Boost Payment Solutions has unveiled Boost 100XB, a cross-border payments solution designed for US-issued commercial cards. This new offering enables enterprise-level businesses to simplify international transactions by using their existing commercial cards to pay suppliers in over 180 countries.

The solution addresses common issues in international payments, such as the limited acceptance of commercial cards by foreign suppliers and high transaction costs. Boost 100XB eliminates the need for secondary banking relationships in suppliers' countries, reducing complexity and expense. It also benefits financial institutions and program managers by extending the utility of US-issued commercial cards into affordable cross-border payments.

As the cross-border payments market is projected to grow by 53% by the end of the decade, Boost 100XB provides a solution to various challenges faced by businesses, including transaction visibility, high costs, and security risks. This innovation allows companies to pay international suppliers with their US-issued cards without incurring expensive cross-border fees. Key features of Boost 100XB Simplified global payments: use US-issued cards for payments, removing the need for foreign banking identification numbers. Elimination of cross-border fees: save on transaction costs by avoiding expensive cross-border card fees.

Buyers can choose to cover transaction fees themselves or share them with suppliers. Payment flexibility: set payment terms according to supplier preferences while optimising card spend opportunities. Transaction fees can be managed by the buyer, supplier, or split between both. Secure automation: transactions are processed via Boost Intercept, ensuring end-to-end automation and security, eliminating manual processes and data entry. Free supplier onboarding: quick and easy supplier enrollment support is provided at no additional cost. Boost 100XB is now available for US-issued commercial cardholders making payments globally.

The company plans to expand its global partner network and add new receiving corridors in the near future. By leveraging the solution's flexibility and automation, companies can optimise their accounts payable processes, reduce payment delays, and mitigate security and compliance risks associated with international transactions. This development is poised to reshape how businesses manage global payments, offering a scalable and cost-effective alternative to traditional banking methods.

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