KeyBank has partnered with and made an equity investment in Billtrust, a cloud-based provider of payment cycle management solutions.
Terms of the deal including the size of the investment were not disclosed by the companies.
The partnership paved the way for the bank to launch a new accounts receivable platform known as KeyTotal AR.
The new platform, powered by Billtrust’s Quantum Payment Cycle Management solution, has been designed to speed up the cash flow through automation of invoice delivery and payment and cash application.
KeyBank Enterprise Commercial Payments group head Ken Gavrity said: “Combining our investment with the strategic partnership is critical—it fully aligns KeyBank’s interests with Billtrust, ensuring an integrated view of the product roadmap and client experience.”
Billtrust CEO and founder Flint Lane added: “The collaboration to launch the KeyTotal AR platform will empower accounts receivable teams and finance professionals to increase efficiency, reduce AR costs and spend more time on strategic initiatives.”