Payments

KeyBank updates consumer lending

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September 30, 2022

KeyBank has partnered with Oracle to update its non-real estate consumer lending process. The bank will use Oracle Banking Originations to service loan accounts from the application to payments and collections in real-time, according to a press release.

With this service, KeyBank can access integrated workflows, which reduce operating costs and streamline back-office operations by shifting from batch processing to real-time data processing.

"Oracle and KeyBank have a long history working together to evolve KeyBank's technology to address their growing business needs," Sonny Singh, executive vice president and general manager, Oracle Financial Services, said in the release. "KeyBank is a proven frontrunner in its commitment to transform its legacy systems into modern digital solutions delivering more self-service capabilities for its customers. Our new loan servicing solution operates in real-time and replaces the old way of offering and managing loans, such as outdated manual processes, with customized offers and instant, digital payments."