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Insights on Payments and Finance from AOC Solutions

Corporate Payments Fraud Hits Record Levels, According to New AFP Report

Published: April 19, 2017  |  Author: Tammy Haug

New data recently published by the Association for Financial Professionals in its 2017 AFP Payments Fraud and Control Survey Report reveals a disturbing trend — more companies than ever before fell victim to payments fraud in 2016.

According to the report, 74 percent of finance professionals state that their companies were victims of payments fraud in 2016, which is the highest percentage on record. Here are some other highlights from the report:

How to Measure Performance in Accounts Payable

Published: April 04, 2017  |  Author: Carol Schick

Back by popular demand! This article
originally appeared on the AOC blog in 2015 and has been updated here for 2017.

Performance appraisals. They’re a necessary component of measuring your team’s work, both individually and collectively. And while setting goals and monitoring performance is often stressful for both managers and their employees, focusing on a few key areas can help smooth the overall process.

AOC Solutions Leaders Earn SmartCEO Recognition

Published: March 15, 2017  |  Author: Liza Welch

Pardon us while we brag a bit on the accomplishments of three AOC Solutions company leaders. Because these guys are awesome.

On March 9, the following AOC team members received 2017 Executive Management Awards from SmartCEO: Dan Seewer, Chief Technology Officer; Todd King, Chief Product Officer; and Gene Bell, Senior Vice President of Operations. 

Top 5 Benefits of Accounts Payable Automation and Electronic Payments

Published: March 02, 2017  |  Author: Kelly Atchley

According to a recent survey of controllers conducted by the Institute of Finance and Management (IOFM), accounts payable topped the list as the most time-consuming, laborious and paper-intensive finance and administration function — ahead of even payroll, tax and audit. The same controllers stated that accounts payable is a top priority for improvement this year.

It’s no secret that accounts payable automation and e-payments turn labor-intensive manual processes into more efficient ones that ultimately reduce costs. But for most organizations, part of the process to automate accounts payable and embrace e-payments is convincing both C-suite executives and AP staff why now is the time to automate and migrate away from manual processes and check payments.

Financial Institutions: Offer Virtual Cards Powered by Transact Global

Published: February 15, 2017  |  Author: AOC Solutions staff

On April 11, 2016, AOC Solutions revolutionized the payments industry by introducing Transact Global®, the first issuer processing platform dedicated exclusively to single-use virtual card payments. Designed specifically for financial institutions and corporate card issuers, Transact Global allows banks to offer virtual cards to their corporate customers.

“Virtual cards are on the rise, and for good reason,” says Steve Tackett, Senior Vice President of Product Innovation at AOC Solutions. “Virtual cards offer better user control and fraud protection than traditional plastic credit cards. AOC’s bet is that in the next 5–10 years, virtual card use could overtake plastic in B2B payments." 

New AFP Report Reveals Top Benefits of Electronic Payments

Published: February 01, 2017  |  Author: Carol Schick

The recent release of the 2016 AFP Electronic Payments Survey Report from the Association of Financial Professionals reveals several enlightening trends concerning electronic payments use and acceptance in business-to-business transactions. The report covers survey results on faster payments initiatives, continued use of checks for disbursements and collections, top B2B payment methods, cross-border payments, mobile payments, same-day ACH and much more.

The survey responses on benefits gained by sending or receiving electronic payments were particularly interesting:

5 Ways to Increase Performance and Improve Processes in Accounts Payable

Published: January 25, 2017  |  Author: Gene Bell

In a recent survey of controllers conducted by the Institute of Finance and Management (IOFM), accounts payable topped the list as the most time-consuming, laborious and paper-intensive finance and administrative function — ahead of areas such as payroll, tax, and even audit and reporting.

Given that, over 63 percent of controllers in that same survey said accounts payable is a priority for improvement.  But, for most organizations, improving accounts payable is easier said than done.