Credit Unions automate accounts payable and payments with AvidXchange for Financial Services
AvidXchange Holdings has launched AvidSuite for Financial Services, specifically designed for credit unions to enhance efficiency in accounts payable (AP) and payment processes. This new platform integrates ASCEND, an AP automation solution, with AvidPay and its network, facilitating quicker invoice processing and multiple payment options. Michael Praeger, CEO, emphasized the importance of automation in achieving operational efficiencies. The platform aims to support credit unions in complying with regulations while reducing time spent on manual payment tasks.
- Launch of AvidSuite for Financial Services may increase market penetration in credit unions.
- Integration of ASCEND with AvidPay enhances efficiency in payment processes.
- Potential for improved regulatory compliance due to better audit trails.
- None.
CHARLOTTE, N.C., Nov. 01, 2021 (GLOBE NEWSWIRE) -- AvidXchange Holdings, Inc. (“AvidXchange”) (Nasdaq: AVDX), a leading provider of accounts payable and payment automation solutions for the middle market, today announced that AvidSuite for Financial Services is available to credit unions to help more financial services organizations transform the way they pay bills. AvidSuite for Financial Services is purpose built for the industry, designed expressly to meet the needs of credit unions by making AP and payments processes more efficient and secure.
“Credit unions have an appetite to work faster and smarter using technology, and we are seeing that come to life in the financial services companies that are choosing AvidXchange,” said Michael Praeger, CEO and Co-Founder at AvidXchange. “Automating AP and payments is one of the most impactful ways that companies can gain efficiency and control in their back office, and we look forward to helping more credit unions experience those benefits as we continue to deliver industry-specific innovations.”
AvidSuite for Financial Services combines AP automation solution, ASCEND, with AvidPay and the AvidPay Network to create a single, end-to-end platform for AP and payments automation. ASCEND leverages artificial intelligence (AI) to quickly read and capture critical invoice data while AvidPay enables multiple electronic payment options for suppliers, allowing credit unions to spend less time managing paper-based processes and more time focused on delivering services to their members. AvidSuite also improves the invoice audit trail for financial institutions, providing greater visibility and control to help customers more easily maintain regulatory compliance.
“As a credit union, we are always striving to find greater cost savings, be more efficient, and discover how we can best serve our members,” said Jenny Grecian, Senior Accounting Specialist at GreenState Credit Union. “By automating with AvidXchange, we streamlined our entire AP process, eliminated the need for our staff to cut and stuff checks, and saved time so our staff can work on the things that are most impactful to the organization.”
To learn more about AvidSuite for Financial Services, visit
www.avidxchange.com/industries/banking/.
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-based, end-to-end software and payment platform digitizes and automates the AP workflows for more than 7,000 businesses and it has made payments to more than 700,000 supplier customers of its buyers over the past five years.
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. 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 in registration statements and periodic reports we file with the SEC, including our prospectus as amended and filed with the SEC pursuant to Rule 424(b)(4) on October 14, 2021 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
980-643-7889
FAQ
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