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KeyBank Partners with AvidXchange to Provide Best-in-Class Payments Automation Solution

CLEVELAND, Sept. 23, 2015 /PRNewswire/ -- KeyBank (NYSE:KEY) today announced a strategic partnership and minority investment in AvidXchange, a world class leader in accounts payable automation solutions. This collaboration marks the most recent in a series of partnerships with emerging FinTech providers, solidifying Key's commitment to deliver innovative products and services to market.

The AvidXchange platform will allow Key's clients to transform the invoicing to payment process by replacing a traditionally paper-based process with end-to-end digital capabilities. The SaaS based nature of the platform, coupled with integrations into more than 100 of the most commonly used accounting systems, means companies are able to get up and running immediately, with little need for heavy IT resources. Combining this innovation with Key's broad range of payment capabilities has created one of the most dynamic solutions in the market today.

"Our strategy centers around targeting the customers we want to do business with and delivering them best-in-class solutions that truly make their businesses better," said Group Head of KeyBank Enterprise Commercial Payments Clark Khayat. "That's why we canvass the FinTech landscape to find the emerging technologies, like AvidXchange, that are true differentiators. The success we've...