Boost CEO Says Standardization Key to Digital B2B Payments Growth

B2B payments will see significant adoption and standardization of digital, integrated solutions in 2023, Boost Payment Solutions CEO Dean M. Leavitt writes in the new PYMNTS eBook, “2023 Payments New Year’s Resolutions.”

After the uncertainty of the last two years, it’s easy to get focused on the negative and be pessimistic about the future. But in 2023 I would love to see our industry resolve to embrace the positive. Personally, I am approaching this year with the spirit of cautious optimism. The B2B payment landscape is in the midst of a massive migration toward integrated and automated solutions, and I’m excited about the opportunities that lie ahead.

We all now recognize that the pandemic was a catalyst for consumers and companies to make permanent changes in how they operate. We have seen a growing understanding and acceptance of the need for digital payments. While the data shows that the migration to B2B digitization is underway, there is still significant opportunity for adoption and growth. This is a new frontier for enterprises of all sizes and a huge opportunity for digital payment facilitators who are focused on creating improved experiences for buyers and suppliers.

As the adoption of digital payments is underway, there is equally robust interest in migrating toward smarter payables and receivables. A recent PYMNTS study found that 84% of firms are interested in automating non-payroll spend management. CFOs of companies big and small are realizing that there are better ways to operate. They are looking for solutions that optimize efficiencies across the full payment process: PO creation, invoice creation, invoice approval, OK to pay, remittance and reporting. It’s interesting and a bit ironic that the payment itself is often forgotten in the push for integrated payables. The payment is the critical “last mile” that ensures efficiency across the whole process. 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.

There is no shortage of companies that are trying to tackle the unique challenges of the B2B payment industry. I am hopeful that 2023 will be a year where we see significant movement forward in the adoption and standardization of digital, integrated solutions. There will be winners and losers in what is becoming an increasingly crowded field. I feel confident that the solutions that rise to the top will be the ones that understand and solve the problems we consistently hear, offering simplicity, cost effectiveness, easy implementation and flexibility.

One of our core values at Boost is “Be Bold.” We embrace the unknown and celebrate new ideas. Every day we push ourselves to search out new solutions to meet the evolving needs of our clients and partners. In 2023 this will mean new products and partnerships that challenge the status quo and drive our industry forward. The potential for fully digital automated payments is here and I, for one, am excited about what the year ahead has in store.