Technology helps buyers and suppliers

Payment solutions that offer flexibility, automation, and reconciliation controls are key to ensuring business growth, explains Rick Kenneally, chief technology officer at Boost B2B Payment Solutions, in the new PYMNTS eBook, “What’s Your Plan? Payment Strategies for a Strong End of 2022.”

If there’s one thing we’ve learned from the past three years, it’s to expect the unexpected. 2022 should be a “return to normal” but macroeconomic uncertainty continues to pose challenges for businesses. At Boost, we specialize in deploying technology-enabled solutions to meet the complex and unique needs of large B2B companies. Buyers and suppliers carefully craft agreements that meet the needs of both parties at the time the contract is signed. But what happens when inflation or supply chain challenges or a global pandemic fundamentally changes the landscape?

To maintain a healthy relationship, partners need the ability to come back to the table and renegotiate. Unfortunately, old payment systems rely on rigid rules that don’t allow for quick adjustments. That’s why our top priority has been to further develop and invest in Dynamic Boost®, the industry’s first flexible rules engine for B2B payments. “On-the-fly” application of rules, which may be based on payment size, payment timing, pricing constructs, or other metrics mission-critical to a buyer-supplier relationship, empowers buyers and suppliers to negotiate commercial card usage and acceptance on their terms . By using a powerful engine with flexible logic, we are able to rapidly deliver tailored solutions that meet our clients’ time-sensitive needs and deliver ongoing value to parties on both sides of the transaction.

At its core, Dynamic Boost is a centralized cloud-based universal translation platform. By using modular components, we can easily connect to any payment source and acquirer gateway. This interoperability is key to enabling organizations to upgrade their legacy systems with little to no investment or infrastructure changes, helping customers future-proof their cash flows while keeping a close eye on the bottom line.

The recent uncertainty is not limited to external economic factors. The last thing an organization needs during this turbulent time is the reputational and financial risk of a data breach or major fraud event. In my previous role as Head of Data Governance at a large international bank, I have always been concerned with identifying and mitigating unnecessary use and disclosure of sensitive data. By integrating our Dynamic Boost Rules Engine with our patented STP platform, Boost Intercept®, we eliminate the need for our customers to view or process sensitive payment data. We also continually strive to reduce our attack surface to ensure all data flowing through our systems is secure.

Companies today face the challenge of adapting to the here and now and at the same time preparing for the future. Payment solutions that offer flexible logic, automatic data automation and reconciliation controls in a secure environment are key to building a strong foundation for future growth. We anticipate that this growth will include international expansion, blockchain integration and new payment modalities for many of our customers. My goal for the rest of 2022 and beyond is to develop the best cost-effective technology-enabled solutions in the B2B payments market to support this growth.

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