2013-03-21 19:00:20 -
Automated Prefund Process Earns CPI’s Global Award for Excellence
CHANTILLY, Va. – March 21, 2013 – AOC Solutions, Inc. (AOC) – a leading commercial payments technology and services provider to public, private and corporate sector clients – announced today that it won a Commercial Payments International Global Excellence Award for creating an automated, electronic payments process that enables organizations to leverage their own 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 every step of the way 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 payments solutions that meet urgent customer needs,” says Allen O. Cage, Jr., AOC’s president and CEO. “We are honored to have been chosen for this prestigious distinction.”
“CPI is delighted that the judges selected AOC’s Commercial Prefund Solution as the Best Commercial Payments Innovation,” says 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 last night at CPI’s Global Commercial Cards & Payments Summit in New York City.
NOTE TO EDITORS: a high-resolution color photo of Kevin Woods (AOC’s Executive Vice President of Global and Strategic Initiatives) accepting the award is available on request.
About AOC Solutions
AOC Solutions, Inc., headquartered in Chantilly, VA, is a veteran-owned company whose innovative commercial payments technology, federal financial management, business process improvement, strategic planning services and solutions as well as contact center operations have been serving more than 400,000 corporate, government, public and private sector customers since 1996. AOC’s strategic relationships within the financial management and integration markets enable a streamlined approach to commercial payments from virtually any accounts payable or general ledger payments system in use today. AOC has also been named to the Inc. 500-5000 list of the nation's fastest growing private companies four times, the latest in 2012. For more information, visit www.aocsolutions.com or watch this short video about AOC’s commercial payment solutions. You can also follow us on Twitter, Facebook and LinkedIn.
About the CPI Global Awards for Excellence
Commercial Payments International’s Global Awards for Excellence recognize exceptional industry professionals, programs and companies in five categories: Most Influential Commercial Cards and Payments Executive, Best Commercial Payments Innovation, Best New Commercial Card Program and Best Overall Commercial Card Issuer. A distinguished panel of judges selects the winners from among hundreds of nominations submitted. The awards are presented during the Global Commercial Cards & Payments Summit in New York.
