KeyBank Leans Into Digital Transformation, Enabling Both Electronic Invoice Delivery and Payment Acceptance for Clients
Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, announced today that it has expanded its Business Payments Network (BPN) provider relationship with KeyBank to include B2B invoice delivery in addition to capturing payments and processing remittance data through its first-of-its-kind digital lockbox. In reselling BPN to business clients, KeyBank will now enable them to automatically deliver invoices to more than 170 leading accounts payable portals.
The recent proliferation of accounts payable portals used by buyers has created additional manual work for suppliers’ accounts receivable teams. In fact, according to recent research conducted by Billtrust, the average accounts receivable team is uploading invoices into 11-20 accounts payable portals each month. With the ability to automatically deliver invoices into these portals, KeyBank clients can dramatically boost efficiency and productivity while speeding cash flow.
“BPN has given our clients the ability to quickly convert checks to digital payments,” said Megan Kakani, Head of Emerging Products, KeyBank Enterprise Payments. “KeyBank is excited to take an active role in adding new suppliers that will benefit from increased electronic acceptance and reconciliation capabilities.”
“I’m pleased to build on our already strong relationship with KeyBank, and I appreciate their confidence in BPN’s ability to accelerate their clients’ digital transformation at a time where all businesses can benefit from these types of innovations,” said Nick Babinsky, Senior Vice President & General Manager, Business Payments Network, Billtrust.
Billtrust (NASDAQ: BTRS) is a leading provider of cloud-based software and integrated payment processing solutions that simplify and automate B2B commerce. Accounts receivable is broken and relies on conventional processes that are outdated, inefficient, manual and largely paper based. Billtrust is at the forefront of the digital transformation of AR, providing mission-critical solutions that span credit decisioning and monitoring, online ordering, invoice delivery, payments and remittance capture, invoicing, cash application and collections. For more information, visit Billtrust.com.
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements regarding the benefits and synergies that may be realized by Billtrust (“the Company'') and KeyBank as a result of the partnership. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward looking statements are subject to a number of risks and uncertainties, including those factors discussed in the Company’s filings with the SEC, including in the “Risk Factors'' and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including Billtrust’s and KeyBank’s ability to realize the anticipated benefits and synergies of the partnership. There may be additional risks that the Company presently does not know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.