Conferma Pay partners with Boost Payment Solutions to launch STP solution
In the race to expand commercial card products around the globe, straight-through processing is the latest must-have technology driving partnerships between industry players.
In such the UK based virtual payments technology company, Conferma Pay has announced a partnership with the New York-headquartered non-bank B2B payments company Boost Payment Solutions which would provide Conferma Pay’s network of issuers and cardholders with Boost’s proprietary straight-through processing (STP) technology that is Boost Intercept.
According to the press note, the world’s B2B payments space is estimated to be at $120 trillion and it is still dominated by outdated methods of payments which are ‘time-consuming, labour intensive and produce inconsistent reporting data’.
STP is seen as a prerequisite for automation of commercial payments, with banks and virtual card issuers scrambling to provide it. “This collaboration will maximize commercial card acceptance” said Dean M. Leavitt, Founder & CEO of Boost Payment Solutions.
Further, the press release notes that the Boost Intercept platform removes ‘the friction of manual processes and eliminating the risk associated with sharing and storing sensitive data instructions’.
“The move toward digitisation and automation in B2B payments has accelerated demand for innovative technology solutions delivering more flexible payment processes with better visibility of transaction flows”, said Simon Barker, CEO at Conferma Pay.
Conferma Pay is a virtual payments technology company focusing on the travel sector. The company says it is integrated with all major card schemes and serves over 50 banking partners, who issue Conferma Pay-generated virtual cards in 100 currencies.
Boost Payment Solutions is a B2B payments fintech which issues white-labelled cards and optimizes how commercial card payments are initiated, processed, funded and reported. The company’s website notes it is a registered ISO and payment facilitator of Fifth Third Bank, registered payment facilitator of Elavon and a registered ISO of AIB Merchant Services, Dublin, Ireland.