AvidXchange, a leading fintech provider of accounts payable (AP) and payment automation solutions, is commemorating four years of momentum in community association management with its AvidXchange Strongroom product. Now utilized by more than 500 community management companies and 50,000 home owner associations (HOA’s) nationwide, AvidXchange Strongroom helps companies scale and add communities to their portfolio by providing a faster, more reliable way to process invoices and make payments. AvidXchange also announced today a new partnership with Vantaca, an end-to-end software solution designed specifically to meet the complex needs of association managers, accounting teams, board members and homeowners.
“The momentum behind AvidXchange Strongroom has only continued to build over the past four years, solidifying its position as the leading purpose-built solution for community association management,” said Tyler Gill, Vice President of Home Owner Associations at AvidXchange. “We are excited to deliver new enhancements like the Vantaca integration and look forward to partnering with a fellow innovator in the industry to bring more value to our customers.”
AvidXchange Strongroom Grows its Own Community, 500 Companies and 50,000 Associations Strong
With all invoices and payments in a centralized hub, AvidXchange Strongroom provides a full audit trail, greater accuracy in reporting and the ability to give board members full insight into spend. Decision-makers can quickly identify bottlenecks for approvals, and auditors can easily review invoices in two to three hours rather than two to three days. AvidXchange Strongroom also helps community management companies reduce processing costs by up to 60 percent, minimizing challenges like lost invoices, delayed approvals and late fees by automating approval workflows and providing digital payment options to eliminate paper checks.
“One of the most important decisions we’ve made as a business was to select AvidXchange Strongroom because it allows us to eliminate our time focused on processing paper so we can focus on what really matters, which is taking care of our clients,” said Kelly Hawkins, President & CEO of KRJ Association Management.
Vantaca Joins Growing List of AvidXchange Strongroom Accounting Partners for HOA
Through AvidXchange and Vantaca’s new strategic partnership, the AvidXchange Strongroom solution will integrate seamlessly with Vantaca’s accounting system, creating a unified platform to manage all financial operations. Community management companies utilizing both technologies will benefit from real-time data sharing and cross-platform visibility, helping to streamline AP processes and speed invoice approvals. Vantaca’s integration marks the eighth industry-specific accounting system partnership fostered to better serve AvidXchange Strongroom customers.
“Vantaca provides an end-to-end software solution that is adaptable to community association businesses’ unique needs, providing real-time communication and service between the company, homeowners and board members” said Dave Sweyer, CEO of Vantaca. “Now, through the integration with AvidXchange Strongroom, our solution is making the lives of our users even more efficient because they can automate manual invoice and payment processes, while keeping data in a single platform.”
To learn more about AvidXchange Strongroom, meet us in booth 527 at the CAI Annual Conference & Expo or visit www.avidxchange.com/strongroom-solutions/.
To learn more about Vantaca, meet us in booth 627 at the CAI Annual Conference & Expo or visit Vantaca.com.
Fintech Startup, Paramount Financial Technologies, Announces Company Launch, Community Banks Sign-on as First Investors
Paramount Financial Technologies (PFT), a newly formed fintech startup, publicly announced today its company launch in New England with community banks as its first investors.
PFT helps community banks solve critical challenges like growing core deposits, improving branch network performance, increasing business relationships, and managing performance. One of PFT’s most popular tools, under the umbrella of its flagship product, MarketOpp 360, is their Branch Opportunity Grid, which helps clients understand which branches have the greatest opportunities for deposit and loan growth and provides a detailed guide for actions to take.
“Community banks are investing in us because our solutions have been market-tested for twenty years,” said Michael Purchia, President and Founder of Paramount Financial Technologies. “Since the early days of banking analytics, we’ve been building and refining our tools to provide time-sensitive solutions. We integrate client data with AI-based market intelligence and analytics so our clients can make the best business decisions.”
Timothy Felter, Chief Financial Officer of Newburyport Bank, said, “Our executive team is partnering with PFT for our New Hampshire expansion. Their commercial and consumer market intelligence, and on-the-ground insights, are invaluable.”
SOURCE Paramount Financial Technologies
Velotrade completes first cross border trade financing transaction into Mainland China with QEX
Velotrade, the account receivables financing platform, announces that it is actively executing cross border trade receivables transactions involving mainland Chinese companies.
The first deal involved trade financing for a transaction between a Chinese SOE and a medical equipment manufacturer, made accessible to Velotrade through the collaboration with Qianhai Financial Assets Exchange (QEX) owned by Ping An Group. It is also the first transaction which gives institutional investors on the Velotrade platform exposure to accounts receivable in the PRC. Velotrade is the first company of its type to obtain a Type 1 Regulated Activity licence from the Hong Kong Securities and Futures Commission.
Vittorio De Angelis, Executive Chairman & Co-Founder of Velotrade commented, “This is a transformational deal for Velotrade. We are the first company offering cross-border access to Chinese invoice financing. The deal was completed very soon after we announced our SFC licensing and underscores the pace at which the company is developing. We are building out our team in Greater China, and our relationship with QEX, also thanks to the synergies given by us being part of the Ping An fintech accelerator program, means that we are now able to offer a stream of similar transactions to institutional investors on our platform. We are delighted that Velotrade has been able to open the door for foreign institutional investors to Chinese trade receivables.”
Velotrade is a trusted source of non-domestic money with a streamlined onboarding process as it offers international investors on its platform an alternative channel of investment. At the same time, it also means mainland Chinese companies can now access this channel as well through QEX, which is beneficial for all parties.
The Vice General Manager of QEX, Zhan Yu Hong, commented, “Through launching cross-border trade transactions of debt-based assets such as accounts receivables factoring, QEX supports ‘One Belt One Road‘ and the development of Guangdong-Hong Kong-Macao Greater Bay Area, to provide better services for the real economy. The collaboration with Velotrade is an excellent example.“
Prior to this cross border offering by Velotrade and QEX, foreign investors have been unable to participate in onshore Chinese trade financing due to capital controls. However, the partnership between Velotrade and QEX means foreign investors can access Velotrade’s regulated platform. Through QEX, investors are participating as regulated Hong Kongentities, recognised by the People’s Bank of China, gaining direct access to the domestic PRC market.
Gianluca Pizzituti, CEO and Co-founder at Velotrade, added, “Since commencing operations in 2017, Velotrade has handled cross-border financing deals in Hong Kong, Mainland China, Singapore, Taiwan and Vietnam across a range of sectors, including the automotive, electronics, healthcare, retail and clothing industries. This transaction is an exciting example of our continued growth and a signal of things to come as we break into one of the largest and fastest growing markets in the world.”
Velotrade’s internet-based platform incorporates modern technologies to create efficiencies in the approval process that expedite financing. Additional identity verification and due diligence is conducted via the same technology platforms used by banks, meeting today’s strictest compliance standards.
Turkish Merchants Can Now Connect With Chinese Visitors via Alipay and ininal Partnership
Leading fintech company ininal becomes Alipay’s first partner in Turkey. ininal, Turkey’s leading new-generation payment platform and a subsidiary of Multinet Up, today announced its collaboration with Alipay, the world’s leading payment and lifestyle platform operated by Ant Financial Services Group, a related company of Alibaba, that Alipay will be available for Chinese mainland visitors at bricks-and-mortar stores in Turkey.
This service will be first available in the facilities of Dorak Holding, the tourism company who plans all activities for tourists and manages numbers of merchants throughout Turkey, serving more than 85% of Chinese tourists visiting Turkey. Merchants accepting Alipay include Turkish specialty retailers, hot-air balloons in Cappadocia, shops, hotels, and Turkish restaurants. Merchants can connect with Chinese customers with digital marketing via the Alipay app while Chinese tourists visit Istanbul and Cappadocia, and those customers can make payments by using the same Alipay app to scan an Alipay QR code displayed on card terminals at the checkout.
Through the collaboration between ininal and Alipay, while Alipay users pay in Chinese Yuan during their visits to Turkey, Turkish merchants will be able to receive payments from Chinese visitors in US Dollars at Dorak Tour locations. Later this summer, Turkish merchants will be able to receive payments in Turkish Lira at existing and new Multinet Up merchants including global chain restaurants and retailers. Multinet Up, ininal’s parent company and the leading financial services company in Turkey maintaining over 40,000 merchants, will utilize its experience in building a network and infrastructure to expand Alipay acceptability. ininal and Multinet Up will work in collaboration with Alipay to further expand the network across Turkey. Jewelers, luxury clothing stores, museums and duty free shops are expected to join in the near future.
“The collaboration with Alipay proves the success of our brand has attained in the last six years. Alipay is the most preferred payment method in China and is widely used by Chinese tourists overseas. The fact that Alipay is used more than cash, credit cards and debit cards is an important data demonstrating the satisfaction it creates. ininal will continue to work with powerful partners globally to bring advanced technology and services to Turkey,” says ininal CEO Ömer Suner.
Stating that the Chinese provided the highest increase in terms of not only the figures but also the tourist spending in Turkey, Ömer Suner continued: “We believe the payment convenience provided through this collaboration will increase the foreign currency that will enter our country and provide contributions to the reanimation of the economy.” In January 2019, a Nielsen report titled 2018 Trends for Mobile Payment in Chinese Outbound Tourism finds that Chinese tourists paid for 32% of transactions using mobile payment, overtaking cash for the first time, and that nearly 60% of merchants surveyed experienced growth in both foot traffic and sales after adopting Alipay.
“Alipay is finally coming to Turkey! We are excited to work with ininal to connect Turkish merchants with Chinese visitors before, during, and after their visit to this beautiful country, overcoming barriers of language and currency. We know our customers are attracted to the ancient and modern sights of Turkey, and the many different experiences it offers, from balloons, to bazars and beaches. As Chinese users’ preferred payment and lifestyle platform, we are always happy to introduce the best offers and must-visit locations of Turkey to our users through our platforms,” said Roland Palmer, Alipay’s Head of Europe, Middle East and Africa.
SOURCE Alipay; ininal
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