Qolo, the fintech leader in modern treasury solutions, today announced a new strategic investment from Huntington National Bank (NASDAQ: HBAN), with the two companies also launching Connected Deposits, a Virtual Account Management (VAM) platform for Huntington commercial customers.
Huntington’s minority investment in Qolo signals a long-term commitment to its fintech innovation, with the two companies sharing product roadmaps and committing to continuous improvement and innovation on cutting edge commercial banking innovation like Connected Deposits.
Huntington National Bank’s investment in Qolo is designed to foster deep collaboration between the two companies, working together to innovate and deploy new commercial banking features. At a time of fierce competition for commercial banking deposits, this new partnership shows how banks can leverage strategic fintech alliances to deliver advanced technology and agile solutions for their clients.
“Huntington Bank’s investment in Qolo reflects our genuine alignment around innovation and client success, and is a tremendous validation of our vision for the future of commercial banking,” said Patricia Montesi, co-founder and CEO of Qolo. “Treasury management is getting more complex and dynamic across almost every industry, making Virtual Account Management tools like Huntington is launching with Qolo increasingly essential.”
Huntington National Bank’s Connected Deposits product is now live and exemplifies the innovation possible as a result of this collaboration. Connected Deposits, a Virtual Account Management (VAM) platform built on Qolo’s proven technology, addressing the complex operational needs of corporate clients, enabling real-time cash visibility, automated reconciliation, and seamless fund segregation for multi-entity businesses, all within a single parent account. Qolo and Huntington National Bank plan continued enhancements to the product to meet evolving client needs, payment capabilities, and reporting requirements through Qolo’s API-first architecture.
Connected Deposits is designed to serve as a model for how banks can enhance treasury capabilities. It will benefit Huntington’s commercial clients by eliminating excessive account maintenance costs and manual payment reconciliations, providing real-time visibility into cash positions across all business entities and projects, enhancing compliance and risk controls for complex fund management and generating new fee income opportunities for the bank through modern treasury service. This new product means businesses can eliminate account maintenance costs and have access to automated reconciliation tools. They also get real-time cash visibility across all entities and projects, which 78% of finance leaders currently lack, according to AFP Treasury Benchmarking data.
Qolo’s platform has already demonstrated scalability and reliability at massive scale. As a company, it has already launched major Virtual Account Management programs on its industry-leading Quantum Ledger technology, which offers segmented virtual accounts, automated sweeps, custom hierarchy and account logic and offers instant visibility across multiple rails.