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Tools & Resources

Overview


KeyBank’s (Key) Consolidated Payables is a comprehensive solution that is designed to simplify and optimize the payables process for companies. Users of the solution are able to: submit multiple types of payments to the bank in a single file, view files prior to release, approve payments, check job statuses, view reports on all completed jobs, provision users, and maintain visibility into user activity. This guide will provide you with details on how to use the service and initiate payments.

Key provides the optimal solution for outsourcing the payment process for check, ACH, wire and virtual card payments in a single file and provides a vendor enrollment campaign to support the movement of payments from paper to electronic. Using this intuitive application, payment files are transmitted or uploaded to the Consolidated Payables platform in order for you to review records, release jobs, check the status of files, choose delivery options, and view reports on all completed files.

1.1 Payment Approval Process

The solution is designed to begin processing immediately when a payment file is uploaded or transmitted to the platform and then released for processing. However, a dual approval/workflow process can be implemented. One group of users would have limited access rights to upload the payment file and another group of users, with separate access rights, will release the file for processing. Email notifications are automatically sent to designated users when files are uploaded, held, released, and completed. For more information on settings for the Payment Approval, see the ‘Administration’ section of this document.

1.2 Duplicate Files

For every file that is submitted to Consolidated Payables, the system will automatically perform duplicate file checking. The system will compare the submitted payment file from your company with all past payment files processed to check for any possible matches based on the total dollar amount and the total number of payment records in the file. If a match is detected, processing of the submitted payment file is automatically suspended. The system will then perform a secondary review to determine if the check dates and check numbers are also duplicated; if they are not, the file is released.

If duplicates are detected, a production specialist will visually inspect both the submitted payment file and the matching duplicate file to verify if the payment records in the two files are truly identical. The production specialist will review the payee names, payment numbers, payment amounts, and payment dates in both files. Once the review has been completed, if the submitted file is not identical to the previously processed matching files, the file will be released to the system for processing. In the event that the submitted file was a duplicate file, you will be notified of the duplicate file and will be asked if the file should be released or cancelled out of the system.

1.3 Audit Trail

Upon receipt of the file, automated emails are generated to a distribution list you define. The email contains a job tracking number and the link to the secure website so that you can track the job throughout the entire production process. Users with proper authorization can log on and see what time the file processed and jobs closed.

1.4 Electronic Payments/Conversion of Check Payment to vcard or ACH

Our solution provides a bridge that enables corporate clients to make the transition from checks to electronic payments via one-time use only virtual cards (v-card) and ACH. When processing a payment file, the system performs a match validation query against the vendor database and automatically creates one-time use virtual card payments or ACH transactions for vendors who have registered to receive a card or ACH payment from you instead of printing checks. The vendor will receive an email with payment data and will also have access to the vendor portal for subsequent retrieval and historic reporting.

The ACH payment conversion process requires entry of banking information by the vendor in order to complete the ACH translation. You no longer need to obtain, maintain and secure this type of vendor banking information. Vendor banking information will be securely stored on the PCI compliant vendor portal, accessible only by the vendor, and will be used to complete an ACH payment to them. Of course, straight through ACH, where you maintain and provide all of the information needed for an ACH transaction, continues to be available.