KeyBank purchases B2B digital banking platform XUP
Cleveland-based financial services company National KeyBank Association purchased the Digital Banking B2B Platform as a Service (BaaS) XUP payments, according to a press release on Monday, November 22. Financial details of the transaction were not disclosed.
KeyBank’s acquisition of XUP is the company’s next step in delivering digital innovation at scale, according to the announcement. It follows a collaborative effort between the two companies, which helped convert KeyBank’s merchant payment capabilities, thereby increasing its quarterly volume growth.
XUP’s technology is designed with various integrations to provide banks with a unified payment experience. Additionally, the platform enables seamless and intuitive customer service and integration experiences. KeyBank will use the acquisition to improve the user experience on commercial products and further extend the company’s integrated banking strategy.
“We have long embraced the software innovation sweeping the financial services industry, and the acquisition of XUP allows us to continue to be a leader in this area,” said Ken Gavrity, Head of Corporate Payments and Payments. analysis for KeyBank. “The highly experienced team at XUP has accelerated us in setting up connectivity between our systems, partners and customers, in order to facilitate business relationships with Key.”
As part of its plan to improve data analytics capabilities, in 2019 KeyBank acquired Laurel Road, an online lending solutions provider. As part of its modernization strategy, Laurel Road has integrated Voice of the Customer (VoC) information, according to PYMNTS.
See also: Voice Of Customer solutions use customers’ own words to drive personalized customer experiences
Modernizing commercial payments for the digital age will be faster and streamlined with measurable metrics that show returns on investments and better cash flow metrics, a panel of payments professionals told PYMNTS in October.
Gavrity, one of the panelists, said the “inflection point” several years ago, when investors more easily contributed to FinTechs, helped bring banks more into the fold.
Read more: Reinventing Business Payments Could Offer Buyers / Suppliers A ‘Unified Experience’, Payments Experts Say