Conferma Pay, Boost Partner to Drive Supplier Payments With Virtual Cards

B2B virtual payment platform Conferma Pay and B2B payment gateway Boost Payment Solutions are teaming up to offer commercial card issuers and their corporate clients a virtual card tool that quickly transfers payments into suppliers’ bank accounts, according to a press release emailed to PYMNTS on Tuesday (Nov. 16).

The strategic collaboration between the two firms will offer Conferma’s network of issuers and cardholders access to payment flexibility with Boost Intercept, Boost’s proprietary straight-through processing (STP) solution.

Dean M. Leavitt, founder and CEO of Boost Payment Solutions, said that its STP solution combats “many of the pain points” that often come with the use and acceptance of commercial cards.

“This collaboration will maximize commercial card acceptance by transforming what is often a cumbersome manual process into a completely seamless and touchless experience for the supplier community,” Leavitt said.

See also: Solving B2B’s Payment And Data Problem

Estimated at over $120 trillion, the global B2B payments marketplace is largely comprised of outdated payment methods that not only take a lot of time and manpower but also result in inconsistent data, according to the release. The economic ecosystem is more complicated today than ever before, and many businesses have trouble onboarding new suppliers efficiently. Further, many don’t have the tools to handle payments made by associates working remotely.

Boost Intercept offers cost-effective payment methods for commercial trading partners that are safe and reliable and eliminate the friction that comes with manual processes. The solution also eradicates the risk that’s often connected to sharing and storing vulnerable data instructions. There are also cash flow perks that can maximize working capital for both buyers and suppliers.

Read more: Boost, Mastercard, Join Forces to Increase Commercial Card Use

Simon Barker, Conferma Pay CEO, said having Boost as part of Conferma Pay’s growing payment ecosystem will help drive “digitization and automation in B2B payments” and meet clients’ demand for “innovative technology solutions.”

“Boost’s capabilities will further expand the options available to our issuer community” while also bringing about an increase in “flexible payment processes” that come with “better visibility of transaction flows,” Barker said.