KeyBank Launches Instant Payment Solution With Ingo Money, Inc.

Relationship with leading fintech provider transforms cash, checks & ACH into real-time digital funds

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Jul 24, 2018, 07:00 ET

CLEVELAND, July 24, 2018 /PRNewswire/ -- KeyCorp (NYSE: KEY) announced today the launch of its instant payment solution with Ingo Money. Through Ingo Push, Ingo Money's turn-key push payment platform, KeyBank business clients can disburse guaranteed funds in real-time.

Ingo Money enables businesses, banks and government agencies to meet consumer demand for instant money proceeds while saving time and money. Through Ingo Money's platform, KeyBank commercial clients will be able to quickly and easily turn slow, expensive paper checks and ACH deposits into instant, fully guaranteed funds that are immediately available in their customers' accounts. Ingo Money's network reach and intelligent routing system ensure industry leading delivery rates for these commercial clients.

"With potential delays and security risks, it comes as no surprise that organizations are seeking ways to substitute paper-based payments with digital transactions. Consumers are increasingly demanding an instant experience," said Matt Miller, head of product and innovation at KeyBank Enterprise Commercial Payments. "Our priority is to provide businesses with secure solutions that address these pain points while also streamlining processing and enhancing the consumer experience. By replacing paper and manual systems, this digital payment solution can help businesses cut operating costs and eliminate the delay and risk of check deposit."

The latest collaboration with Ingo Money exemplifies KeyBank's model of partnering with companies whose solutions align with the broader strategy of delivering innovations that make clients' businesses grow, avoid risk and be profitable. It marks the most recent in a series of relationships with emerging fintech providers.

Earlier this year, KeyBank and Snapsheet announced the joint launch of Snapsheet Transactions, a multi-channel payment platform for insurance carriers which will include the Ingo Push payment platform,

"The Instant Economy opens a path for businesses to exceed customer expectations while adding to their own bottom line," said Ingo Money CEO Drew Edwards. "With KeyBank, we can broaden the reach of our leading instant payment platform, transforming traditional disbursements for insurers, lenders, and any other business committed to digitizing the last mile of a modern payments experience."

About Ingo Money
Ingo© Money is the instant money company. Founded in 2001 with a mission to digitize the paper check, our push payments technology enables businesses and banks to disburse instant, safe-to-spend funds to more than four billion consumer debit, prepaid, credit, private label credit and mobile wallet accounts. This transformation of traditional payments helps businesses reduce cost and delays while dramatically improving the consumer experience. Headquartered in Atlanta, you can learn more at ingomoney.com/enterprise, or follow us on LinkedIn, Google+ and Twitter.

About KeyCorp
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $137.8 billion at June 30, 2018. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC.

SOURCE KeyCorp