Boost Payment Solutions Launches Boost 100XB for Seamless Cross-Border Payments
New Solution Simplifies Global Transactions for U.S.-Issued Commercial Cards
Boost Payment Solutions, the global leader in B2B payments, has introduced Boost 100XB, an innovative cross-border payment solution specifically designed for U.S.-issued commercial cards. Boost 100XB represents a groundbreaking shift for enterprise-level businesses by enabling seamless international transactions and reducing reliance on costly secondary banking relationships.
Addressing International Payment Challenges
Cross-border payments present significant challenges for businesses, especially when suppliers abroad do not accept commercial cards or when transaction costs are prohibitively high. Boost 100XB aims to streamline these complexities by allowing companies to use their existing U.S.-issued commercial cards to pay suppliers in over 180 countries worldwide. This approach eliminates the need for establishing additional banking relationships in foreign markets, thereby cutting costs and reducing administrative burdens.
Boost 100XB: A Game-Changer in International Payments
Boost 100XB not only simplifies global payments but also empowers financial institutions and program managers who issue commercial cards on U.S.-based banking identification numbers (BINs) to expand their reach. This innovative solution allows businesses to optimize payment processes, gain improved visibility over spending, and focus on growth rather than grappling with the challenges of cross-border transactions.
Dean M. Leavitt, Founder and CEO of Boost Payment Solutions, emphasized the transformative potential of Boost 100XB: “For too long, businesses around the world have been underserved by an outdated and inefficient international payments system. By creating innovative commercial card solutions like Boost 100XB, we are delivering a cross-border solution that allows businesses to enhance operational efficiency, reduce costs, and ensure greater security.”
Key Features and Benefits of Boost 100XB
Simplified Global Payments: Businesses can use their existing U.S.-issued cards to pay suppliers worldwide without needing a foreign banking identification number (BIN).
Elimination of Cross-Border Fees: Boost 100XB transactions are not subject to costly cross-border fees, enabling both buyers and suppliers to save on transaction costs.
Flexible Payment Options: Buyers have the flexibility to set payment terms that suit their suppliers’ preferences, with the ability to decide who pays the transaction fees or whether to share them.
Automated and Secure Transactions: Utilizing Boost Intercept®, Boost’s patented straight-through processing (STP) platform, Boost 100XB ensures end-to-end automation and security, eliminating manual processes and enhancing data security.
Free Supplier Onboarding: The solution offers quick and easy supplier enrollment at no additional cost, providing added convenience for businesses looking to expand their supplier networks.
Expading Global Reach and Future Plans
Boost 100XB is now available to corporate cardholders with U.S.-issued commercial cards for payments to suppliers in over 180 countries and regions. Looking ahead, Boost Payment Solutions plans to expand its global partner network and introduce new receiving corridors, further enhancing the reach and flexibility of its innovative cross-border payment solution.