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AvidXchange Named Finalist in “Best Saas Product for Financial Services” Category for the Saas Awards

August 4, 2021
Saas Awards

AvidXchange is a “Best SaaS Product for Financial Services” finalist in the global SaaS Awards recognizing excellence and innovation in software. From day-to-day operations to regulatory compliance, the “Best SaaS Product for Financial Services” category focuses on the impact of innovative financial services software, including both on and off-premise solutions.

Built specifically for the banking and financial services industry, AvidXchange technology is named among the finalists because it delivers capabilities that address invoice and payment pain points for mid-sized banks and credit unions. Critical functionality, including tracking dividend payments to shareholders and risk assessments, is directly incorporated into AP and payment processes through AvidXchange, helping banks and credit unions to automate manual operations while maintaining regulatory compliance.

AvidXchange has continued to deliver innovations for the financial services market following its acquisition of BankTEL Systems in 2019. Now, more than 20 percent of banks across the U.S. rely on AvidXchange to pay bills more efficiently by eliminating manual, paper-based processes and shifting to electronic payments.

“In terms of payments, there were a lot of manual processes,” said Diana Marroquin, an accounting assistant at MainStreet Bank.” Having to track down the history for each vendor, and the information for tax reporting purposes and expense reports was a nightmare. Needing to have someone fill out a report of all the details for payment and approval, it was tough. Tracking fixed assets on spreadsheets was also a lot of extra work. AvidXchange has made the entire process easier.”

By automating MainStreet’s AP processes using AvidXchange solutions, the $1.2B bank saved time, eliminated inefficiencies, and avoided late payments, even when COVID-19 hit close to home.

The final winners in each category of the software awards will be announced at the end of August.

To view the full list of SaaS award finalists including AvidXchange’s feature, click here.

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