CHARLOTTE, N.C., Oct. 14, 2019 /PRNewswire/ -- AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, is expanding its payments partnership with MRI Software, the global leader in real estate software solutions. Announced today at MRI Ascend, the seven-year partnership extension builds on 15 years of successful collaboration, resulting in thousands of shared customer properties across residential, corporate and commercial real estate.
As part of the enhanced partnership, AvidXchange and MRI will now offer MRI Vendor Pay powered by AvidXchange (MVP) to MRI Affordable Housing customers to enable an integrated, fully embedded payments experience. Launched earlier this year, MRI's Affordable Housing solution is built specifically for affordable housing portfolio owners who face unique challenges around multi-family compliance and inventory shortages. MRI Affordable Housing users will have the option to select MRI Vendor Pay Powered by AvidXchange and AvidInvoice to complete AP and payment processes, providing a faster, more secure way to approve invoices and make payments electronically directly within their MRI solution.
"AvidXchange will help affordable housing owners spend less time on paperwork and more time focused on the properties they manage," and Michael Praeger, CEO and Co-Founder of AvidXchange. "With AvidXchange and MRI's integrated technology, they'll have automated AP and payment processes that are scalable, better positioning MRI customers to expand portfolios and make affordable housing available to more people."
"MRI technology is used to manage operations and equity for more than 50 percent of the U.S. affordable housing sector because we offer the right tools for multi-layered subsidies and mixed portfolios," said John Ensign, President and Chief Legal Officer of MRI Software. "AvidXchange is a trusted partner and bringing them into our ongoing efforts for this industry increases the benefits we're able to provide clients, giving users more application options that work in tandem with their core MRI product."
AvidXchange and MRI will also deepen the existing integration between MRI Property Management and AvidXchange's AP and payment solutions to deliver more value to real estate customers. This includes leveraging a fully embedded MVP experience, giving users the ability to select payments and review status of payments directly within their MRI platform. MVP also provides MRI customers access to the AvidPay Network of more than 500,000 suppliers, the largest network for the middle market designed to speed the accounts receivable process while offering multiple payment options to vendors.
"I've really enjoyed using AvidXchange and MRI together because it's all very user friendly. The two systems sync up well and I don't need to stress about losing any information," said Maria Urzua, Accounting Assistant at Horizon Group Properties. "Also, it's extremely helpful to know that when I have an issue, both AvidXchange and MRI are very responsive, supportive and want to make sure I'm happy with the end result. They also always ask if I have any further questions or concerns that they can assist with."
To learn more about AvidXchange at MRI Ascend, visit booth 414, attend the breakout panel "How to Build a Business Case for AP Automation – Tips from an MRI Customer" on Tuesday, Oct. 15 at 1:45 p.m. PT or attend "Introduction to MVP" on Wednesday, Oct. 16 at 1:15 p.m. PT.
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses. Founded in the year 2000, AvidXchange processed 9.5 million payments last year across its network of more than 500,000 suppliers, transforming the way 5,500 customers in North America pay their bills. AvidXchange is distinguished as a global fintech unicorn and one of the fastest growing technology companies in the U.S. with 1,300 employees in seven office locations. For more information, visit www.AvidXchange.com.
About MRI Software
MRI Software is a leading provider of innovative real estate software applications and hosted solutions. MRI's comprehensive and flexible technology platform coupled with an open and connected ecosystem meets the unique needs of real estate businesses-from property-level management and accounting to investment modeling and analytics for the global commercial and residential markets. A pioneer of the real estate software industry, MRI develops lasting client relationships based on nearly five decades of expertise and insight. Through leading solutions and a rich partner ecosystem, MRI gives organizations the freedom to transform the way communities live, work and play while elevating their business and gaining a competitive edge. For more information, please visit mrisoftware.com.