KeyBank has acquired GradFin, a Philadelphia company that provides advice on civil service loan forgiveness, according to a Monday, May 9 press release. The terms of the contract are not disclosed.
“GradFin combines the best of digital and human interaction to create a unique customer experience,” said Jamie Warder, Head of Digital at KeyBank, in the statement. “Advisors fully understand the economic environment as well as the specific needs of healthcare providers, while the digital platform provides fast and efficient solutions for debt relief and government forgiveness programs. This approach aligns perfectly with Key’s commitment to seamless customer interactions and delivers a top-notch experience.
KeyBank said in the statement that the acquisition is part of its ongoing plan to deliver “digital innovation at scale” by building strategic partnerships with FinTechs.
Last month, KeyBank and B2B integrated payments and automation platform Billtrust expanded their relationship with vendors, enabling KeyBank to deliver invoices to more than 170 Accounts Payable (AP) portals.
Read more: Billtrust’s KeyBank partnership now includes B2B invoice delivery
“BPN gave our customers the ability to quickly convert checks into digital payments,” said Megan Kakani, head of emerging products at KeyBank Enterprise Payments, at the time. “KeyBank is excited to take an active role in adding new vendors who will benefit from increased electronic acceptance and reconciliation capabilities.”
PYMNTS spoke earlier this year with Kakani about increasing the number of payment choices available to payers.
See more : KeyBank on the Role of Pervasive Payments in Meeting Consumer and Business Expectations
She explained that while the growing boom in payment choice is a positive development, it still presents challenges for payers as they attempt to meet large-scale payment demands from recipients.
Kakani said one of the main challenges for payers making business-to-consumer (B2C) disbursements comes from maintaining security while working with a wide range of payment networks. Beneficiaries entrust sensitive data such as bank account information and account details used for push payments, making it essential to strengthen security on different rails.