KeyBank Selects American Express Bank's eAccess Multicurrency Cash Management Solution to Expand Its International Offering.-- KeyBank is First to Market with This Innovative Product -- NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Bank (AEB AEB Auto Exposure Bracketing (photography) AEB Agência Espacial Brasileira AEB American Egg Board AEB Annual Egyptological Bibliography AEB Aleutians East Borough (Alaska Penninsula) AEB As Evidenced By ) and KeyBank announced today that KeyCorp (NYSE NYSE See: New York Stock Exchange : KEY) has selected AEB's eAccess Multicurrency Cash Management (MCCM MCCM Michael C. Carlos Museum (Emory University, Atlanta, GA) MCCM Modular Crowd Control Munition MCCM Missile Combat Crew Member MCCM MSX Computer & Club Magazine ) for its international cash management platform. Offering payments in 21 currencies, MCCM provides bank customers an easy-to-use online tool to manage their global cash positions. MCCM is a private label program that will allow KeyBank to tap into AEB's international network. AEB has offices in 45 international markets. "AEB offered the ideal cash management solution that allows us to meet our customers' increasingly broad-based international needs," said Dave Verhotz, managing director, international, KeyBank Global Trade Services. "MCCM is a comprehensive solution that fully meets our requirements. And by opting for an external provider versus developing this capability in-house, we were able to go to market quickly with a modest investment." "With this platform, banks can rapidly expand their international services, bringing AEB's global reach to their customers' desktops and allowing them to compete with major global banks," said Thomas Wiles wile n. 1. A stratagem or trick intended to deceive or ensnare. 2. A disarming or seductive manner, device, or procedure: the wiles of a skilled negotiator. 3. Trickery; cunning. , global head, interactive product management and marketing, AEB. "We are thrilled that Key Bank selected us as a provider of their multi-currency cash management services." The platform has features that help simplify some of the complexities of international payments. For example, it has an IBAN IBAN International Bank Account Number validator. IBANs (international bank account numbers) are required for payments to be processed within SEPA SEPA® Soft enhancer of percutaneous absorption Therapeutics A technology that enhances transdermal drug delivery. See Transcutaneous therapy. (the Single Euro Payments Area The Single Euro Payments Area (SEPA) initiative for the European financial infrastructure involves the creation of a zone for the Euro in which all electronic payments are considered domestic, and where a difference between national and intra-European cross border payments does ). The IBAN is lengthy and can easily be entered incorrectly, causing delays and incurring additional charges. The eAccess IBAN validator not only ensures the structure is correct, but also locates and automatically inserts the SWIFT BIC BIC See: Bank Investment Contract code associated with that IBAN. Easy to integrate with Key's corporate clients' payment systems, MCCM will enable KeyBank to provide its customers with all the capabilities they need to manage their cash positions across currencies, including initiating transfers, receiving funds, uploading files and obtaining balances and transaction information. About KeyCorp Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $95 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. About eAccess eAccess is the umbrella brand for American Express Bank's Private Label internet services. eAccess MCCM, which won the 2006 Cash Management Product of the Year Award in the wholesale and investment banking category from The Banker, is just one offering in AEB's suite of eAccess products. eAccess Resolve(SM), which won the same award from The Banker in 2005, is a cash reporting and transaction research system that delivers real time information from the Bank's global product centers in the Western Hemisphere, Europe and Asia to clients worldwide via the Internet. About American Express Bank American Express Bank Ltd. is the international banking subsidiary of American Express Company. Founded in 1919, it provides services to financial institutions, high net worth individuals and affluent customers through more than 73 locations in 45 countries. American Express Company is a diversified worldwide travel, financial and network services company founded in 1850. It is a world leader in charge and credit cards, Travelers Cheques, travel, business services, insurance and international banking. |
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