New York-based business-to-business payments company Boost Payment Solutions has partnered with global B2B payments company TransferMate to address the growing demand for cross-border payments.
The collaboration combines Boost’s cross-border payment solution for enterprise-level business, Boost 100XB, with TransferMate’s globally regulated payments infrastructure to help increase industry-wide commercial card usage and adoption.
According to research from FXC Intelligence, the global B2B cross-border payments market will total $50 trillion by 2032, driven by growth across large enterprises and small and midsized businesses, as well as increased digitization. To address the growing market need, Boost 100XB was developed to simplify and streamline buyers’ international transactions, enabling financial institutions and program managers who issue commercial cards on U.S.-based bank identification numbers to expand the reach of those programs into cross-border payments.
Boost 100XB is a feature of Boost 100, which utilizes a two-step payment process in which the transaction is initiated on the card rails and settles via a variety of payment modalities and currencies that best meet the needs of the supplier. Boost 100 was specifically designed to address this need by allowing enterprise buyers to pay 100% of their suppliers by card, regardless of how each of their suppliers prefers to get paid.
Boost 100XB, along with TransferMate’s focus on regulations, compliance, and security across its extensive global payments network, enables buyers and suppliers to increase cost efficiency and speed for sending and receiving secure digital cross-border payments.
“Cross-border payments are no longer just a financial transaction—they’re the bridges that connect our global digital economy,” Dean Leavitt, founder and CEO of Boost Payment Solutions, said in a statement. “This strategic partnership with TransferMate further supports Boost’s mission to streamline and modernize B2B payments globally. By combining our expertise in commercial card optimization with TransferMate’s robust global payout infrastructure, we’re creating a more powerful, seamless payment experience while maintaining the highest levels of regulatory compliance and security that our customers expect. Furthermore, it levels the playing field among those commercial card issuers that can issue cards globally and those that cannot.”
TransferMate’s expansive license network will provide Boost customers with access to payment licensing for more than 200 countries in North America, Europe, Asia, and beyond across 140-plus currencies. The partnership aims to streamline processing and reconciliation for accounts payable and receivable teams dealing with international payments.
“When two fintech companies come together in a collaborative partnership like this, it acts as a real step forward in delivering a better cross-border payment experience for everyone,” said Sinead Fitzmaurice, CEO of TransferMate. “Our embedded payments infrastructure—a network operating right across the globe—will bring significant value-add to Boost and their clients. Together, we’re going to make it easier for businesses to pay internationally, within a secure and regulated framework.”
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