KeyBank launched its virtual account management solution, Key Virtual Account Management, powered by payments platform Qolo, on May 7.  

Key Virtual Account Management (KeyVAM) is a modern core operating account targeted for small business clients, larger corporate clients and everyone in between, Jon Briggs, head of commercial product and innovation at KeyBank, told Bank Automation News. 

“It is more important now than ever for banks to have a resilient and growing depository base,” Briggs said.  

With KeyVAM, KeyBank clients have access to a virtual account management solution that helps them manage multiple account structures through one interface, according to the KeyBank release.

KeyVAM allows clients to open sub-accounts in as little as 60 seconds and provides a modern reporting interface that shows transaction flows, balance history and streamlined reconciliation, Briggs said. 

KeyBank selected Qolo to power its integrated API-based payment solutions in April 2023, according to a KeyBank release.  

“Qolo’s partnership with KeyBank will bring our leading card-issuing, omnichannel payments and flexible virtual accounts to more fintechs and businesses looking to quickly launch and scale revenue-generating digital banking services,” Qolo Chief Executive Patricia Montesi said in the April 11, 2023, release. 

Visa joins with Karta for gift card offering 

Payments behemoth Visa is joining with expense management service provider Karta to provide digital gift-card issuing capabilities, according to a May 11 release. 

“Karta connects to Visa via VisaNet [Visa’s global electronic payment network], which is an API provided by Visa,” Karta co-founder David Anderson told BAN. “Karta has a proprietary API connected to VisaNet that allows it to create its network of gift cards, which could be a single merchant, national franchise, a group of merchants or anything in between.” 

Karta sees tremendous growth opportunities in the gift-card business, which tops $1 trillion in annual transaction volume and is expected to grow at double-digit compound annual growth rate year over year, Anderson said. 

With VisaNet, Karta provides solutions to challenges in the gift-card space, including: 

• Onboarding for merchants in minutes; 
• Allowing customers to instantly send gift cards via QR codes available at the POS without needing a physical card; and 
• Delivering key campaign data to merchants, including purchase volumes, earnings, sales or card information. 

New South Wales, Australia-based Karta has teamed with FIs, including American Express and major retailers such as Woolworths that are using the solution. Karta also aims to provide the tool to small boutique stores, Anderson said. 

New Peoples Bank selects Jack Henry for core and digital banking solutions 

The $800 million New Peoples Bank selected tech provider Jack Henry’s core processing solution and its Banno digital platform, according to Jack Henry’s May 6 release. 

“The conversion to Jack Henry is scheduled to be completed at the end of 2025,” J.W. Kiser, president and chief executive at New Peoples Bank, told BAN. “We aim to provide essential functions such as viewing account balances, paying bills and moving money, as well as more advanced services such as My Credit Manager, online financial management with account aggregation and JHA OpenAnywhere.” 

Jack Henry’s Banno is seeing high traction from customers as it added 69 new FIs to the platform, including 37 for Banno Business during its fiscal third quarter, which ended March 31, a Jack Henry spokesperson told BAN. 

Account management (transactions, transfers, account balance, etc.), Banno Conversations, bill pay and remote deposit capture (RDC) are some of the most in-demand solutions the Banno platform offers, the spokesperson said. 

FIS, AWS launch embedded finance tool 

FIS debuted its embedded finance tool, Atelio, on its May 7 Investor Day in New York.   

Atelio, which is cloud-native to Amazon Web Services infrastructure, helps financial institutions and businesses provide embedded finance capabilities, Tarun Bhatnagar, president of platform and enterprise solutions at FIS, told BAN. 

Building Atelio as a cloud-native solution on AWS allows FIS to scale the solution quickly and add clients with minimal friction, Bhatnagar said. 

“The platform is customizable,” he said, adding that customers can “pick and choose embedded finance capabilities that they would like to add to their existing infrastructure easily through APIs and the cloud-based structure.” 

KeyBank, educational financing platform College Ave and health care payments provider RoyalPay Inc. are some of Atelio’s initial users, according to the FIS release. 

Palmetto Citizens FCU to use NCR Allpoint ATM network 

Palmetto Citizens FCU will use NCR’s Allpoint ATM network, according to NCR’s May 9 release. 

The $1.3 billion credit union’s 83,000 members will have access to 55,000 ATMs, according to the release. 

“Allpoint provides convenient access to cash for over 1,150 banks, credit unions and card programs,” an NCR spokesperson told BAN. “New Allpoint issuers can be brought live with no IT lift in as little as 45 days.” 

The ATM provider is seeing increased traction for its intelligent teller machines (ITMs) and Allpoint ATM network as banks look to provide more self-service features to customers, the spokesperson said. 

The $13 billion VyStar Credit Union, $3.3 billion Arizona Financial Credit Union and $3.5 billion Grow Financial Credit Union are some of NCR’s customers, according to the company’s website. 

Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.