Boost to deliver electronic payments for JPMorgan commercial cards
With a growing number of banks adopting digital technology to move B2B commercial cards into mobile wallets, JPMorgan is collaborating with Boost Payment Solutions to automate the delivery of single-use and commercial card accounts to clients.
New York City-based Boost, a fintech acquirer focused solely on B2B payments, operates a straight-through processing platform that allows non-cardable payments to become cardable by converting manually processed virtual cards into a fluid acceptance process for suppliers.
Combined with a payment platform that uses rules-based dynamic interchange pricing for commercial card payments, Boost says it is offering a "unique and powerful one-two punch" for the commercial card issuing community.
"JPMorgan commercial card clients and their suppliers can now benefit from automated payment processing and remittance posting," John Skinner, head of commercial card at JPMorgan, said in a Wednesday press release. "Boost's technology, paired with their supplier enrollment and reporting capabilities, enables our clients to overcome acceptance concerns and grow their card programs."
JPMorgan customers will now have access to Boost's platform and its extensive network of straight-through processing acceptors.
"We're excited to partner with JPMorgan and to offer their portfolio of clients Boost's peerless product set and processes designed to maximize commercial card acceptance," "We look forward to helping JPMorgan customers grow their card programs by capturing incremental spend through Boost's technology and time-tested supplier enrollment processes,” said Dean M. Leavitt, founder and CEO of Boost Payment Solutions, in the release.
Boost Payment Solutions was founded in 2009. The company says its technical capabilities have helped transform commercial cards into a cost effective, scalable and secure alternative to traditional checks, wires and ACH payments.