FinTech profile: AvidXchange, the automation innovator
AvidXchange is the largest B2B payment networks in the US, serving customers with innovative automation solutions and software
AvidXchange provides business customers in the US with a host of digital software solutions that automate the complete accounts payable and payment process.
Of, as the business states: “one mission, multiple solutions”.
Automate: lose the paper
In the modern, digitally-driven enterprise environment, too many companies still rely on paper-based systems. This, according to AvidXchange, is a problem.
For example, the company says, 70% of middle market companies still pay with paper paychecks.
Further, it takes on average, eight days to process a single paper invoice and more than a third of accounts payable professionals’ days are spent on outdated, paper-based tasks.
The AvidXchange solution
AvidXchange exists to change this. The company uses technology to ensure companies “lose the paper” in their procurement, pay, supplier management and invoicing processes.
According to the company, automation = liberation. Its software solutions completely automate those processes listed above through one digital application that offers 24/7, on-demand access.
It does this for companies across multiple industries, including banking, real estate, healthcare and social services, construction and community association management.
In the financial services industry specifically, AvidXchange works with one in four banks to automate the receiving, approving and paying of invoices.
Here, the company’s solution is based around a central online platform that is purpose-built for the sector. Benefits of use include:
- Greater visibility and speed when it comes to invoicing
- Secure payment to suppliers and improved vendor relationships
- Better control over cash flow and maximised accounts payable spend
- Easy integration with existing banks’ software
With regards to invoicing, AvidExchange lets banks receive, track and approve invoices in the real-time workflow; to eliminate manual data entry and reduce errors; it also gives greater visibility and control over the process.
Custom workflows with 24/7 visibility are possible, as are fast and secure payments to suppliers backed by a significant supplier network.
The company also offers a suite of supplier management-related tools that streamline, predict and accelerate accounts receivable.
Find out more about ActiveXchange and its solutions here.
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