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keybank executive vice president of payments Brandon Novak The bank is focused on delivering tech-forward automation solutions to third-party fintech partners and building additional partnerships in the year ahead.
The $190 billion Cleveland-based bank is committed to eliminating digital platform redundancy and is working to expand its embedded banking platform through onboarding capabilities from the acquired banking-as-a-service provider. xupNovak told Bank Automation News,
Sanctions AD caught up with Novak to discuss KeyBank’s use of technology to reduce fraud, prepare for the launch of new real-time payment rail FedNow, and anticipate new technology in the bank payments space. What follows is an edited version of that conversation.
Bank Automation News: What Technologies Is KeyBank Working On In The Payments Space?
Brandon Novak: A lot of times we’re providing these highly technical, software-first solutions to our customers through our own team, but we’re doing it through partnerships and from our API suite, which our customers can use, to do the work. All the way to ‘I’m doing it in card acceptance to be able to digitize that whole experience.
Adjacent to this, we acquired XUP and their digital onboarding capabilities. When you think about embedded banking, we can digitize the onboarding experience for that end customer to accept credit card payments online. It’s a digital technology investment but on the onboarding side of the equation the principal pays off.
BAN: What are the technologies in the payments sector now?
BN: We have three electrical industry verticals in the areas of commercial real estate, technology companies and then healthcare. When we look at technology companies, it’s really a trend of how many new technology businesses software-first platforms are coming to market every year and many times they’re built on user experience workflow management, but there’s a payoff somewhere. Is. It can be receivable or payable, and that’s where our strategy around tech companies is to help them collect or receive payments in their core software that customers are using.
BAN: How is KeyBank reducing payment fraud through technology?
BN: We are very focused on presenting ideas to our clients on ways to reduce and manage frauds. We’ve invested heavily in payment gateway partnerships, and one of the gateway partnerships we have is very focused on fraud and risk management. That’s just one example where, even in a digital experience, you can work with our team and we can partner with like a gateway to overlay tools to be able to reduce fraud in something like card acceptance or merchant acquisition Will use
Bain: How is KeyBank preparing to launch FedNow?
BN: We live with real-time payments, and we’ve seen good success especially in some of our industry teams where the product market is a good fit for real-time payments. Although I wouldn’t say it’s widely adopted at this point, it’s a good conversation with almost every single one of our commercial customers. It’s seen adoption in certain industries in particular, and then on our product roadmap, we have investments now in FedNow as well.
Ban: How would you classify your leadership style?
BN: I basically believe that the most successful businesses have ecosystem leaders, meaning you go beyond the four walls of the bank, but you’re able to align culturally and then you’re part of that ecosystem. may align with that within which you live.
When we think about our platform of solutions that we deliver to an end customer, there is a huge ecosystem behind the scenes that enables that product or service to be used by our customer and it is like a network. It is possible master card, Visa, American Express, Discover Cardor it can be a single core processor, such as a Fiserv or other. … I believe in trying to instill in my team [it’s important to be] going beyond being an effective enterprise leader to [becoming] An ecosystem leader.
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