News November 1, 2017

MRI Software and KeyBank Partner to Automate Payments for the Real Estate Industry

By MRI
MRI Software and KeyBank Partner to Automate Payments for the Real Estate Industry

New relationship offers greater choice and flexibility for real estate owners and operators

SOLON, Ohio – November 1, 2017 – MRI Software, a global leader in real estate software solutions, announced today that it has formed a strategic relationship with KeyBank, one of the nation’s largest bank-based financial services companies, to provide clients access to KeyTotal Pay, powered by AvidXchangeTM, KeyBank’s payment automation solution.

KeyTotal Pay provides real estate owners and operators the ability to eliminate paper checks, optimize vendor payments, and streamline reconciliation. Time-consuming post-payment activity and ongoing vendor engagement are shifted to KeyBank, while information reporting and research is embedded within MRI’s financial management software. The KeyTotal Pay platform has a high conversion rate to electronic payments, utilizing AvidXchange’s payment network with more than 350,000 vendors and growing. Additionally, clients can maintain their existing operating accounts, even those with other banks. With KeyTotal Pay, payments are more secure, transparent, and cost-effective.

KeyTotal Pay is a complementary service to MRI Vendor Pay, which is MRI Software’s existing payment automation solution, that offers greater choice and flexibility to mutual clients of MRI and KeyBank. KeyTotal Pay and MRI Vendor Pay are both powered by AvidXchange, allowing clients that have a banking relationship with KeyBank to automate payments through KeyTotal Pay, while others can select MRI Vendor Pay. In both cases, MRI will fully support the back-end integration into the client’s financial database.

“We are incredibly excited to publicly announce this partnership. Two Cleveland-based companies, heavily focused on the real estate sector, have joined forces to bring best-in-class vendor payments technology to the market. Our integration with MRI gives our clients a seamless user experience with limited change to current processes. Simply put, we are leveraging technology to automate manual, paper-intensive processes,” said Kevin Tholke, senior vice president of real estate payments at KeyBank. “Our mission is to help our clients run their businesses better every day. We do so by partnering with like-minded companies that have industry-leading technology, such as MRI Software.”

“This new partnership with KeyBank builds on a long-standing relationship with AvidXchange to provide additional flexibility and choice for our clients,” said John Ensign, executive vice president and general counsel for MRI Software. “MRI users can simply select their payments from within our financial module and, instead of sending them to the printer, click a button to send them to the KeyTotal Pay network via the MRI Vendor Pay real-time integration. Clients now have the ability to enhance their relationship with KeyBank and access KeyTotal Pay through MRI’s industry-leading accounting and financial management platform.”

About KeyCorp

KeyCorp’s roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $136.7 billion at September 30, 2017. Key provides deposit, lending, cash management, insurance, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of more than 1,200 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com. KeyBank is Member FDIC.

About MRI Software

MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI’s comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses—from property-level management and accounting to investment modelling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI liberates real estate companies to elevate their business and gain a competitive edge. For more information, please visit www.mrisoftware.com. 

 

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