Boost Payment & BMO Harris Bank partner for automated B2B payment solutions

By Pavithra R

Boost Payment Solutions, a leader in optimising the use and acceptance of commercial cards, has announced that the company has entered into a strategic partnership with BMO Harris Bank.

Under the partnership, Boost will provide straight-through processing (STP) technology to extend BMO Harris Bank’s Approve2Pay Corporate Card solution with enhanced remittance reporting, automated processing, and operational efficiencies for both buyers and suppliers.

The process for accepting and processing virtual card payments has increased manual data entry and reconciliation challenges for accounts receivable departments. Through the collaboration, BMO Harris Bank’s Approve2Pay payment solution will integrate Boost’s STP capabilities to simplify the processing, delivery, and reconciliation of B2B payments and bring automation to accounts receivable function. BMO’s clients can also expand their card programs, maximise cash flow options and tap into Boost’s extensive supplier network of STP acceptors.

“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. 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,” said Steve Pederson, Head of North American Corporate Card Products for BMO.

Boost payments, with its proven technologies and programs to help grow card spend, is uniquely positioned to serve BMO Harris Bank’s Corporate Card clients. Its 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.

“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 maximise commercial card acceptance,” said Dean M. Leavitt, Founder and CEO of Boost Payment Solutions.

Established since 2009, Boost Payment Solutions optimises the use and acceptance of commercial cards through its suite of proprietary technology-enabled solutions.