Payments solutions company AvidXchange has a new solution for credit unions.
The company has begun a referral partnership with KeyStone by Corelation, according to a Tuesday (March 7) press release. Through the partnership, AvidXchange will offer its invoice-to-pay software tool AvidAscend to Corelation’s more than 190 credit union customers.
“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,” the company said in the release. “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 [account payable (AP)] process via one automated, cloud-based solution.”
AvidXchange’s collaboration with Corelation is happening as consumers are turning to credit unions to help them make financial decisions.
Brian Scott, chief growth officer at credit union service organization PSCU, told PYMNTS in an interview published Tuesday that even with unemployment low, interest rates and inflation remain stubbornly high.
“People are worried about whether or not they are going to be OK — and they are concerned about their financial health,” Scott said. “They’re looking to credit unions for advice.”
For credit unions, he added, it’s vital to meet members across mobile channels and on their devices — where they want to be met.
Digital conduits, he said, are crucial to helping CUs educate members about how to embrace and adopt payment options such as buy now, pay later (BNPL) in a responsible way.
“Providing a way to manage this [BNPL], to understand it, and for CUs to provide advice around it — well, this couldn’t be timelier,” Scott told PYMNTS.
The partnership also comes one month after AvidXchange debuted a business intelligence tool designed to bring fresh data and insights to finance teams that manual processes can’t provide.
The tool offers “intelligent analytics, immersive dashboards and embedded data visualizations” to give customers more visibility into their AP process that they wouldn’t get when using manual methods.
In addition, the functionality allows users to delve deeper into specific areas to “get more actionable insights in the solution,” something manual reporting doesn’t offer, the company said.
“We launched AvidAnalytics because we know our buyer customers are managing an incredible amount of data through their invoice, purchase order and payment transactions, and standard reporting methods for spend management no longer cut it in today’s digital-first era,” said AvidXchange’s Serdar Dincaslan.
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