AvidXchange Holdings, Inc. (Nasdaq: AVDX), a provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, announced a referral partnership with Member Driven Technologies (MDT), a credit union service organization.
MDT hosts the Episys® core platform from Symitar® “to provide a private cloud alternative for core processing and IT needs.”
This partnership will help promote AvidAscend, an invoice-to-pay software solution, to MDT’s 100+ credit union customers. AvidAscend integrates with the Symitar Episys® platform hosted by MDT, “allowing users to save time and costs by transitioning from antiquated paper-based systems to streamlining the AP process via one automated, cloud-based solution.”
Furthermore, automating these processes “provides a more organized approach to AP tasks by allowing the platform to handle some of the typical duties of the department, as well as more visibility and control over outstanding invoices, providing back-office professionals more time to focus on bringing strategic value to the organization.”
Tammy Bengel, Chief Financial Officer of Portland Federal Credit Union, said:
“During the pandemic, our AP department faced challenges in transitioning to remote work due to manual processes, so we looked to implement a modern, more automated accounts payable system that employees could operate from anywhere. By leveraging AvidAscend through our partnership with MDT, we’re able to keep a close pulse on the status of invoices and boost accountability through frequent automated reminders and greater transparency of our accounts. The ease of use of the technology has improved both our employees’ experience and provided a more streamlined, efficient vendor experience as well.”
Larry Nichols, Chief Executive Officer and President of MDT, said:
“In the competitive financial services landscape, credit unions must continually evaluate their business models, determining where they can streamline processes to increase efficiencies and optimize employees’ time. Partnering with AvidXchange is providing our credit union clients with the technology they need to significantly improve the accounts payable process, reducing costs and empowering employees to conduct business anywhere, regardless of circumstances. Plus, it helps enhance security, a top priority at MDT and for our clients.”
Boyce Adams Jr, Senior Vice President of Growth at AvidXchange, remarked:
“At AvidXchange, we’re always energized by a new partnership and helping their customers transform the way they receive, manage and pay their bills. This new offering with MDT will hopefully make life easier for credit union professionals as they’re facing many business-altering challenges today like cybersecurity threats and staffing issues; paying their vendors correctly and on-time should be the least of their worries right now, that’s why we’re bringing our solution to the table to help.”
As noted in the update, Member Driven Technologies (MDT) provides “a private cloud alternative for core processing and IT needs.”
The CUSO hosts “the Episys® core platform from Symitar®, as well as dozens of seamlessly integrated solutions and supporting services to help run the entire institution, such as digital banking, payments, lending, cybersecurity and imaging. Rounding out its comprehensive suite,”
MDT also “offers business continuity, disaster recovery and regulatory solutions as well as consulting, data analytics, email hosting and hardware purchasing services.”
By partnering with MDT, credit unions across the country “are boosting efficiencies, enhancing security and reducing costs while maintaining a high level of control.”