Autobooks Acquires Allied Payment Network to Enhance Small Business Finance Solutions

Autobooks, a leading provider of receivables, accounting, and cash flow management tools integrated within digital banking, has announced the acquisition of Allied Payment Network. This strategic acquisition strengthens Autobooks’ platform by adding business bill pay capabilities, empowering financial institutions to offer small businesses a comprehensive finance solution.

1. A Complete Small Business Finance Solution:

• The acquisition of Allied Payment Network enables Autobooks to offer invoicing, bill pay, and accounting in one unified platform.
• Financial institutions can now support small businesses in managing payments, bookkeeping, and cash flow within their online or mobile banking experience.

2. Strategic Impact of the Acquisition:

• By integrating Allied Payment Network’s bill pay infrastructure, Autobooks delivers an all-in-one platform that covers both receivables and payables.
• This creates a deeper relationship between financial institutions and small business customers, offering a comprehensive set of financial tools.

3. Statements from Leadership:

• Steve Robert, CEO of Autobooks, highlighted that the acquisition brings together receivables, payables, and accounting in a way that has never been done before, providing small businesses with the tools they need to succeed.
• Geoff Knapp, CEO of Allied Payment Network, expressed excitement about combining strengths in payables with Autobooks’ receivables and accounting capabilities, setting the stage for the next chapter in small business banking.

4. Benefits to Small Business Owners:

• Small business owners benefit from integrated vendor payments and accounting in one place, simplifying financial management and enhancing cash flow visibility.
• This acquisition sets the foundation for future innovations in payable and spend management, further supporting businesses in managing expenses efficiently.

5. Financial Institutions’ Role:

• David Barrows, SVP – Director of Digital Banking at United Community Bank, emphasized that the acquisition strengthens the platform, offering small business owners a unified experience that solves real problems.
• Financial institutions can now deepen engagement with business customers by offering an integrated solution for managing invoicing, payments, accounting, and working capital.

The acquisition of Allied Payment Network positions Autobooks as the leading provider of a complete small business finance solution within digital banking. By integrating business bill pay with invoicing, payment acceptance, accounting, and working capital, Autobooks is enabling small businesses to manage their finances more efficiently and helping financial institutions strengthen relationships with their business customers.