KeyBank, a wholly owned subsidiary of KeyCorp (NYSE:KEY), has introduced a new online banking tool designed for small and midsize businesses. Key Business Online was developed to respond to cash optimization issues smaller companies face.

The new solution features a number of tools for streamlining daily processes and simplifying cash flow management, including access to account balances, transactions, electronic payments, and the ability to safely delegate banking tasks to trusted associates. It also features Pay Direct, a service that allows companies to expedite payments to vendors and employees via the secure Automated Clearing House network.

"We know that small businesses want a tool to help manage time more efficiently, control business finances conveniently and build productivity," Eric Girard, vice president of Key's business Internet services, said in a statement. "Key Business Online brings all their financial information together in a single, easy-to-use platform so they can gain a more complete financial picture and take greater control of their organization's financial well-being."