B2B firm Boost Payment Solutions has received patents for two pieces of payment technology.
The New York company announced Wednesday (June 28) patents for its Boost Intercept and Dynamic Boost products, arriving at a time in which the need for faster B2B engagement has become increasingly important for businesses.
“These patents are a testament to our team’s unwavering dedication to developing cutting-edge solutions that address the complex challenges faced by businesses in their payment processes,” Boost CEO Dean M. Leavitt said in a news release provided to PYMNTS.
Boost Intercept, patented in the U.S. and Canada, is a straight-through processing (STP) payment technology that the company says eliminates the need for human intervention in payment and reconciliation.
“The fully-automated system authorizes payments within seconds, ensuring accurate reporting and enhanced security by eliminating exposure or storage of card data or depository account information,” the release said.
Dynamic Boost, meanwhile, is — per the company — the first payment platform to apply dynamic authorization and pricing to commercial card payments, offering buyers and suppliers “flexibility based on business rules that fit their mutual needs.”
Boost’s announcement is happening at a moment when — as noted here earlier this week — companies are beginning to realize the true cost of the friction points on the B2B transaction journey, especially with many suppliers offering better solutions.
“Treasury operations historically have been bogged down with manual processes, but are often the last to get investment dollars for new software automation,” Krista Sharp, co-head of Treasury Services for Middle Market Banking and Specialized Industries at J.P. Morgan Chase, said in a recent interview with PYMNTS.
“There’s a big risk [to failing to modernize systems], and that’s the company’s future. Limiting your ability to easily gather and run analytics that can add value and insights [inherently] limits your ability to use real-time data to predict, forecast and plan strategically across your whole firm,” she added.
Boost’s Leavitt was among the contributors earlier this year to PYMNTS’ eBook “2023 Payments New Year’s Resolutions,” in which he noted that the B2B payment space was in the middle of a “massive migration toward integrated and automated solutions.”
“The payment is the critical ‘last mile’ that ensures efficiency across the whole process,” he wrote. “If you have to go offline to send a check or deliver an ACH then you have lost the value of speed, automation and, perhaps most importantly, the data.”
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More