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KeyBank’s (Key) Consolidated Payables service is a comprehensive Integrated Payables Solution that is designed to simplify and optimize the payables process for companies. You are able to: 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 not only assist in understanding how the process flows for initiating payments in the system, but also provide product understanding.

Key provides the optimal solution for outsourcing the payment process for check, ACH, wire, virtual card payments and engages 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

Consolidated Payables is designed to start 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 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 the check dates and check numbers are the same, 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 truly a duplicate file, you will be notified and will be asked if the file should be released or cancelled.

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 a 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 Virtual Card or ACH

Our solution provides a bridge that enables you to make the transition from checks to electronic payments via one-time use only virtual cards 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 rather than printing checks for vendors who have registered to receive a card or ACH payment from you. 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 so that that information can be used to complete the ACH translation. You no longer need to obtain, maintain and secure that information. That data 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.