It’s Music to Our Ears! Studio Bank Launches AvidPay in ASCEND!
BankTEL, an AvidXchange company, announced that it has launched its first AvidPay customer, Nashville-based Studio Bank.
With: Greg Barron, Chief Financial Officer
Dec. 3, 2019
BankTEL, an AvidXchange company, announced today that it has launched its first AvidPay customer, Nashville-based Studio Bank. The product launch for Studio Bank represents a significant milestone following the October 2019 acquisition of BankTEL by AvidXchange.
AvidPay, AvidXchange’s automated payment solution, is now integrated into the BankTEL product suite giving its clients access to the AvidPay Network, a network of more than 500,000 suppliers, to complete the AP process with electronic payments. The AvidPay Network helps suppliers transition to e-payment options like virtual card, increasing security and control over payments while eliminating the need to print and mail paper checks. With that, BankTEL clients’ AP functions are relieved of manual, paper-based payment processes to focus resources on more strategic initiatives.
Studio Bank, a boutique bank founded on the principles of combining innovative technology and creative thinking with traditional financial services, first partnered with BankTEL in 2018 utilizing ASCEND, BankTEL’s fully integrated accounting suite.
“We are thrilled to provide our customers something we have never offered before — a fully integrated payment solution,” said Boyce Adams, Senior Vice President of Financial Services at BankTEL, an AvidXchange company.
“AvidPay is the perfect complement to ASCEND because it creates a fully integrated solution that replaces manual tasks with automation, streamlining the complete AP to payment process for clients like Studio Bank.”
Studio Bank Chief Financial Officer, Greg Barron, said he is excited to implement AvidPay and eliminate manual payment processes.
“Studio Bank focuses on empowering creators and we do so by using modern technology to educate, advise and help manage finances. Adding an innovative technology like AvidPay to our ASCEND accounting suite directly aligns with the principles we practice,” said Barron. “We look forward to spending more time creating even better banking experiences for our customers and less on our own payment processes.”
“We just had our first external audit with ASCEND. I scheduled a 30-minute sit-down with the auditor to look at specific items. This process would have taken about six hours before ASCEND. The auditor couldn’t get over how easy and accurate it was. She said at least 10 of her bank clients immediately came to mind, that should start using BankTEL. She took a stack of my cards, to give to the accountants at these banks, in case they wanted to call with questions.”
“I’ve been through the conversion process to new software before, and it’s usually a nightmare. Nothing balances and nothing works. But with ASCEND, things balanced and things worked. It was a very easy move.”
“With BankTEL, everything was more streamlined, there was better reconcilement, better functionality and better security on the user-side of things. It was a major step up for us.”
“Banks deal with accounting every part of every day. It’s a core part of the business. To be able to maneuver through the system and have the detail of records, the tracking and reporting that are available at BankTEL, was long overdue. Ascend is leagues ahead of where we were previously.”
“One thing I like about BankTEL is that they always want to know what you want and how they can make their product better. They like to listen to customers.”