American Express announced a new offering in collaboration with Boost Payment Solutions on October 1, 2024, aimed at providing commercial virtual card processing services to U.S. merchants. This initiative is part of American Express's ongoing investment in its B2B network and enhancing buyer and supplier capabilities.
Qualified American Express merchants will gain access to Boost Intercept®, Boost’s patented Straight-Through Processing (STP) solution, at no additional cost. This technology is designed to streamline the acceptance of American Express virtual cards and minimize the challenges associated with manual processing.
The collaboration is significant as it automates the entire process of receiving, parsing, and processing virtual card payments, which can shorten the time between payment authorization and fund settlement. This automation is expected to lead to better cash-flow management and increased efficiency for businesses, especially as virtual card transactions are projected to account for 52% of U.S. commercial card spend by 2025.
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