CLEVELAND, Ohio — KeyBank National Association announced Monday it has acquired XUP Payments, a B2B-focused digital platform, thus expanding its digital-first solutions for clients and scaling its technological capabilities.
XUP enables simple, intuitive client onboarding and servicing, according to a company press release. The company has built integrations with processors, third-part risk tools, customer relationship management systems and other fintech services. This allows for a more integrated and seamless payment experience, the release states.
KeyBank was an early investor in XUP. A partnership between the two companies transformed the bank’s Merchant Payments capabilities, driving its top quartile volume growth, according to the release.
“We’ve long embraced the software innovation that’s sweeping through the financial services industry, and the acquisition of XUP allows us to continue to be a leader in this space,” said Ken Gavrity, head of enterprise payments and Analytics for KeyBank. “XUP’s highly experienced team has accelerated us on the journey to build connectivity across our systems, our partners, and our customers, to make it easy to do business with Key.”
KeyBank will use the technology to enhance experience across its commercial product set and more broadly advance its embedded banking strategy, according to the release.
“We are thrilled to be partnering with an innovator like Key,” said Chris May, XUP president. “Our end-to-end software solutions, combined with Key’s scale and deep financial services expertise, will perfectly blend to provide clients a best-in-class payment experience. This partnership is unique in the industry and, together, we are ready to embark on this next phase of growth to pioneer remarkable digital experiences across a series of products and services.”
Published by The Business Journal, Youngstown, Ohio.