Digital Banking

Keybank intros virtual account management solution

Photo: Adobe Stock

May 21, 2024

Keybank announced KeyVAM, a virtual account management solution for treasury management customers. This cash-management solution is powered by Qolo and allows businesses and clients to streamline cash-flow and account management with self-service tools, according to a press release.

Virtual accounts are linked to a bank demand deposit account, while KeyVAM maintains a virtual sub-ledger for a real-time transaction and balance history. KeyVAM can also process real-time payments, wire and ACH in and out of sub ledgers.

"In today's fast-paced digital business environment, clients appreciate real-time information and the flexibility to reflect account structures without having to open a multitude of physical accounts with multiple banks," Jon Briggs, head of commercial product, Keybank, said in the release. "With KeyVAM, we can provide crucial straight-through processing for reconciliation or to help segregate transactions across multiple business units or entities."

Customers can access customized reporting with transaction and reconciliation data for each virtual sub account, with the total funds being sent to a DDA account, according to the release.