There is a growing demand for cross-border payments across the globe. Looking to meet this demand, B2B payments organisation, Boost Payment Solutions has partnered with international payment firm, TransferMate.
As a result of the new collaboration, Boost’s cross-border payment solution for enterprise-level business, Boost 100XB, will be combined with TransferMate’s globally regulated payments infrastructure to help increase industry-wide commercial card usage and adoption. Boost customers will have access to payment licensing for over 200 countries in North America, Europe, Asia, due to the TransferMate integration. They will also have access to over 140 currencies.
Working together, the companies are streamlining processing and reconciliation for accounts payable and receivable teams dealing with international payments. This has come at an important time as the global B2B cross-border payments market is set to reach $50trillion by 2032, driven by growth across large enterprises and SMBs, as well as increased digitisation.
“Cross-border payments are no longer just a financial transaction – they’re the bridges that connect our global digital economy,” said Dean M. Leavitt, founder and CEO of Boost Payment Solutions. “This strategic partnership with TransferMate further supports Boost’s mission to streamline and modernise B2B payments globally.
“By combining our expertise in commercial card optimisation with TransferMate’s robust global payout infrastructure, we’re creating a more powerful, seamless payment experience while maintaining the highest levels of regulatory compliance and security that our customers expect. Furthermore, it levels the playing field among those commercial card issuers that can issue cards globally and those that cannot.”
Utilising Boost 100XB
To address the growing market need, Boost 100XB was developed to simplify and streamline buyers’ international transactions, enabling financial institutions and program managers who issue commercial cards on US-based BINs to expand the reach of those programmes into cross-border payments.
Boost 100XB is a feature of Boost 100, which utilises a two-step payment process whereby the transaction is initiated on the card rails and settled via a variety of payment modalities and currencies that best meet the needs of the supplier. Boost 100 was specifically designed to address this need by empowering enterprise buyers to pay 100 per cent of their suppliers by card regardless of how each of their suppliers prefers to get paid.
Boost 100XB, along with TransferMate’s focus on regulations, compliance and security across its extensive global payments network, enables buyers and suppliers to increase cost efficiency and speed for sending and receiving secure digital cross-border payments.
“When two fintech companies come together in a collaborative partnership like this, it acts as a real step forward in delivering a better cross-border payment experience for everyone,” said Sinead Fitzmaurice, CEO of TransferMate, on the strategic partnership. “Our embedded payments infrastructure – a network operating right across the globe – will bring significant value-add to Boost and their clients. Together, we’re going to make it easier for businesses to pay internationally, within a secure and regulated framework.”
