bank Automation News webinar set for Tuesday, July 22, at 11 a.m. ET.

KeyBank taps Versapay for AI-driven accounts receivable

Solution will allow commercial clients to streamline collections by automating invoicing

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KeyBank taps Versapay for AI-driven accounts receivable

Solution will allow commercial clients to streamline collections by automating invoicing

Goldman Sachs to deploy AI coding assistant

The Clearing House names Pat Antonacci chief product officer

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