This collaboration brings together OneSource Virtual’s new Invoice Pay product and the Boost Intercept straight-through processing solution, the companies said in a Tuesday (June 20) press release.
“Together, we are creating a fully passive acceptance experience, reducing friction and strengthening customer-supplier relationships,” Boost Payment Solutions Chief Revenue Officer Seth Goodman said in the release. “This partnership aligns perfectly with our mission to simplify B2B payments and enhance payment experiences across all industries.”
With this partnership, Invoice Pay virtual cards will be converted to passive acceptance, which eliminates the need for manual entry, reduces the risk of fraud and enhances cost efficiency, according to the press release.
The solution also provides OSV customers with more digital payment options and can be integrated with no need for new software or equipment installation, the release said.
“This partnership allows OSV to cement our position as the only viable in-tenant solution for Workday financials customers,” OneSource Virtual Chief Financial Officer John Bax said in the release. “With the increased vendor matching and conversion rates from layering on the Boost product, OSV will significantly increase the number of rebates and benefits for customers utilizing our Invoice Pay service, part of our complete AP Automation solution for Workday customers.”
PYMNTS research has found that 67% of firms processing at least 2,500 payables monthly say automated AP is very or extremely important to increasing the number of payables.
In addition, 93% of mass-payout firms expect their monthly payables to increase in the next three years, and 98% believe automated AP will improve their speed of managing payables, according to “High-Volume Accounts Payable: Achieving Long-Term Growth Through Automation,” a PYMNTS and Routable collaboration.
Virtual cards and other commercial card technology can help chief financial officers (CFOs) manage payment activity, Goodman told PYMNTS in an interview posted on May 1.
“There are now a host of technology-enabled options to optimize payments that directly impact the bottom line, and commercial cards have emerged as the clear winner for both the accounts payable (AP) and accounts receivable (AR) sides of the business,” Goodman said at the time.