Commercial banks face a critical juncture. Corporate clients demand sophisticated treasury capabilities while banks need to compete with larger institutions offering cutting-edge virtual account management solutions. Huntington National Bank (HBAN) recognized this challenge and found their answer in a strategic arrangement with Qolo; complete with a minority investment that signals their commitment to the future of commercial banking.
The strategic relationship launches Connected Deposits, Huntington Bank’s new Virtual Account Management (VAM) platform powered by Qolo’s innovative technology. This solution addresses the complex operational needs of commercial banking clients while positioning Huntington as a forward-thinking leader in treasury management.
The Commercial Banking Challenge
Today’s commercial banks face tough competition as corporate clients demand more than just standard banking services. These businesses need sophisticated capabilities to manage multiple entities, track funds across projects, and maintain real-time visibility into their cash positions.
Huntington Bank sought a solution that would enable them to compete effectively while delivering genuine value to their commercial clients. Rather than building from scratch or settling for outdated systems, they chose to work with Qolo, who shares their vision for the future of commercial banking.
Why Connected Deposits Solves These Challenges
Connected Deposits transforms how businesses handle complex treasury operations. Instead of maintaining dozens of physical bank accounts – each with associated fees, administrative overhead, and reconciliation headaches – companies can operate through a single parent account with unlimited virtual sub-accounts.
The benefits are immediate and measurable. Businesses eliminate excessive account maintenance costs and gain automated reconciliation capabilities that resolve the manual payment matching challenges affecting inbound transactions. Most importantly, they achieve real-time cash visibility across all entities and projects; something that 78% of finance leaders currently lack, according to AFP Treasury Benchmarking data.
For banks, VAM represents an opportunity to attract and retain high-value commercial relationships while generating fee income from sophisticated treasury services. It’s particularly powerful for serving industries like professional services, real estate, multi-entity businesses, and fintechs that require complex fund segregation and reporting capabilities. Critically, VAM also mitigates the compliance and operational risks associated with managing client funds in omnibus accounts.
An Impactful Relationship for Commercial Banking Innovation
The Huntington-Qolo relationship is built to create a rising impact by helping organizations recognize that the commercial banking landscape continues to evolve, requiring ongoing innovation and adaptation. This relationship provides the framework for continuous improvement and development of new capabilities.
“Through our partnership with Qolo, Huntington is taking a decisive step forward in commercial banking innovation,” said Deepak Kapoor, head of enterprise payments products? at Huntington Bank. “Connected Deposits will empower our clients with the tools they need to manage their finances more efficiently and securely, while reinforcing Huntington’s position as a forward-thinking leader in treasury management.” Connected Deposits represents just the beginning. As Huntington’s commercial clients grow and their needs become more sophisticated, the Qolo platform can evolve to support new use cases, additional payment rails, and enhanced reporting capabilities. The API-first architecture ensures that future enhancements can be deployed quickly without disrupting existing operations.
Qolo’s relationship with Huntington demonstrates the technology can scale across different banking environments while maintaining the performance and reliability that commercial clients demand.
“This relationship with Huntington reinforces our approach to commercial banking innovation,” added Patricia Montesi. “We’re not just providing technology; we’re helping banks transform their commercial relationships and compete more effectively in a challenging market.”
For Huntington, the launch represents a significant competitive advantage in the commercial banking space. Connected Deposits will enable them to attract and retain relationships, while generating new revenue streams from sophisticated treasury services.
The Future of Commercial Banking
The Huntington-Qolo alignment showcases how mid-market banks can compete using strategic technology alliances. This benefits everyone: banks get cutting-edge technology without internal development costs, corporate clients receive advanced treasury capabilities, and providers like Qolo focus on building financial infrastructure within trusted banking relationships.
The launch of Connected Deposits will model how banks can enhance treasury capabilities. The combination of proven technology, strategic investment, and long-term commitment ensures sustained success. The message is clear: commercial banking innovation can integrate traditional relationships with modern technology, as Huntington and Qolo are proving together.
