Embedded Banking Insights

The digital age has brought a whirlwind of changes, particularly in the realm of banking. As businesses seek to navigate the fast-paced world of finance, they require a provider that’s not only abreast of the latest in technology but deeply rooted in conventional banking principles. KeyBank Embedded Banking stands tall as that indispensable provider.

KeyBank is known as a market leader in customer-centricity, but it was struggling with the performance of its Merchant Services business line. Jon Briggs, the bank’s EVP of Commercial Payments, wanted to uncover why customers were running out the back door. This required him to find and solve for hidden friction in the customer journey. Learn how KeyBank transformed its Merchant Services operations from a cost center to a revenue driver in just 13 months, through a collaboration with OvationCXM.

KeyBank and CXpert dive into the complex world of customer journeys. Read more to find out how KeyBank has managed to significantly improve customer retention by implementing OvationCXM’s customer journey orchestration platform, CXMEngine and what the process was to get there.

This special series of the “Leaders in Payments” podcast titled “Be Solid” is brought to you in collaboration with NMI, the Fully Integrated Payment Solution built to scale. In this six-part series, we’re going to discuss the embedded finance revolution, why it is so powerful and growing exponentially, and where it is heading. Most importantly, what does it mean to your business, whether you’re an ISV, ISO, payback, or bank? In a world of squares and stripes, be solid.

Listen as KeyBank’s product expert, Ricky Booth, discusses how to solve payment challenges in the real estate market using real-time payments over the RTP(R) network. This can help customers, agents, attorneys, and almost anyone who gets paid during a mortgage closing have confirmed, immediate funds without worrying about last-minute checks or ACH payments that won’t settle until the next day.

Banks and fintech companies are unexpected allies. As businesses continue to integrate digital banking and payments services, banks and fintech companies can collaborate and cooperate to create a robust suite of tech-driven financial services. Ken Gavrity, head of payments at KeyBank, sat down with Nigel Morris, co-founder and managing partner at QED Investors, to talk about the future of the payments space.

At the ViVE2023 conference, Healthcare IT Today spoke with various companies offering digital solutions across the healthcare industry. Check out their interview with KeyBank’s James Monroe about how embedded banking is being integrated into the core systems of health tech companies.

If you have ever received a loan, a claim payment, or compensation from your employer, you have felt the importance of business-to-consumer (B2C) disbursements. This category of payments has changed considerably in the past few years, and with trends like instant payments and even greater consumer choice on the horizon, the rate of change is likely to increase.

Bank Automation News caught up with KeyBank Executive Vice President of Payments Brandon Nowac to discuss KeyBank’s use of technology to mitigate fraud, preparation for the launch of new real-time payment rail FedNow and new technology the bank foresees in the payment space.

In an interview with The Financial Revolutionist, Jon Briggs, KeyBank’s Head of Commercial Product, describes the evolution of BaaS and embedded banking from an incumbent’s perspective—detailing how KeyBank is positioning itself to become a leader in BaaS and embedded banking through thoughtful partnerships and product strategies.

Differentiation becomes a challenging endeavor with hundreds of Revenue Cycle Management (RCM) and Practice Management (PM) companies in the US targeting a finite set of healthcare practices. Capabilities are similar, pricing is similar, and even some of the logos look similar. Right now, winning a new practice comes down to user experience and one or two features that fit the practice’s needs, but the winning margin is razor-thin.

Embedded banking – which is embedding traditional financial products into non-financial software platforms – is perhaps the best example of a product that has found a new distribution channel through technology. This is a massive trend that’s already benefiting software companies, their business clients, and those businesses’ end customers across many industry verticals.

Adoption of embedded banking by both businesses and customers is on the rise, and it is helping to reduce the risk of payment fraud along the way. For consumers, tokenizing user credentials for their protection is a benefit; meanwhile, businesses gain security by using integrated systems to accept payments safely. As a recent guest on “The Buzz” podcast by Bank Automation News, KeyBank’s Bennie Pennington shares his insights.

Bennie Pennington is the head of product and strategy for the Embedded Banking division within KeyCorp’s Payments business. He is responsible for product development and go to market strategy for new solutions in embedded banking and integrated payments. Solutions like gateways, ISV, ISO and Payment Facilitator platforms, ERP integrations and emerging software-based treasury solutions. Bennie’s team supports product management, product development, new product commercialization, and third-party partner management for these digital payment solutions for corporate clients.

Learn about embedded banking from KeyBank’s Dan Williams, an industry thought leader with over 25 years of experience in payments and financial services. His experience ranges from leading large scale product lines in financial institutions to creating and growing successful fintech startups.

Software vendors are teaming up with solutions providers to integrate banking and payments offerings into their products. As these arrangements become more common, software vendors are starting to form judgments about the capabilities of their providers. In response, The Strawhecker Group (TSG) and KeyBank conducted a survey to better understand software vendors’ experiences with embedded solutions companies. Download the whitepaper and infographic for their findings.

In this interview, TSG (The Strawhecker Group)’s Market Intelligence team member Alex Ferguson sat down with Jon Briggs, EVP and Head of Commercial Product & Innovation at KeyBank, to learn more about his journey through KeyBank’s varying lines of business and how KeyBank is tackling merchant acquiring strategy differently compared to other large financial institutions.

EMTransfer offers a service that ameliorates the most tedious parts of the traditional real estate process. EMTransfer’s industry-specific cash management platform combines the electronic movement of money across all available payment rails, integration with industry ERP/Production solutions, and secure electronic interactions between all the parties of the real estate transaction without the need for a third-party processor. Additionally, with the advent of the KeyBank API, EMTransfer has enhanced its service to include Real-Time Payments (RTP) and Previous/Intra Day reporting to allow for a complete embedded banking experience.

Embedded finance helps businesses reduce the risk of fraud and expands support for consumers’ preferred payment methods. In the “Embedded Finance Tracker^®,” a PYMNTS collaboration with Galileo, KeyBank’s Bennie Pennington tells PYMNTS how this technology is allowing merchants to offer more cohesive end-to-end services to their customers.

What does embedded banking mean to you? Listen to Ken Gavrity, EVP and Head of KeyBank Payments, on the Leaders in Payments Podcast. Ken discussed Key’s embedded banking strategy, our recent acquisition of XUP and where the future of payments is headed.