Friday 30th August, 2019
US-based AP automation solution provicer AvidXchange has agreed to acquire accounting solutions prpovider BankTEL Systems.
Through this acquisition, AvidXchange becomes the dominant provider of invoice-to-payment solutions for midmarket customers in the banking and financial services sector. As an AvidXchange company, BankTEL will be able to offer its clients access to the AvidPay Network to complete the AP process with electronic payments, while AvidXchange's financial services customers will benefit from enhanced accounting offerings through BankTEL's product suite.
Integrating AvidPay into BankTEL's ASCEND solution gives AvidXchange customers more industry-specific capabilities for AP, fixed assets, and prepaid and accruals. Critical functionality, including tracking dividend payments to shareholders and risk assessments, is directly incorporated into AP and payment processes, helping banks and credit unions to automate manual operations while maintaining regulatory compliance.