In a strategic move to enhance efficiency in business transactions, Boost Payment Solutions has partnered with FIS to automate accounts receivable (AR) and accounts payable (AP) processes for enterprise clients. This collaboration aims to reduce the need for manual email-based processes in B2B virtual card acceptance, significantly simplifying the current workflow. With the rapid evolution of fintech solutions, businesses are increasingly leaning towards automation to improve operational efficiency and reduce associated costs.
Boost Payment Solutions and FIS’s latest partnership continues the fintech industry’s trend towards automation and integration. Past collaborations within the industry often emphasized reducing operational redundancies and improving cash flow, similar to the current initiative. This partnership, however, distinguishes itself by specifically targeting virtual card acceptance and making use of Boost’s unique technology, setting a relatively new benchmark in the industry. The capability to integrate seamlessly into an existing system without the need for modification enhances the attractiveness of this solution.
What Improvements Will This Integration Offer?
By integrating Boost’s straight-through processing (STP) technology, FIS has made it possible for suppliers to access a fully automated and scalable solution for card acceptance. This integration is said to expedite cash flow, reduce fraud risk, and decrease the cost of acceptance. The enhanced remittance reporting and streamlined reconciliation are other notable benefits. Dean M. Leavitt, Boost Payment Solutions Founder and CEO, emphasized the potential of this partnership by stating,
“By integrating Boost Intercept into the FIS ecosystem, suppliers now have access to a fully automated, scalable solution…”
How Does This Partnership Affect Existing Systems?
Boost Intercept allows integration into existing payment systems for suppliers without any need for change management or significant IT involvement. This is achieved through innovative technologies that build upon current processes to add value, rather than bring disruption. Mariana Lamson, Boost Payment Solutions Chief Financial Officer, noted the advantage of this pragmatic approach,
“The best innovations don’t necessarily disrupt; they enhance.”
FIS has emphasized the partnership’s ability to aid AR teams in managing the complexities of virtual card acceptance. Chrissy Wagner, Senior Vice President Go to Market at FIS, stated the collaboration will address this challenge effectively. This goal aligns with FIS’s history of tailoring its solutions to meet client needs while modernizing financial operations.
Given the rapid changes in B2B transaction methods, this partnership could pave the way for smoother, more cost-effective automated solutions in AR and AP processes. The fintech landscape is shifting toward integrated solutions, with businesses seeking to not only speed up transactions but also secure them against fraud.
Boost Payment Solutions and FIS have their eyes set on contributing to this landscape by providing an integrated approach that enhances automation and efficiency without necessitating a complete overhaul of existing systems. As industry demands grow for seamless integration, this collaboration highlights the prospective growth in electronic payment systems.
Boost’s collaboration with FIS illustrates the increasing role of automation in streamlining institutional transactions. The focus on enhancing existing systems rather than replacing them, along with minimizing risks and costs, presents a practical solution for businesses aiming for efficiency in their financial operations. This strategic integration could set a precedent for future collaborations in the payment solutions industry, potentially prompting other institutions to adopt similar approaches.
