KeyBank, Billtrust team up for automated accounts receivable solution

This collaboration, along with the launch of KeyTotal AR, marks the most recent in a series of partnerships with emerging fintech providers. Terms of the investment were not disclosed.

The KeyTotal AR platform allows KeyBanks corporate clients to improve operational efficiency during the invoice-to-cash process using electronic invoicing and payments in a flexible, cloud-based solution, claims the company. Powered by Billtrusts Quantum Payment Cycle Management solution, the platform accelerates cash flow by automating invoice delivery and payment and cash application.

Billtrust launched Quantum Payment Cycle Management in 2016, in response to client demand for a single, strategic, end-to-end solution to optimize AR processes. It leverages robotics process automation to eliminate repetitive manual tasks throughout the AR process, and employs supervised machine learning to improve the effectiveness and efficiency of cash application.

By investing in Billtrust, KeyBank has given further credence to the notion that payment cycle management is crucial to elevating business standards for invoicing and payments. KeyBank is the first commercial bank in the US to invest in and partner with Billtrust.