Launched in November 2014, AR-Exchange is an online web app to facilitate the transmission, receipt and management of payment remittance details from the buyer/payer to the seller/payee.
AR-Exchange’s features include remittance management and invoice matching which enable suppliers to benefit from straight-through processing. The new product also provides service for commercial cards, including virtual cards and single-use ghost accounts (SUGAs), as well as ACH transactions, wire transfers and checks.
Initial beneficiaries of the system will be corporate buying organisations and the suppliers they pay through AOC Solutions’ EnCompass web application. EnCompass is a commercial card and Accounts Payable platform used by commercial card issuers and their clients.
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