(RTTNews) - KeyBank National Association, a subsidiary of KeyCorp. (KEY), said on Monday that it has acquired XUP Payments, a B2B focused digital platform. Financial terms of the deal are yet to be disclosed.

The acquisition is expected to help Key to expand is digital innovation across its products

"We've long embraced the software innovation that's sweeping through the financial services industry, and the acquisition of XUP allows us to continue to be a leader in this space," said Ken Gavrity, Head of Enterprise Payments and Analytics for KeyBank.

Key was an early investor in XUP, and this transaction is an extension of the companies' partnership which transformed Key's Merchant Payments capabilities, accelerating its top quartile volume growth.