Boost Payment Solutions, Inc., the leader in optimizing the use and acceptance of commercial cards, announced a strategic collaboration with BMO Harris Bank. Boost will now provide straight-through processing (STP) technology to extend BMO Harris Bank’s Approve2Pay® Corporate Card solution with automated processing, enhanced remittance reporting, and operational efficiencies for both buyers and suppliers.
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“Now more than ever, navigating uncertain times requires operational continuity, automation and expedited payment processes for businesses. We’re excited to work with BMO Harris Bank to offer their portfolio of clients Boost’s peerless product set and processes designed to maximize commercial card acceptance.”
The process for accepting and processing virtual card payments has increased manual data entry and reconciliation challenges for accounts receivable departments. Boost Payment Solutions and BMO Harris Bank are collaborating to integrate Boost’s STP capabilities with BMO Harris Bank’s Approve2Pay payment solution to simplify the delivery, processing, and reconciliation of B2B payments and bring automation to accounts receivable function.
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“Through our alliance with Boost, we can deliver a best in class, fully integrated and automated STP payment option for our clients in the United States and in Canada,” said Steve Pederson, Head of North American Corporate Card Products for BMO. “Collaboration with leading FinTech partners like Boost helps our clients streamline the B2B payments process, better support cash flow needs, and simplifies the process suppliers traditionally go through to accept a payment.”
Boost, the only FinTech acquirer focused exclusively on B2B payments is uniquely positioned to serve BMO Harris Bank’s Corporate Card clients with proven technologies and programs that help grow card spend. Boost’s proprietary STP platform, Boost Intercept®, which converts manually processed virtual cards into a completely passive acceptance experience for suppliers, coupled with proven supplier enablement strategies, increases card acceptance and makes it easy for suppliers to process and reconcile card payments. BMO’s clients can expand their card programs, maximize cash flow options and tap into Boost’s extensive supplier network of STP acceptors.
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