AvidXchange Acquires BankTEL to Lead AP and Payment Automation for Banks

On August 27, 2019, AvidXchange announced the acquisition of BankTEL Systems to become the leader in accounts payable and payment automation for the financial services industry. BankTEL serves roughly 20% of U.S. banks with its accounting and reconciliation tools, making it a significant infrastructure provider. The acquisition integrates BankTEL's capabilities with AvidXchange's AvidPay Network, which connects over 500,000 suppliers for electronic payment processing.

The combined offering aims to help banks and financial institutions reduce reliance on paper checks and streamline invoice-to-payment workflows. Financial terms of the acquisition were not publicly disclosed. The deal represents a fintech consolidation play that embeds payment automation more deeply into bank back-office operations, reinforcing the trend of fintechs becoming critical infrastructure partners for traditional financial institutions.