NEW YORK--(BUSINESS WIRE)--Boost Payment Solutions, Inc., the leader in optimizing the use and acceptance of commercial cards, announced today 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.
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.
“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.
“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.” said Dean M. Leavitt, Founder and CEO of Boost Payment Solutions.
As the leader in B2B electronic payments, Boost optimizes how commercial card payments are initiated, processed, received and reported. Boost’s technical innovations have transformed commercial cards into a cost effective, scalable and secure alternative to traditional checks, wires and ACH. Boost features a global footprint that serves a broad spectrum of industries. Boost was founded in 2009, and is headquartered in New York, NY. Please visit us at www.boostb2b.com.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$987 billion as of April 30, 2020.