In a press release issued Monday (Oct. 14), AvidXchange said it will offer the MRI Vendor Pay solution, a vendor payment tool developed by AvidXchange and MRI Software, to MRI’s Affordable Housing customers. The solution offers a vendor payment solution imbedded within the MRI Software platform.
Expanding the offering to MRI’s Affordable Housing customers broadens the reach of the AP tool to affordable housing portfolio owners, which, the companies said, face unique accounts payable challenges related to multi-family compliance and inventory shortages.
The MRI Vendor Pay tool connects users to integrated AvidXchange payment processes as well as AvidInvoice for invoice processing.
“AvidXchange will help affordable housing owners spend less time on paperwork and more time focused on the properties they manage,” said AvidXchange CEO and Co-founder Michael Praeger in the release. “With AvidXchange and MRI’s integrated technology, they’ll have automated AP and payment processes that are scalable, better positioning MRI customers to expand portfolios and make affordable housing available to more people.”
“MRI technology is used to manage operations and equity for more than 50 percent of the U.S. affordable housing sector because we offer the right tools for multi-layered subsidies and mixed portfolios,” added MRI Software Chief Legal Officer and President John Ensign. “AvidXchange is a trusted partner and bringing them into our ongoing efforts for this industry increases the benefits we’re able to provide clients, giving users more application options that work in tandem with their core MRI product.”
The expansion of its collaboration with MRI Software follows August’s announcement that AvidXchange acquired BankTEL Systems, allowing the firm to expand its accounts payable offering to bank clients.