AvidXchange Holdings , a provider of accounts payable (AP) and payment automation solutions for the middle market, has 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 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.
“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.”
“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.”
