The collaboration is designed to enhance Boost’s international commercial card processing capabilities and help it streamline supplier onboarding and simplify cross-border payment processing, the company announced Tuesday (Oct. 20).
“Global B2B payments shouldn’t become more complicated simply because a business crosses a border,” Dean M. Leavitt, Boost’s founder and chief executive, said in a news release provided to PYMNTS.
“Boost has built a global platform designed around the unique needs of B2B payments, and our partnership with Airwallex allows us to make the infrastructure behind that experience even more scalable and consistent. By combining their global processing capabilities with our specialized B2B expertise, we can continue raising the bar for the customers and suppliers we serve,” added Leavitt.
Boost’s platform is designed to help businesses send and receive commercial card payments globally with more visibility, control and efficiency, the release said.
Airwallex is helping the company expand its international footprint by offering global processing infrastructure and acquiring capabilities that support Boost’s ongoing entry into new markets. The companies say the integration brings together the strengths of both parties.
“Airwallex’s global infrastructure supports a more streamlined and reliable processing experience across markets, while Boost brings specialized expertise in B2B and large-ticket commercial card transactions, helping eligible payments qualify for more favorable interchange rates and optimizing scheme fees,” the release said. “Together, the companies are creating a more consistent and efficient B2B card payment experience globally.”
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According to Boost, the partnership has already seen substantial adoption. Over a five-month period, Boost’s processed payment volume via Airwallex increased by nearly tenfold, with upwards of 270 supplier accounts onboarded in that time frame.
“B2B payments are inherently complex, particularly when businesses are operating across multiple markets,” said Philipp Reichardt, vice president of enterprises at Airwallex, adding that his company’s “embedded payments solutions are built to remove that complexity and provide the infrastructure they need to grow.”
PYMNTS spoke earlier this year Boost’s Leavitt about how the arrival of artificial intelligence in payments is distinct from previous hype cycles.
“This is different,” he told PYMNTS CEO Karen Webster. “AI goes beyond payments. It will ultimately be completely embedded in payments, and payments will be embedded in it.”
As that report said, enterprise payments are “dense packages” of money, data and commercial obligations. Just one transaction can represent thousands of invoices, with line-item details, account identifiers and buyer-supplier terms that need to be precisely reconciled. This complexity makes B2B payments well suited to AI and unforgiving of its mistakes.
“In B2B and enterprise-level B2B, it’s this combination of two worlds,” Leavitt said. “It’s moving money and moving data.”
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