NWP Services Corporation Signs Agreement With AvidXchange to Expand Invoice Processing Solutions for the Multifamily Industry

IRVINE, CA--(Marketwire - Feb 28, 2012) - NWP Services Corporation (NWP), a leading provider of financial transaction processing solutions for the multifamily housing industry, today continued its commitment to its Maintenance Repair and Operations (MRO) Manager Product Family by signing an agreement with AvidXchange to expand NWP's expertise to include Invoice Processing for all expense categories. This agreement builds upon NWP's existing MRO Manager solutions for resident service requests, work orders and e-procurement.

"By working with AvidXchange, we can now automate and track non-utility billings, such as resident turnover and capital improvements, across the entire portfolio," said Jim Charles, senior vice president of NWP Services Corporation. "The solution will provide finance executives and accounts payable managers with enforceable controls, powerful reporting and added visibility to all invoice documents in their portfolio. At the same time, it is easy for account managers to apply accounting codes and approve or dispute invoices."

"Based on our findings, multifamily real estate companies can realize a savings of $11 an invoice in moving their payables to an automated platform," continued Charles. "Processing payables electronically, versus manually coding and routing paper invoices for approval, saves managers time and provides real-time visibility to expenses across their portfolio."

NWP and AvidXchange guarantee installation of the solution to customers within 45 days or less, a significant improvement over the six to nine months typically required for backend payment solutions. With this addition, NWP's MRO Manager is a fully integrated solution that manages resident service requests, work orders, procurement, payables processing, and invoice management in a completely paperless workflow. It works with all Major Property Management and Accounting Solutions.

"We are excited to partner with NWP and expand our automated solutions to more customers in multifamily housing," said Jan Skinner, vice president of AvidXchange. "Our easy-to-use solution is already helping over 6,500 multifamily properties save time and money. We're eager to build upon this track record together and provide powerful solutions that help companies save money, eliminate paper, and increase productivity."

NWP will continue to work with AvidXchange to develop new solutions to meet the needs of the multi-housing industry.

About NWP Services Corporation:
Headquartered in Irvine, Calif., NWP Services Corporation (NWP) provides smart solutions to lower operating and utility costs for the multifamily industry including resident billing, resident payment, utility management, MRO, and submetering services. Resident billing helps owners recover utility expenses including convergent rent and utility billing with Resident OneBill. NWP's Resident ePay service allows residents to pay rent, utilities and other charges online or in person with funds transferred to the bank electronically. NWP's utility management product, UtilitySmart, helps owners and operators optimize utility spend and MRO Managers lower operating costs and improve service, increasing Funds from Operations (FFO), Net Operating Income (NOI), resident satisfaction increasing the asset value of multifamily properties. NWP is the industry's premier provider of nationwide submetering installation and maintenance services. Additional information is available at www.nwpsc.com.

About AvidXchange:
AvidXchange revolutionizes the way companies pay their bills. Accounts Payable automation increases control and visibility into the bill payment process to reduce processing time, allow early payment discounts and eliminate late fees. Automation eliminates paper by electronically capturing invoices, using intelligent business rules to route invoices for approval and storing all information electronically providing anytime, anywhere access to invoice status and history. AvidXchange makes it easy to automate and backs this great customer experience with a 45-day implementation guarantee. As the first SaaS technology vendor to automate invoice processing, AvidXchange works with suppliers to electronically send and receive all invoices through the AvidBill Network. Standard integration to more than 30 accounting systems speeds adoption and simplifies setup. AvidInvoice significantly reduces operating costs and improves productivity in a company's accounts payable department. Headquartered in Charlotte North Carolina, AvidXchange is privately held with over 150 employees nationwide. Additional information is available at www.avidxchange.com.