Qolo Expands Partnership with KeyBank to Launch a New Virtual Commercial Card Program

WHY THIS MATTERS

The expansion of the partnership between Qolo and KeyBank to launch Key Virtual Card (KeyVC) addresses a significant pain point in corporate treasury: the fragmentation of payment systems. Historically, businesses have had to jump between separate platforms to manage virtual card spending and traditional cash management. By embedding virtual card issuance directly into KeyBank’s Virtual Account Management (KeyVAM) platform, this integration allows commercial clients to treat virtual cards as a native treasury tool. This is particularly vital in 2026, as middle-market and institutional firms face increasing pressure to automate accounts payable and improve the “velocity” of their working capital.

From a security and oversight perspective, this move shifts virtual cards from a niche payment method to a core component of controlled spending. Qolo’s infrastructure provides the back end for fraud monitoring and chargeback support, ensuring that as businesses scale their use of virtual cards, they do not increase their operational risk. For KeyBank, leveraging a fintech partner like Qolo allows it to deploy high-tech commercial card features much faster than building in house, helping it compete with both traditional megabanks and emerging B2B “spend management” unicorns.

Qolo, a leading fintech provider of modern treasury solutions, announced an expanded partnership with KeyBank with the launch of Key Virtual Card (KeyVC), a new virtual commercial card program that helps businesses more easily manage and track payments. The new offering allows KeyBank’s commercial clients to create and manage virtual cards directly within Key’s Virtual Account Management platform (KeyVAM). By bringing virtual cards into the same system clients already use for treasury and cash management, the program helps businesses pay suppliers more efficiently while maintaining stronger oversight of spending and reconciliation.

Qolo and KeyBank have had a multi-year partnership, with KeyVAM launching in 2024. Through the expansion of this partnership, Qolo provides the behind‑the‑scenes technology that enables KeyBank to issue and process virtual commercial cards, including support for fraud monitoring, disputes, and chargebacks. 

“Commercial clients are increasingly looking for simpler and more controlled ways to manage payments.” said John Withrow, Head of Commercial Cards at KeyBank. “By expanding our partnership with Qolo, we’re making virtual cards easier to use within our existing treasury platforms, helping clients streamline accounts payable, improve visibility, and maintain better control over how and when money is spent.”

“Managing commercial payments can be complex, often requiring businesses to juggle multiple systems and reporting processes. KeyVC is designed to reduce that complexity by allowing clients to use virtual cards alongside other treasury tools, with consistent reporting and simplified reconciliation across payment types. Businesses want payment tools that fit naturally into how they already operate,” said Rouzbeh Rotabi, Chief Operating Officer at Qolo. “Working with KeyBank, we’ve built a virtual card solution that feels like a seamless part of the treasury environment – giving finance teams more flexibility, stronger controls, and clearer insight into their spending.”

The virtual commercial card offering will be available to KeyBank’s clients across the bank’s Middle Market and Institutional Banking segments.

FF NEWS TAKE

The launch of KeyVC highlights the ongoing evolution of “embedded treasury,” where the lines between a traditional bank account and an agile fintech platform continue to blur. Qolo is effectively acting as the high-speed engine inside KeyBank’s established banking chassis, allowing the bank to offer “fintech-speed” card issuance while maintaining its status as a trusted, regulated custodian. This “platform-within-a-platform” model is the future of commercial banking, as it allows legacy institutions to offer a unified user experience that keeps clients from moving their payment volume to third-party digital wallets.

However, the real test for KeyVC will be the depth of its “consistent reporting” promise. As finance teams move away from manual reconciliation, the ability to see virtual card data in real time alongside ACH and wire transfers within KeyVAM will be the primary differentiator. If Qolo can ensure that these diverse data streams are truly synchronized, it will solve one of the biggest headaches for CFOs: the month-end “reconciliation lag.” For Qolo, this expanded partnership cements its position as a critical infrastructure layer for the banking industry, moving beyond simple processing to become a holistic enabler of modern commercial finance.