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AvidXchange Will Aquire BankTEL to Become the Leader in Accounts Payable and Payment Automation for the Financial Services Industry

20 percent of U.S. banks now have access to AvidPay Network of 500,000+ Suppliers 

AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, announced today that it has agreed to acquire BankTEL Systems, a provider of accounting solutions to more than 20 percent of banks across the U.S. Through this acquisition, AvidXchange becomes the dominant provider of invoice-to-payment solutions for midmarket customers in the banking and financial services sector.

What does this mean for BankTEL customers?

  • Customers gain access to the AvidPay Network of more than 500,000 suppliers to complete the AP process with electronic payments.
  • Access to the 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.

What does this mean for AvidXchange customers?

  • 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.

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