COLUMBUS, Miss., Dec. 5, 2019 /PRNewswire/ -- BankTEL, an AvidXchange company, announced today that it has launched its first AvidPay customer, Nashville-based Studio Bank. The product launch for Studio Bank represents a significant milestone following the October 2019 acquisition of BankTEL by AvidXchange.
AvidPay, AvidXchange's automated payment solution, is now integrated into the BankTEL product suite giving its clients access to the AvidPay Network, a network of more than 500,000 suppliers, to complete the AP process with electronic payments. The AvidPay Network helps suppliers transition to e-payment options like virtual card, increasing security and control over payments while eliminating the need to print and mail paper checks. With that, BankTEL clients' AP functions are relieved of manual, paper-based payment processes to focus resources on more strategic initiatives.
"We are thrilled to provide our customers something we have never offered before — a fully integrated payment solution," said Boyce Adams, Senior Vice President of Financial Services at BankTEL, an AvidXchange company. "AvidPay is the perfect complement to ASCEND 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 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," said Greg Barron, Chief Financial Officer at Studio Bank. "We look forward to spending more time creating even better banking experiences for our customers and less on our own payment processes."
Studio Bank, a boutique bank founded on the principles of combining innovative technology and creative thinking with traditional financial services, first partnered with BankTEL in 2018 utilizing ASCEND, BankTEL's fully integrated accounting suite.
About AvidXchange™ AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processed 9.5 million payments last year across its network of more than 500,000 suppliers, transforming the way 5,500 customers in North America pay their bills. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,300 employees in seven office locations. For more information, visit www.AvidXchange.com.
About BankTEL BankTEL, an AvidXchange company, helps financial institutions manage expenses with easy-to-use software that maintains transparency, accountability and regulatory compliance. BankTEL is the only international software company that focuses solely on accounting solutions for financial institutions, offering both accounts payable and payment automation technology. BankTEL delivers solutions to over 20% of the U.S. market share, with a 27-year history of serving clients of all sizes.
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Source: Company press release.