Boost Payment Solutions, a US-based business to business (B2B) payments fintech firm, has forged a partnership with OneSource Virtual (OSV), a Workday services, solutions, and products provider, to transform B2B payments.
By utilising OneSource Virtual’s newly introduced Invoice Pay solution with the multi-patented straight-through processing (STP) Boost Intercept, Boost Payment aims to revolutionise fully automated invoice payments.
According to Boost Payment, the fully automated and risk-free supplier payment experience will convert Invoice Pay virtual cards to passive acceptance.
It will eliminate the need for manual data entry and reduce the risk of fraud while improving cost-efficiency.
Through the collaboration with Boost Payment, OneSource Virtual seeks to support its customers in bolstering their supplier relationships by mitigating the friction often associated with procure-to-pay payments.
OneSource Virtual chief financial officer John Bax said: “This partnership allows OSV to cement our position as the only viable in-tenant solution for Workday Financial Management customers.
“With the increased vendor matching and conversion rates from layering on the Boost product, OSV will significantly increase the number of rebates and benefits for customers utilising our Invoice Pay service, part of our complete AP Automation solution for Workday customers.”
The collaboration is said to offer various advantages, including automated payment processing that guarantee that the funds are deposited directly into suppliers’ accounts, said Boost Payment.
Besides, the B2B payments fintech firm expects to deliver top-level security for all transactions to remove exposure to sensitive card data and introduce automated remittance reporting for simplifying reconciliation.
The partnership also enables faster and easier integration as customers need not purchase new software, manage integrations, or install equipment.
Boost Payment Solutions chief revenue officer Seth Goodman said: “OneSource is an innovation leader that Boost is thrilled to partner with to provide our technology and expertise for their OneSource Virtual Card customers.
“Together, we are creating a fully passive acceptance experience, reducing friction and strengthening customer-supplier relationships. This partnership aligns perfectly with our mission to simplify B2B payments and enhance payment experiences across all industries.”
