AOC Receives an Award for Innovation in Commercial Payments -- Security Today

AOC Receives an Award for Innovation in Commercial Payments

Mar 21, 2013

AOC Receives an Award for Innovation in Commercial Payments AOC Solutions, Inc. - a commercial payments technology and services provider to public, private and corporate sector clients - announced today that it won the Commercial Payments International Global Excellence Award for creating an automated, electronic payments process that enables organizations to leverage their cash-on-hand more effectively to pay for vendor goods or services, instead of having to obtain a more traditional line of credit from a bank or other lender.

AOC's patent-pending, prefund technology, part of AOC's EnCompass platform, uses proprietary file- and web-based accounts payable (A/P) processes to determine a client's available funds, provide additional funds to pay that client's commercial vendors and conduct vendor payments. Prefund also manages and secures payment-related data among all parties involved in the transaction: the buying organization, the financial issuer and the vendor. As a result, Prefund significantly reduces or eliminates the need for additional information to close A/P invoices; provides secure payments to vendors with better line-item-transaction detail on invoices; and provides electronic notification of pending or completed payments to expedite closure of open receivables within a client's own accounts receivable (A/R) system.

"This award affirms AOC's commitment to delivering innovative commercial payment solutions that meet urgent customer needs," said Allen O. Cage, Jr., AOC's president and CEO. "We are honored to have been chosen for this prestigious distinction."

AOC Receives an Award for Innovation in Commercial Payments

"CPI is delighted that the judges selected AOC's Commercial Prefund Solution as the ‘Best Commercial Payments Innovation,’" said Joanne Robinson, CPI's founder and CEO. "AOC Solutions continues to develop innovative solutions for the commercial payments industry and, this award recognizes those achievements."

Cage was also nominated as a finalist in the "Most Influential Commercial Cards and Payments Executive" category.

Winners were announced at CPI's Global Commercial Cards & Payments Summit in New York City.

(left) Kevin Woods, AOC’s Executive Vice President of Global and Strategic Initiatives

(right) Joanne Robinson, founder and CEO, Commercial Payments International

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