Offering payments in 21 currencies, eAcess Multicurrency Cash Management (MCCM) provides bank customers with an online tool to manage their global cash positions. MCCM is a private label program that will allow KeyBank to tap into American Express Bank’s (AEB) international network.
By opting for an external provider versus developing this capability in-house, we were able to go to market quickly with a modest investment, said Dave Verhotz, managing director international for KeyBank Global Trade Services.
The platform has features that help simplify some of the complexities of international payments. For example, it has an international bank account number (IBAN) validator. IBANs are required for payments to be processed within the single euro payments area (SEPA).
AEB says that the IBAN is lengthy and can easily be entered incorrectly, causing delays and incurring additional charges. The eAccess IBAN validator ensures the structure is correct, and locates and automatically inserts the SWIFT BIC code associated with that IBAN.
MCCM will enable KeyBank to provide its customers with the capabilities they need to manage their cash positions across currencies, including initiating transfers, receiving funds, uploading files and obtaining balances and transaction information.
