KeyBank has joined forces with US-based payments platform Bill.com to launch a new streamlined payment solution for small businesses (SMBs).

The partners have launched Key CashFlow, which is an online banking solution to streamline payments for SMBs and commercial customers.

Key CashFlow is powered by Bill.com Connect, a business payment platform for banks to help them improve their client relationships.

The partnership will allow KeyBank customers to join Bill.com’s payment network, which serves millions of members across the US, processing over $70bn each year.

Bill.com SVP of strategic partnerships and business development Josh Goines said: “SMBs are the lifeblood of our economy and at such a crucial time in our country, businesses need digital tools to easily manage their cash flow and end-to-end payments in a central platform.

“Through the power of Bill.com’s technology, Key CashFlow does that and more, helping to strengthen customers’ bottom line.”

Key CashFlow integrates with the client’s existing accounting software and is designed to provide them with increased visibility and control of their cash flow.

It also allows them to send and receive electronic payments, eliminate paperwork, and digitally manage approvals.

The new centralised platform can be accessed via KeyBank Business Online and KeyNavigator portals.

Additionally, it integrates into KeyBank’s Small Business Financial Wellness solution.

KeyBank head of emerging products Megan Kakani said: “As businesses grow in size, managing cash flow and payable needs become more complex.

“As we continue to collaborate with innovative financial applications companies across the country, such as Bill.com, we strive to make it easier for customers to get business done.”