Conferma Pay and Boost Payment Solutions Evolve Partnership to Transform the Payments Industry
- 27.03.2023 09:50 am
Conferma Pay and Boost Payment Solutions have committed to developing a “best-in-class” virtual payment solution in an extension of their partnership. The partnership seeks to revolutionise B2B payments by replacing legacy systems with a secure, digitised and automated ecosystem capable of handling unique and high-volume virtual payments.
The collaboration offers a seamless B2B virtual payment platform, combining Conferma Pay’s unrivalled virtual payment technology with the multi-patented straight-through processing (STP) solution, Boost Intercept®. The renewed relationship between the two parties will allow businesses to manage all of their payments onto virtual card-based solutions, where they are easily able to manage all of their outgoing payments in a secure digital environment with risk-free data sharing.
Jason Lalor, Chief Executive Officer of Conferma Pay, comments, “Extending our partnership with Boost to develop the best-in class virtual payment solution is really exciting for our customers and the wider B2B industry. Our combined offering provides businesses with visibility, security, and flexibility over their payment process. While we have already seen great success across the travel sector, the partnership extension broadens this solution across the wider world of B2B payments, providing a simpler, hassle-free solution that allows suppliers to be paid quickly.”
Dean M. Leavitt, Chief Executive Officer and Founder of Boost Payment Solutions, comments, “From our extensive experience with both buyers and suppliers, there is a clear demand for an innovative, digital solution that offers a painless end-to-end payments process. We’re thrilled to be revitalising our partnership with Conferma Pay to revolutionise B2B payments and drive this solution that can handle unique, complex and high quantity payments with ease in a secure environment.”
Conferma Pay provides a streamlined user interface for banks, working with 75 issuers around the world. The technology is fully integrated with all major card schemes and can generate virtual cards in nearly 100 currencies. Conferma Pay’s web solution routes these virtual card payments to Boost, which then processes a card on behalf of the supplier. Boost is a recognised leader in B2B payment processing, with a large network of card-accepting suppliers around the world and a global footprint of 47 countries.
The renewal of the partnership comes at a time where the payments environment is shifting. Conferma Pay has seen increased adoption of virtual cards, particularly in the travel sector to handle complex payments more easily, as well as more broadly across B2B enterprises in recent years. The shifting landscape presents an opportunity for the partnership to capitalise on by providing a next-generation payments solution for businesses looking to simplify how they manage their payments and take advantage of valuable working capital benefits.
The two companies initially partnered in 2021, and over the following year Conferma Pay was acquired by Sabre in August 2022.