Embedded banking, in other words letting companies outside the financial industry offer financial products or services within their software, websites or apps, is having a moment. Jon Briggs saw this trend coming and formed an embedded banking division within the Cleveland-based KeyBank's payments business.
His embedded banking team built an API developer portal from scratch and has launched 10 product API groups that are processing two million transactions per year, enabling transaction processing for commercial clients accounting for over $50 million in revenue.
One example of a corporate client using KeyBank's embedded banking is Rectangle Health, which handles payments for dentists. KeyBank's payment rails are now embedded inside Rectangle's platform.
Briggs also leads the $188 billion-asset KeyBank's fintech strategy. His team of 120 people manages more than 40 partnerships with fintechs and technology providers. He is also responsible for the strategy, development and management of KeyBank's core treasury, commercial liquidity, merchant services, integrated payments and commercial loan products.
In one effort toward innovation, Briggs has been leading a shift from waterfall to agile development for product management to speed up time to market for new products.
KeyBank's payment products facilitate more than 700 million transactions annually, resulting in $7 trillion in core treasury volume and $4.5 billion in commercial card volume in 2023.
In April 2023, Jon and his team chose Qolo, an omnichannel card and payment platform, to power KeyBank's integrated API-based virtual account management product, called KeyVAM. It lets clients create virtual accounts and use real-time payments, ACH and wire transfer.
KeyVAM is designed to help treasury management clients with complex demand deposit account structures streamline their cash flow and account structure. It lets users manage multiple clients or cost centers, and open and close subaccounts through a link to KeyNavigator, the bank's online commercial banking system.
