AvidXchange Delivers Best-In-Class Invoice-to-Pay Solution to More Credit Union Customers, Partners with KeyStone by Corelation

Rhea-AI Summary

AvidXchange Holdings, Inc. (Nasdaq: AVDX) has announced a referral partnership with Corelation, enabling the integration of AvidAscend, a premier invoice-to-pay software, for over 190 credit union customers of Corelation. The partnership aims to modernize payment processes by transitioning from manual systems to a streamlined, automated solution, improving efficiency and reducing costs. AvidXchange's solution has already received positive feedback from clients like Sun Community Federal Credit Union, highlighting enhanced functionality and robust reporting. This strategic collaboration positions AvidXchange to cater to the evolving needs of credit unions in a digital-first environment.

Positive

• Partnership with Corelation enhances access to 190+ credit union customers.
• Integration of AvidAscend streamlines accounts payable processes.
• Positive feedback from clients indicates strong demand for the solution.

Negative

• None.

CHARLOTTE, N.C., March 07, 2023 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced its referral partnership with KeyStone by Corelation Inc. (“Corelation”), the latest core processor for today’s credit union. This allows AvidXchange to offer AvidAscend, a best-in-class invoice-to-pay software solution, to Corelation's 190+ top credit union customers.

Since its inception in 2009, Corelation has been dedicated to offering credit unions next-generation technology backed by years of industry experience and client focus. Corelation’s member-centric system is built to empower credit unions and offers the best member service possible, enhancing value for member attraction and retention. Integrated seamlessly with AvidAscend, this solution allows credit unions to save resources like time and costs by transitioning from paper-based manual systems, to streamlining the AP process via one automated, cloud-based solution.

“Moving to AvidXchange has allowed for a truly streamlined process and so much more functionality; we love that vendor invoices are emailed right into Invoice Inbox and that the program automates much of the data entry,” said Kim Caldwell, Vice President of Accounting & Finance, Sun Community Federal Credit Union. “Additionally, the reporting is much more robust than what we had before AvidXchange. We are so excited for the partnership between AvidXchange and Corelation and for the opportunities that this will bring!”

“We’re excited to partner with Corelation and offer this integration to their customers seeking to modernize their payments process,” said Boyce Adams Jr., Senior Vice President of Growth of AvidXchange. “We understand the complexity of a credit union’s payment process and with this integrated solution, we are not only meeting their unique needs but also helping them transform into this new digital-first era.”

To learn more, visit: https://www.avidxchange.com/products/avidascend/

About AvidXchange® 
AvidXchange is a leading provider of accounts payable (“AP”) automation software and payment solutions for middle market businesses and their suppliers. AvidXchange’s Software-as-a-Service ("SaaS") based, end-to-end software and payment platform digitizes and automates the AP workflows for 8,800 businesses (our buyers) and we have made payments to 965,000 supplier customers of our buyers over the past five years.

Additionally, AvidXchange, Inc. is a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.

To learn more about how AvidXchange, and its publicly traded parent AvidXchange Holdings, Inc. (Nasdaq: AVDX), are transforming the way companies pay their bills, visit www.AvidXchange.com.

Forward-Looking Statements 
This press release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “future,” “likely,” “may,” “should,” “will” and similar words and phrases indicating future results. The information presented in this press release related to expectations of future performance, opportunities for future growth, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements. Factors which could cause actual results or effects to differ materially from those reflected in forward-looking statements include, but are not limited to, the risk factors and other cautionary statements described, from time to time, in AvidXchange’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained on the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC website at www.sec.gov. Any forward-looking statements made by us in this press release are based only on information currently available to us and speak only as of the date they are made, and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws. 

Contact 
Olivia Sorrells 
osorrells@avidxchange.com  
386-848-3656

FAQ

What is the significance of the AvidXchange and Corelation partnership for AVDX?

The partnership allows AvidXchange to offer its invoice-to-pay software to over 190 credit union customers, expanding its market reach.

How does AvidAscend benefit credit unions?

AvidAscend automates the accounts payable process, reducing time and costs associated with manual systems.

What feedback has AvidXchange received from its clients?

Clients, such as Sun Community Federal Credit Union, have reported improved functionality and robust reporting capabilities.

When was the partnership between AvidXchange and Corelation announced?

The partnership was announced on March 7, 2023.

What is AvidXchange's role in B2B payments?

AvidXchange is a licensed money transmitter and a leading provider of accounts payable automation solutions.