Boost Payment Solutions and JP Morgan have partnered to use payment processing technology for automated commercial card payments.
Boost will offer the technology to automate JP Morgan’s Single Use Card Accounts (SUA) and additional commercial card transactions delivery.
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The process is intended to enhance cash-flow, automate remittance data exchange and improve operational efficiency for buyers and also suppliers.
JP Morgan head of Commercial Card John Skinner said: “Through this exciting collaboration, JP Morgan commercial card clients and their suppliers can now benefit from automated payment processing and remittance posting.
“Boost’s technology, paired with their supplier enrolment and reporting capabilities, enables our clients to overcome acceptance concerns and grow their card programmes.”
Boost added that the alliance will make currently non-cardable spend cardable for JP Morgan’s commercial card customers.
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By GlobalDataThe company will use its Boost Intercept platform to convert manually processed virtual cards into passive straight-through processing (STP) acceptance for suppliers.
In addition, Dynamic Boost platform enables interchange pricing for commercial card transactions. JP Morgan customers will be able to access Boost’s platform and its STP acceptors network.
Boost Payment Solutions founder and CEO Dean Leavitt said: “We look forward to helping JP Morgan customers grow their card programmes by capturing incremental spend through Boost’s technology and time-tested supplier enrolment processes.”
Founded in 2009, Boost works to streamline the use and acceptance of commercial cards.
In September this year, Boost forayed into Singapore and Sweden, expanding its international commercial cards network to around 30 regions.
