Virtual Payments Processing Platform Goes Live

Commercial payments technology provider AOC Solutions announced the launch of its new processing platform for virtual payments on Monday (April 11).

The platform, called Transact Global, provides a cloud-based infrastructure that aims to help solve the challenges facing multinational middle- and large-market entities within the B2B card payments space.

According to AOC Solutions, the platform is designed to promote innovation, integration and efficiency, with a focus on serving the needs within the B2B electronic payment industry, both domestically and globally.

In a statement announcing the launch, Tre Cage, chief operating officer at AOC Solutions, said:

“Transact Global is designed to meet a growing market need for more efficient, more effective and less costly methods for virtual payment processing. Issuing banks that adopt this technology will gain a significant financial and product edge over other processing platforms currently available in the marketplace.”

The company confirmed that Transact Global will be made available to financial institutions and their buying organizations in an effort to support additional control, reduced risk and increased processing frequency. AOC Solutions said Transact Global will also provide reduced cost per transaction to issuers, among other intended benefits.

In a whitepaper released last year, titled “How Financial Institutions Can Take Commercial Payments to a Higher Level,” AOC Solutions advocated for financial institutions to expand beyond “traditional” plastic credit cards and embrace electronic accounts payable systems.

A “card program” used to mean just a physical, tangible piece of plastic, but now, institutions must look toward the specific needs of buying organizations and how those clients have specific payment cycle needs.

The paper notes that “most [financial institutions] have already identified Electronic Accounts Payable (EAP) as their highest growth and highest revenue opportunity” but that some organizations do not currently have an EAP in place — or perhaps they offer one that does not meet client or supplier needs. Size and resources may matter, and some financial entities may not have enough of either to make the most informed and advantageous EAP decision.