To improve virtual card processing for U.S. shops, American Express and Boost Payment Solutions have unveiled a new service offering. Boost Intercept is a patented Straight-Through Processing (STP) technology that is made available to eligible American Express stores for free beginning October 1, 2024. This collaboration aims to automate the entire virtual card payment process, reducing manual labor and streamlining payment cycles. The move comes as virtual cards are poised to make up 52% of U.S. commercial card spending by 2025. By eliminating manual data entry and associated errors, this solution enhances efficiency, improves cash flow management, and strengthens data security for merchants.
American Express continues to invest in improving supplier and buyer experiences through innovative payment solutions. Boost Payment Solutions, a global leader in B2B payment technology brings its expertise to this partnership by providing a seamless, automated process that minimizes friction and optimizes payment security. Colleen Taylor, President of U.S. Merchant Services at American Express, emphasized the company’s commitment to supporting merchants, while Dean M. Leavitt, CEO of Boost, highlighted the benefits of this collaboration in helping suppliers thrive in a fast-paced business environment. Together, they aim to create a smarter and safer ecosystem for B2B virtual card transactions.
