B2B virtual payment platform Conferma Pay has collaborated with Boost Payment Solutions to expedite supplier payments with virtual cards.

As part of the tie-up, Boost will offer its proprietary straight-through processing (STP) solution, Boost Intercept, to provide payment flexibility to Conferma Pay’s network of issuers and card holders.

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Boost Intercept is said to offer ‘cost-effective’ payment method for commercial trading partners by eliminating manual processes.

It is also designed to mitigate the risk associated with sharing and storage of sensitive data instructions.

Boost Payment Solutions Founder and CEO Dean Leavitt said: “Boost is excited to be working with Conferma Pay to deliver a powerful, STP solution that addresses many of the pain points associated with commercial card use and acceptance.

“This collaboration will maximise commercial card acceptance by transforming what is often a cumbersome manual process into a completely seamless and touchless experience for the supplier community.”

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The global B2B payments marketplace, estimated at more than $120 trillion, majorly comprises traditional payment methods that require more time and manpower.

Conferma Pay-Boost partnership comes at a time when the businesses are said to struggle to onboard new suppliers and are burdened by a lack of tools to handle payments made by associates working remotely.

Conferma Pay CEO Simon Barker said: “The move toward digitisation and automation in B2B payments has accelerated demand for innovative technology solutions delivering more flexible payment processes with better visibility of transaction flows. Boost’s capabilities will further expand the options available to our issuer community.”

In May this year, New York-based Boost raised $22m in a Series C funding round to support its global growth across several industry verticals.