B2B payment processing company Boost Payment Solutions has partnered with automated intelligence software provider Robobai to help enterprise businesses accelerate payments optimization and to provide those across the supply chain with streamlined disbursement processes.
With the partnership, Boost’s straight-through B2B payments processing solution will be provided to customers of Robobai, which uses artificial intelligence (AI) to help organizations better understand their spending, according to a Wednesday (Sept. 21) press release.
“Combining AI-driven data with Boost’s fast, secure processing for commercial cards can provide customers with the best of both worlds, allowing businesses to understand the opportunities within their supply chains and optimize them with fast, smart payments,” Boost Chief Revenue Officer Lou Longhi said in the release.
While Boost and its strategic, global partnerships optimize accounts payable (AP) and simplify the process of payments and compliance, Robobai and its AI system helps companies with savings opportunities, supplier compliance, risk assessment and insights, according to the press release.
“Optimizing working capital is vital in the current inflationary market,” Robobai CEO and Founder Julian Harris said in the release. “The Robobai platform flags payment optimization opportunities across suppliers. Partnering with Boost will enable our customers to activate these opportunities quickly.”
Implementing a commercial credit card product can help with working capital issues on both the buy side and the supply side by increasing days payable outstanding while at the same time reducing days sales outstanding, Boost Payment Solutions Founder and CEO Dean Leavitt told PYMNTS in an interview posted in September.
It can also help with data, Leavitt added, saying, “By introducing digital payments, not only do you get the benefit in the case of the working capital benefit, but you can also send along with that transaction an unlimited amount of data in a host of different formats and delivery protocols so that the stakeholders, the buyers or the suppliers, can receive that remittance detail and ingest it automatically into their accounting system or ERP [enterprise resource planning] system.”