KeyBank Adds New Payment Features to its Embedded Finance Platform

KeyCorp headquartered in Cleveland Ohio is among the largest financial services institutions in the region. Companies of KeyCorp (KeyBank is one of them) offer retail and commercial banking, consumer finance and investment banking products to individuals, investment management, and organizations across the United States and, for certain businesses, internationally.

KeyBank unveiled its end-to-end payment facilitation features that will enable software organizations for easy owning and processing of payments. Financial services industry keeps a keen eye on the embedded financial products such payment and lending integrated into software, and this is what made KeyBank release these payment facilitation capabilities.

Ken Gavrity, Head of Enterprise Payments & Analytics, KeyBank, commented, “Payment facilitation is an imperative for many companies as they look to compete in a rapidly changing environment. We have simplified the experience for software companies by offering a fintech-led, bank-sponsored, processor-powered solution. The launch of these new capabilities is the most recent example of KeyBank providing digital innovation at scale.”

XUP, a brand of KeyBank, seamlessly connects merchants, financial services providers, and acquirers across healthcare, commercial real estate, and technology industries to provide tailored merchant services experiences. The acquisition of XUP Payments in November 2021 helped KeyBank grow its embedded finance solutions. The new payment facilitation features are powered by XUP, enabling payment facilitators for digital enrolment of new vendors, tracking, and evaluating their transactions with a strong reporting system. Also helping them setting and managing risk in order to offer better customer experience.

Chris May, President, XUP Payments, stated, “We’re excited to expand our capabilities to further enable KeyBank’s clients to simplify the merchant experience and drive new revenue opportunities. These newest capabilities further solidify KeyBank’s position as a leader in the embedded banking space, starting with payment innovation.”

With these capabilities software organization can provide exceptional enrolment experience as well as truncate the compositeness of payment while exercising control over customer service and risk management.

Read: Cross River & Sardine Alliance to Use Embedded Finance

BOLT, an Instant Deposit System Launched by BitOasis

BitOasis is the largest and most trusted cryptocurrency platform in the Middle East and North Africa (MENA) region. Founded in 2015, the platform is a pioneer cryptocurrency ecosystem of the region, serving as the popular choice for first-time cryptocurrency buyers and professional traders at the same time.

The BOLT option can be seen by all BitOasis KYC verified and UAE-based users while fund transferring from their local bank account to their AED wallet on the platform. It aims to provide the most secure and regulated system for cryptocurrency trading for retail and institutional consumers across the region.

Ola Doudin, CEO and Co-Founder, BitOasis stated, “The crypto space is no stranger to price volatility. Given recent price fluctuations, the slightest of delays in deposits on crypto exchanges can impact your trading strategy. BOLT will allow users to move quickly on trading decisions and make an especially big difference for high-value transactions. The enabling of instant deposits on BitOasis also demonstrates our tech capability to develop and roll out new features that improve our customers’ experience with trading and investing on the platform. BOLT will now provide the fastest and most secure way to invest in crypto assets in the UAE.”

The cryptocurrency platform with the launch of its new feature ‘BOLT’ has turned into the first crypto exchange enable crypto investors and traders of UAE to access instant fiat bank deposits.

BitOasis has introduced this feature to improve its current “Easy Funding” deposit option. Users can link their BitOasis account and UAE bank account with the help of the Easy Funding option and thus can deposit funds to their BitOasis account without any charge on the app of the exchange. BOLT enables BitOasis customers deposit funds (AED) to their BitOasis account from their BitOasis-linked bank account instantly. It has been introduced to remove time consumption for bank-to-exchange transfers.

Read: BitDCE and Simplex Cooperated to Launch Cryptocurrency Ecosystem

 

Sentinels chosen by Brand New Day for AML Compliance

Brand New Day (BND) a Netherlands-based neobank that operates in the field of savings and investment. It helps open savings or investment account for its users to build a buffer for later. These services help users with tax benefits (for annuity payment or a supplementary pension) and without tax benefits (for normal savings and investments purposes). BND has selected Sentinels an AML and transaction monitoring platform, to enhance its anti-money laundering (AML) capabilities.

Sentinels supports financial institutions and manages compliance to help them deliver highly scalable services. It offers AML services powered by machine learning that helps customers fight financial crimes with efficiency. 

Joost van Houten, CEO, Sentinels, stated, “Neobanks like Brand New Day are committed to disrupting conventional wisdom to create stronger services, making them an increasingly popular choice for end-users. However, this disruption comes with intense regulatory scrutiny, particularly for those operating using their own banking licenses. We’re thrilled to be working with Brand New Day, easing its regulatory burden through our own disruptive approach to compliance and ensuring that both the neobank and its customers are better protected from AML issues.” 

A neobank is a type of digital bank that has no branches. Instead of being physically present at a particular location, a neobank operates entirely online. Neobanks can also be said fintech firms that offer digital and mobile-first financial solutions such as payments and money transfers, money lending, and more. These banks don’t have a bank license of their own but count on bank partners to provide bank licensed services.

Contrary to regular neobanks, BND got its banking license in 2017 and serves over 200,000 customers. The rapid growth of Sentinels was one of the primary reasons for this collaboration as a RegTech solution.

Gerjan de Lange, CIO, Brand New Day, included, “We’re excited to be working with Sentinels, benefitting from its industry-leading position and commitment to providing workable and futureproofed compliance solutions that are tailored to our core business goals and processes. We look forward to growing together, safe in the knowledge that our regulatory needs are being met, that false positives will not increase exponentially as we scale, and that our operational costs are kept low while our internal compliance standards are high.”

Read: A Basic Introduction About Anti-Money Laundering (AML)