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Insights on Payments and Finance from AOC Solutions

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.

All Aboard! Who’s Getting on the Blockchain Train?

Published: January 10, 2017  |  Author: AOC Solutions staff

Last summer, we chatted with Kara Szostek Lunsford, director of Product Management for AOC’s companion company, 3Delta Systems, about blockchain’s mainstream potential in the payments industry. But if there’s one thing we’ve learned about blockchain, it’s that things change quickly.

Companies pursued some 356 patents related to blockchain in November alone, and 12 percent of executives in financial services have deployed blockchain in production, according to the experts at PYMNTS.com.

Payments in 2016: The Year Of…

Published: January 05, 2017  |  Author: AOC Solutions staff

What had the biggest impact on payments in 2016? EMV chip cards? APIs? Mobile payments? Cryptocurrency? Blockchain technology? Omnichannel commerce? Without a doubt, each of these things, and more, will be a driving influence on the future of payments going forward.

But what do industry leaders from Intel, MineralTree, Synchrony Financial, and our very own AOC Solutions (among others) have to say about it?

Payment Automation and Virtual Cards Capture 2016 Interest

Published: December 28, 2016  |  Author: Liza Welch

It’s that time of year again … when we all lament the extra pounds that we put on during the holidays, when we think about resolutions for January, and when we recap our most popular blog articles of the year!

In 2016, two major topics dominated our five most popular blog posts — payment automation and virtual cards. Here’s a closer look at those top five articles, in case you missed them.

An Easy Button for B2B Payments?

Published: December 15, 2016  |  Author: AOC Solutions staff

An endless source of friction between buyers and suppliers continues to be B2B payments. From paper checks and invoices, to phone calls and emails to track down payment statuses, to manual processes and hand-offs, there are many pain points impacting the flow of transactions.

To help ease that friction, on Nov. 29 AOC Solutions and its companion company, 3Delta Systems, announced a major boost of new features with AR-Exchange®, the companies’ innovative supplier portal.

And the industry is taking notice.