AvidXchange solidifies lead in accounts payable solutions
Originating in Charlotte, North Carolina, AvidXchange was founded in 2000 and now supports over 6,000 customers across the North American continent, processing 12 million payments with a transaction value in excess of US$140bn annually.
The company claims to speed-up invoice processing from 10 to three days and reduce operational costs by approximately 60%.
A good start to 2021
By taking over Core, AvidXchange will gain access to a market of 30,000 users in the US, as well as to its and other accounts payable (AP) . These tools allow for optimisation through automation, a streamlined procurement process, and greater overall visibility.
Through this development, AvidXchange has made significant gains in the construction industry’s AP market.
“There is no better way to start 2021 than by welcoming Core Associates customers, partners and employees to AvidXchange,” commented Michael Praeger, CEO and Co-Founder.
“With this acquisition, existing Core Associates users and new customers will benefit from the combination of TimberScan’s purpose-built AP automation platform and e-payments processed through the AvidPay Network to transform the way they pay bills.”
Providing a unique experience
However, the benefits will be mutual for both parties: Core will gain access to AvidXchange’s network of 680,000 suppliers and participate in the digitalisation of construction’s business practices.
Electronic payments can reduce physical admin, mitigate fraud, and address cash flow issues - all important considerations for an industry historically as “confused and hesitant” in its adoption of new technology.
“We’ve spent more than a decade committed to helping our customers simplify the way they process invoices and payments,” said Frank Grenci, CEO and Co-Founder of Core Associates.
“Becoming an AvidXchange company gives us the opportunity to offer the only complete purchase-to-pay experience in the market, helping reduce what was previously a month-long process down to only two or three days using a single solution.”
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Scope Out the Agenda
This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule:
Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup.
Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1.
First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place.
In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet.
As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address.
After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise.
A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!