Boost Enables Cross-Border Payments With US-Issued Commercial Cards
Boost Payment Solutions has introduced a solution that allows enterprise buyers to use their existing U.S.-issued commercial cards to pay suppliers in more than 180 countries.
The new Boost 100XB also enables financial institutions and program managers who issue commercial cards on U.S.-based BINs to expand the reach of those programs into cross-border payments, the company said in a press release emailed to PYMNTS.
“By creating innovative commercial card solutions, like Boost 100XB, we are delivering buyers a cross-border solution that allows businesses to optimize payment processes, gain improved spend visibility and focus on growth rather than challenges related to moving money around the world,” Dean M. Leavitt, founder and CEO of Boost Payment Solutions, said in the release.
When using Boost 100XB, companies don’t have to establish secondary banking relationships in their suppliers’ countries, according to the release.
Boost 100XB also allows buyers to set payments terms, provides end-to-end automation and security for buyers and suppliers, and offers supplier enrollment support at no additional cost, the release said.
Boost Payment Solutions plans to continue to extend the capabilities of Boost 100XB by expanding its global partner network and adding new receiving corridors, per the release.
Global trade has climbed to new heights, propelling a similar increase in cross-border payments, according to the PYMNTS Intelligence and Citi collaboration, “The Treasury Management Playbook: Spotlight on Cross-Border Payments.”
At the same time, cross-border payments generally remain more expensive, opaque and slower than domestic payments, PYMNTS reported in April. That holds true across both B2B and B2C payments.
At a time when businesses around the globe are working to find and capture opportunities amid shifting macro and geopolitical uncertainties, they are turning to payment companies for solutions that enhance efficiency and digitization, Leavitt told PYMNTS CEO Karen Webster in an interview posted in April.
“There are two big things businesses want,” Leavitt said. “The first is cross-border payments mechanisms that are cost-effective and efficient in paying their suppliers abroad. That’s a clear desire on the enterprise B2B level. And the other thing is just broadly digitizing the ways in which businesses pay and get paid.”
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