The New York-based financial technology company has teamed with BMO Harris Bank to deliver integrated, automated processing for its corporate card customers.
Boost will now provide straight-through processing (STP) technology to extend Harris Bank’s Approve2Pay Corporate Card solution with automated processing, enhanced remittance reporting, and operational efficiencies for both buyers and suppliers, the companies said.
“Through our alliance with Boost, we can deliver a best in class, fully integrated and automated STP payment option for our clients in the United States and in Canada,” BMO Harris Bank Head of North American Corporate Card Products Steve Pederson said in the announcement. “Collaboration with leading FinTech partners like Boost helps our clients streamline the B2B payments process, better support cash flow needs, and simplifies the process suppliers traditionally go through to accept a payment.”
Chicago-based BMO Harris Bank has more than 500 branches and fee-free access to 40,000 ATMs in the U.S.
Boost said its focus on B2B payments positions it to serve BMO Harris Bank’s corporate card clients with technologies and programs that helps grow spending. Boost Intercept, the company’s STP platform, which converts manually processed virtual cards into a passive acceptance experience for suppliers, increases card acceptance and makes it easy for suppliers to process and reconcile card payments, Boost said.
“Now more than ever, navigating uncertain times requires operational continuity, automation and expedited payment processes for businesses,” Boost Founder and CEO Dean M. Leavitt said in the announcement. “We’re excited to work with BMO Harris Bank to offer their portfolio of clients Boost’s peerless product set and processes designed to maximize commercial card acceptance.”
A PYMNTS report on digitizing payments notes that B2B automated clearing house (ACH) payments are growing. One billion B2B ACH payments were reported for the fourth quarter of 2019, representing a 12.6 percent increase from the previous quarter.