Citizens Bank has teamed up with Navan to provide its commercial customers with travel expense solutions. 

“Dynamic travel policies are in demand given the changing landscape in travel and the unique needs of companies and employees,” Rodrigo Sanchez, head of commercial card solutions at Citizens, told Bank Automation News. “Clients are also looking for ways to enable more personal time post- or pre-business travel, a growing trend known as ‘bleisure.’”

Navan will provide Citizens commercial customers with a co-branded credit card and access to a digital platform to manage travel and expenses from one platform, according to Navan’s Sept. 10 release. 

The Navan and $219 billion Citizens platforms will be connected via APIs, Sanchez said. 

KeyBank takes stake in dental expense specialist Zentist  

KeyBank has selected insurance revenue cycle management service provider Zentist to provide its commercial customers with streamlined dental claims, according to a Sept. 11 KeyBank release. 

The $184 billion bank also acquired a minority stake in the company. KeyBank will integrate Zentist’s Remit AI tool to help dentists’ offices manage claims, file expenses and provide a better understanding of a customer’s coverage, which can improve efficiency, Jon Briggs, head of commercial product and innovation at KeyBank, told BAN. 

The health care industry is nearly 22% of the gross domestic product and is expected to grow to 27% in the next five years, Briggs said, adding that there are many specializations within the industry that banks are looking to gains stake for diversification. 

KeyBank has been prioritizing health care for some time and created Cain Brothers, its health care industry investment banking arm, in 2018, Briggs said. He added that the bank has managed more than 150 M&A health care-related transactions, totaling more than $40 billion, since 2018. 

Morgan Stanley invests in 3forge 

Investment banking behemoth Morgan Stanley has invested an undisclosed amount in code development platform 3forge, according to a 3forge release on Sept. 4. 

3forge’s platform is industry-agnostic and has been successfully deployed in investment banking, asset management, hedge funds, exchanges and sovereign wealth funds, a 3forge spokesperson told BAN. 

“The platform’s ability to support real-time data integration and customizable front-end applications makes it ideal for sectors requiring high-performance data visualization and processing, including payments, insurance and capital markets,” the spokesperson said. “The investment further strengthens this relationship, positioning 3forge as an integral technology provider for the bank.” 

The Morgan Stanley investment will be used to scale 3forge’s go-to-market strategy globally, with a focus on sales, marketing and expanding its physical presence in key international markets including Tokyo and Orlando, Fla., the spokesperson said. 

Alibaba selects Mastercard for U.S. business credit card issuance 

Alibaba has selected Mastercard to issue credit cards to its U.S. business customers, according to a Sept. 5 release from the e-commerce giant. 

The credit card will provide a 90-day money-back guarantee for misplaced or damaged orders along with 3% cashback on all purchases, the release stated. 

Users will also have 60 days to pay balances interest-free for purchases on Alibaba, the release stated. 

“The Alibaba.com Business Edge Credit Card is the latest way we are adding value for businesses leveraging our platform, especially small and medium-sized enterprises,” Rah Mahtani, head of marketing, North America at Alibaba.com, said in the release. “Partnering with Mastercard has allowed us to bring together our insights into the needs of SMEs and deliver a product that can help them to grow their business and more easily manage their finances.” 

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