AvidXchange Holdings, Inc. (Nasdaq: AVDX), a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced its referral partnership with KeyStone by Corelation Inc., the core processor for today’s credit union.
This allows AvidXchange to offer AvidAscend, an invoice-to-pay software solution, “to Corelation’s 190+ top credit union customers.”
Since its inception in 2009, Corelation has been “dedicated to offering credit unions next-generation technology backed by years of industry experience and client focus.”
Corelation’s member-centric system is “built to empower credit unions and offers the best member service possible, enhancing value for member attraction and retention.”
Integrated seamlessly with AvidAscend, this solution “allows credit unions to save resources like time and costs by transitioning from paper-based manual systems, to streamlining the AP process via one automated, cloud-based solution.”
Kim Caldwell, Vice President of Accounting & Finance, Sun Community Federal Credit Union, said:
“Moving to AvidXchange has allowed for a truly streamlined process and so much more functionality; we love that vendor invoices are emailed right into Invoice Inbox and that the program automates much of the data entry. Additionally, the reporting is much more robust than what we had before AvidXchange. We are so excited for the partnership between AvidXchange and Corelation and for the opportunities that this will bring.”
Boyce Adams Jr., Senior Vice President of Growth of AvidXchange, said:
“We’re excited to partner with Corelation and offer this integration to their customers seeking to modernize their payments process. We understand the complexity of a credit union’s payment process and with this integrated solution, we are not only meeting their unique needs but also helping them transform into this new digital-first era.”
As noted in the update, AvidXchange claims it is “a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers.”
AvidXchange’s Software-as-a-Service (SaaS) based, end-to-end software and payment platform digitizes and automates the AP workflows “for 8,800 businesses (our buyers) and we have made payments to 965,000 supplier customers of our buyers over the past five years.”
Additionally, AvidXchange, Inc. is “a licensed money transmitter for US B2B payments, licensed as a Money Transmitter by the New York State Department of Financial Services, as well as all other states that require AvidXchange to have a license.”