Payment automation company AvidXchange is targeting credit unions with a customized offering that streamlines the invoice-to-pay process.

The pandemic-induced spike in digital banking has led credit union members to expect cutting-edge banking solutions, Boyce Adams, senior vice president of financial services, told Bank Automation News.

“This meant credit unions needed to spend more time on addressing these needs like offering remote services and helping their members shift, and less time on their own internal processes by investing in new technology that allowed them to operate more efficiently,” Adams said.

The Charlotte, N.C.-based fintech recently released AvidSuite for Financial Services, designed to securely automate accounts payable (AP) and payments for credit unions, the company told BAN. The solution’s focus on invoice-to-pay processes for credit unions makes it unique, the company stated, adding that its automation reduces the use of paper checks and provides more control and visibility into the invoice audit trail for financial institutions.

The vendor also leverages its accounts payable automation solution Ascend, an artificial intelligence (AI) tool that captures invoice data, and its AvidPay network, effectively creating a single end-to-end platform for accounts payable and payments automation, the company said. AvidPay enables multiple electronic payment options for suppliers, automating credit card processes that were previously paper based.

AvidSuite helped $8 billion GreenState Credit Union automate its services, Jenny Grecian, senior accounting specialist at the credit union, said.

“By automating with AvidXchange, we streamlined our entire AP process, eliminated the need for our staff to cut and stuff checks, and saved time so our staff can work on the things that are most impactful to the organization,” Grecian said.

Other AvidXchange customers include $203.9 billion Fifth Third Bank, $3.03 trillion Bank of America and $187 billion KeyBank.

The company held its initial public offering Oct. 12, releasing 26.4 million shares at $25 each with the goal of raising $660 million.

Shares of AvidXchange [Nasdaq: AVDX] were trading at $25.04 at 1:16 p.m., up 1.46% from market open.