Commercial payments technology company AvidXchange is connecting banking clients to its AvidPay B2B payments network through a new integration. The company announced on Thursday (Dec. 5) in a press release that it is integrating AvidPay into its BankTEL product suite, designed for financial institutions to manage accounting and expenses. The integration means banking customers will gain access to the AvidPay Network for streamlined accounts payable (AP).
“We’re thrilled to provide our customers [with] something we have never offered before: a fully integrated payment solution,” said BankTEL Senior Vice President Boyce Adams in a statement. “AvidPay is the perfect complement to ASCEND [BankTEL’s integrated accounting suite] because it creates a fully integrated solution that replaces manual tasks with automation, streamlining the complete AP to payment process for clients like Studio Bank.”
Studio Bank, a community bank based in Nashville, is the first financial institution to adopt the AvidPay solution, the companies noted in the press release.
In another statement, Studio Bank Chief Financial Officer Greg Barron said that the financial institution “focuses on empowering creators, and we do so by using modern technology to educate, advise and help manage finances. Adding an innovative technology like AvidPay to our ASCEND accounting suite directly aligns with the principles we practice. We look forward to spending more time creating even better banking experiences for our customers, and less on our own payment processes.”
Earlier this year, AvidXchange acquired BankTEL to connect financial institutions to a range of automated financial solutions. BankTEL said at the time that it counted about 20 percent of U.S. banks as clients, and noted that the companies had planned to introduce AvidPay to BankTEL’s suite of services for those banks.
“I know first-hand what it takes to build a successful company from scratch, and the niche BankTEL has been able to carve out with middle-market banks is the perfect complement to what we’ve worked to create over the last 19 years at AvidXchange,” said AvidXchange CEO and Co-founder Michael Praeger in a statement at the time.