Consolidated Payables FAQs
Frequently Asked Questions
- What kind of payments and transactions can be delivered through Consolidated Payables?
The following payment and transaction types can be delivered through Consolidated Payables:
- Check Outsourcing Payments
- ACH Credit Payments
- Purchase Virtual Card Payments
- Check Issue Information – ARP, Positive Pay, and Payee Positive Pay
- Wire (Outgoing) payments
- Can I send ACH debits within my payment files?
No, Consolidated Payables is intended for AP payments.
- Can I send card payments within my payment file?
Yes. Check Payments can be converted to Key2Purchase card payments. You may also designate that a payment is to be made by card via a payment indicator in your file. This requires you to review and upload to your ERP which vendors are registered for card.
- How does the use of this service affect the timing of submitting payment files to KeyBank?
You should submit payment files to Key’s Consolidated Payables service at least 60 minutes prior to payment file deadlines.
- When do Consolidates Payables payments post to my account?
Debits post to your account as they would if you initiated separate payment files or entered the transactions via KeyNavigator.
Wires post almost immediately. ACH payments will post on the effective date. Checks are posted when they are presented for payment. Virtual card transactions post to your Key2Purchase account when the vendor processes the payment.