Longtime B2B payments partners AOC Solutions and 3Delta Systems have announced the launch of their latest collaboration: AR-Exchange. The new platform is an online platform to streamline B2B payments for suppliers’ accounts receivable function, providing remittance and invoice matching services, the companies said in their announcement on Monday (Nov. 16).
“We are now executing on a multi-phased roadmap to help bring significant value to suppliers,” said the companies’ chief product officer, Todd King, in a statement. He went on to explain how the solution tackles the friction that can stem from multiple payment technologies a supplier is forced to accept in today’s market.
“AR-Exchange is a jointly developed and leading-edge implementation of a remittance management system that crosses payment types in a single Web service stream for the payer and delivers a consistent and reliable method for suppliers to obtain remittance details that support cash application and invoice matching,” he explained.
The solution, which officially debuted over the weekend, means suppliers can process their payments regardless of method. The firms said it supports commercial cards, virtual cards, single-use ghost accounts, ACH, wire transfers and checks.
AOC and 3Delta said the platform will first be available to corporate customers that pay suppliers through AOC Solutions’ AP platform EnCompass.
The service, King added, was developed as a result of analysis of the B2B payments ecosystem.
[bctt tweet=”Supplier adoption will only occur in scale when real efficiency can be gained.”]
“Industry research and our experience has indicated that supplier adoption of this type of technology will only occur in scale when real efficiency can be gained,” he stated, “and we believe AR-Exchange, and its subsequent extensions, will meet and exceed this test.”