AOC Solutions in Chantilly, Va., has launched Transact Global, a processing platform exclusively for digital payments among businesses that still rely on manual processing.
The cloud-based platform is designed to address payment needs within the business-to-business electronic payments marketplace, both domestically and globally but specifically those of the multinational middle- and large-market entities. The technology offers financial institutions and their buying organizations increased control, reduced risk and more frequent processing, as well as a reduced cost per transaction and other benefits to issuers.
Business payments have become popular for technology companies , given the sector's relatively slow automation pace when compared to consumer payments.
Transact Global is designed to meet the growing market needs for more efficient and less costly methods for virtual payment processing, said Tre Cage, AOC's chief operating officer. “Issuing banks that adopt this technology will gain a significant financial and product edge over other processing platforms currently available in the marketplace,” Cage said in a written statement.
Since its inception in 1996, AOC’s commercial payments technology has serviced more than 400,000 corporate, government and public and private sector customers.