The automated B2B payment experience delivered by this collaboration will eliminate friction, reduce risk and accelerate cash flow, the companies said in a Thursday (Sept. 25) press release emailed to PYMNTS.
This solution eliminates the overhead created by the traditional process in which suppliers receive virtual cards through secure emails, according to the release.
The suppliers of SAP Taulia’s customers can now leverage Boost’s services to process their virtual card payments in a fully automated, straight-through experience, the release said.
SAP Taulia is initially rolling out this solution in the United States, United Kingdom, European Union and United Arab Emirates, and plans to expand it to additional markets later, per the release.
“As global businesses push for faster, smarter and more secure payments, our collaboration with Boost delivers exactly that,” SAP Taulia Chief Product Officer Danielle Weinblatt said in the release.
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Boost Founder and CEO Dean M. Leavitt said in the release that the partnership extends the reach of Boost’s straight-through processing technology to some of the world’s largest enterprises.
“Together, we’re not just removing friction from B2B payments — we’re redefining what efficiency and trust look like in global commerce,” Leavitt said.
By allowing payments to be made automatically from buyer to supplier without any manual intervention, straight-through processing drastically simplifies virtual card acceptance on the supplier side, David Bork, senior vice president, Boost 100 Business Development at Boost, told PYMNTS in an interview posted in May.
By combining straight-through processing and with optimized pricing models, “the overall cost of acceptance can be absolutely palatable,” Bork said.
Straight-through processing contributes to the automation of the supplier’s entire virtual card acceptance process, reducing the overhead for accounts receivable teams and freeing up staff to shift focus to higher-value tasks, Zachary Held, head of product and commercialization at Boost, told PYMNTS in an interview posted in May.
“You’re getting thousands of virtual cards a day,” Held said. “What do I do with them? How do I accept those in a very streamlined way? We’re aiming to enable companies to balance efficiency across the entire payment lifecycle.”
