Internet-based Payments Channel Launched by KeyBank
In an attempt to improve the speed with which funds are collected, KeyBank has launched KeyPay, to allow clients to accept payments through the Internet and streamline their approach to managing the receivables process. According to Samuel Robb, e-Payments product manager, Global Treasury Management at KeyBank, clients have repeatedly asked for solutions to shorten their payment cycle and lower costs. ‘KeyPay will go a long way toward taking a large chunk out of the costs associated with paper payments,’ he said. Separately, KeyBank has selected CheckFreee Corporation to enable paper checks received at its lockbox or its clients’ receivable location to be converted into ACH transactions.