KeyCorp (NYSE: KEY) announced on Friday it has teamed up with Ingo Money to launch its instant payment solution. KeyBank revealed that through Ingo Money’s platform its commercial clients will be able to quickly and easily turn slow, expensive paper checks and ACH deposits into instant, fully guaranteed funds that are immediately available in their customers’ accounts. Ingo Money’s network reach and intelligent routing system ensure industry leading delivery rates for these commercial clients. Speaking about the partnership, Matt Miller, Head of Product and Innovation at KeyBank Enterprise Commercial Payments, stated:
“With potential delays and security risks, it comes as no surprise that organizations are seeking ways to substitute paper-based payments with digital transactions. Consumers are increasingly demanding an instant experience. Our priority is to provide businesses with secure solutions that address these pain points while also streamlining processing and enhancing the consumer experience. By replacing paper and manual systems, this digital payment solution can help businesses cut operating costs and eliminate the delay and risk of check deposit.”
Keybank noted that the latest collaboration with Ingo Money exemplifies KeyBank’s model of partnering with companies whose solutions align with the broader strategy of delivering innovations that make clients’ businesses grow, avoid risk and be profitable. It marks the most recent in a series of relationships with emerging fintech providers. Earlier this year, KeyBank and Snapsheet announced the joint launch of Snapsheet Transactions, a multi-channel payment platform for insurance carriers which will include the Ingo Push payment platform. Ingo Money CEO, Drew Edwards, added:
“The Instant Economy opens a path for businesses to exceed customer expectations while adding to their own bottom line. With KeyBank, we can broaden the reach of our leading instant payment platform, transforming traditional disbursements for insurers, lenders, and any other business committed to digitizing the last mile of a modern payments experience.”