JP Morgan signs commercial card deal with Boost Payment Solutions
JP Morgan has signed a deal with card acceptance firm Boost Payment Solutions which will see the latter provide payment processing technology.
Boost will add STP to JP Morgans commercial business
Boost Payment Solutions will underpin JP Morgan’s Single Use Card Accounts (SUA) program, as well as a selection of the banks’ other commercial card schemes.
John Skinner, head of commercial card at JP Morgan, says that the new partnership will enable suppliers to benefit from automated payment processing and remittance posting.
“Boost’s technology, paired with their supplier enrolment and reporting capabilities, enables our clients to overcome acceptance concerns and grow their card programs,” he adds.
Boost’s proprietary straight-through processing (STP) platform, Boost Intercept, converts manually processed virtual cards into a “passive acceptance experience” for suppliers. This system, coupled with its interchange pricing platform Dynamic Boost, creates what the firm calls a commercial card “one-two punch”
Dean M. Leavitt, founder and CEO of Boost Payment Solutions, says: “We look forward to helping JP Morgan customers grow their card programs by capturing incremental spend through Boost’s technology and time-tested supplier enrolment processes.”
