AvidXchange Partners with MDT to Extend Bill-to-Pay Solution to More Credit Unions

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CHARLOTTE, North Carolina, July 19. Feb. 20, 2022 (GLOBE NEWSWIRE) — AvidXchange Holdings, Inc. (Nasdaq: AVDX), a leading provider of accounts payable (AP) automation software and payment solutions for middle-market businesses and their vendors, today announced a landmark partnership with Member Driven Technologies (MDT), a credit union services organization. MDT hosts Symitar®’s Episys® core platform to provide a private cloud alternative for core processing and computing needs.

This partnership will help promote AvidAscend, the leading bill-to-pay software solution, to MDT’s more than 100 credit union customers. AvidAscend seamlessly integrates with the MDT-hosted Symitar Episys® platform, allowing users to save time and money by moving from outdated paper-based systems to streamlining the AP process via an automated solution based on the cloud. Additionally, automating these processes provides a more organized approach to AP tasks by allowing the platform to handle some of the typical service tasks, as well as greater visibility and control over unpaid invoices. , giving back-office professionals more time to focus on delivering strategic value to the organization.

“During the pandemic, our AP department experienced challenges transitioning to remote work due to manual processes, so we sought to implement a modern, more automated accounts payable system that employees could use from anywhere,” said Tammy Bengel, Portland’s chief financial officer. Federal Credit Union. “By leveraging AvidAscend as part of our partnership with MDT, we are able to closely track the status of invoices and enhance accountability through frequent automated reminders and greater transparency in our accounts. The ease of use of technology has both improved our employee experience and also provided a simpler and more efficient supplier experience.

“In the competitive financial services landscape, credit unions must continually evaluate their business models, determine where they can streamline processes to increase efficiency and optimize employee time,” said Larry Nichols, CEO and President of MTD. “Partnering with AvidXchange provides our credit union customers with the technology they need to dramatically improve the accounts payable process, reduce costs, and enable employees to do business anywhere, regardless of circumstance. Plus, it helps improve safety, a top priority at MDT and for our customers. »

“At AvidXchange, we are always energized by new partnership and helping their customers transform the way they receive, manage and pay their bills,” said Boyce Adams Jr, senior vice president of growth at AvidXchange. “This new offering with MDT will hopefully make life easier for credit union professionals, as they face many business-altering challenges today, such as cybersecurity threats and personnel issues; paying their suppliers correctly and on time should be the least of their worries right now, which is why we are bringing our solution to the table to help them.

To learn more, visit: https://www.avidxchange.com/products/avidascend/ or https://www.mdtmi.com/about-mdt/.

About member-driven technologies

Member Driven Technologies (MDT) provides an alternative to the private cloud for basic processing and computing needs. CUSO hosts Symitar®’s core Episys® platform, as well as dozens of seamlessly integrated support solutions and services to help run the entire institution, such as digital banking, payments, lending, cybersecurity and imaging. To complement its comprehensive suite, MDT also offers business continuity, disaster recovery and regulatory solutions as well as consulting, data analysis, email hosting and hardware procurement services. By partnering with MDT, credit unions across the country increase efficiency, enhance security and reduce costs while maintaining a high level of control. Visit mdtmi.com or follow @memberdrive for more information.

About AvidXchange™

AvidXchange is a leading provider of Accounts Payable (“AP”) automation software and payment solutions for mid-market businesses and their vendors. AvidXchange’s Software-as-a-Service-based end-to-end payment and software platform digitizes and automates AP workflows for over 8,000 businesses and has made payments to over 825,000 vendor customers. its buyers over the past five years. To learn more about how AvidXchange is transforming the way businesses pay their bills, visit www.AvidXchange.com.

Forward-looking statements

This press release may contain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements generally relate to future events or our future financial or operating performance and often contain words such as: “anticipate”, “intend”, “plan”, “goal”, “seek”, “believe”, “project”, “estimate”, “expect”, “future “, “likely”, “may”, “should”, “will” and similar words and expressions indicating future results. The information set forth in this press release regarding our expectations of future performance, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made based on management’s current expectations, assumptions, estimates and projections and are subject to important risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements.

Factors that could cause actual results or effects to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risk factors and other caveats described, from time to time, in the filings by AvidXchange with the Securities and Exchange Commission. (“SEC”), including, without limitation, AvidXchange’s Annual Report on Form 10-K and other documents filed with the SEC, which may be obtained in the investor relations section of our website (https://ir.avidxchange.com/) and on the SEC’s website at www.sec.gov. Any forward-looking statements we make in this press release are based solely on information currently available to us and speak only as of the date they are made, and we undertake no obligation to update the any of these statements in light of new information, future events or otherwise, except as required by federal securities laws.

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