Payment solutions that offer flexibility, automation and reconciliation controls are key to ensuring growth for companies, Rick Kenneally, Chief Technology Officer at Boost B2B Payment Solutions, asserts in the new PYMNTS eBook, “What’s Your Plan? Payments Strategies for a Strong 2022 Finish.”
If there is one thing we have learned from the last three years, it is to expect the unexpected. 2022 was meant to be a “return to normal,” but macroeconomic uncertainty continues to challenge businesses. At Boost we specialize in using technology-enabled solutions to meet the complex and unique needs of large enterprise B2B companies. Buyers and suppliers carefully construct 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 change the landscape?
In order to maintain a healthy relationship, the partners need the ability to go back to the table and renegotiate. Unfortunately, legacy payment systems rely on rigid rules that do not allow for quick adjustments. That is why our top priority has been continuing to evolve and invest in Dynamic Boost®, the industry’s first flexible rules engine for B2B payments. “On the fly” application of rules, which can be based on payment size, payment timing, pricing constructs or any other metric that is 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 can quickly deploy bespoke solutions that meet the time-sensitive needs of our clients, creating ongoing value for the 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 plug into any payment source and acquirer gateway. This interoperability is key to allowing companies to upgrade their legacy systems with little to no investment or infrastructure changes, helping clients future-proof their payment flows while also keeping a close eye on the bottom line.
The recent uncertainty is not limited to external economic factors. The last thing a company needs during this tumultuous time is the reputational and financial risk of a data breach or major fraud event. In my former role as head of data governance at a large international bank I was always on the lookout to identify and mitigate unnecessary use and exposure of sensitive data. By integrating our Dynamic Boost rules engine into our patented STP platform, Boost Intercept®, we eliminate any need for our clients to see or handle sensitive payment data. We also constantly endeavor to shrink our attack surface to ensure that all data that flows through our systems is secure.
Today companies are faced with the challenge of needing to adjust to the here and now while preparing for what may lie ahead. Payment solutions that offer flexible logic, hands-off data automation and reconciliation controls in a secure environment are key to building a strong foundation for future growth. We anticipate that for many of our clients, that growth will include international expansion, blockchain integration and new payment modalities. My goal for the remainder of 2022 and beyond is to build the best cost-effective technology-enabled solutions in the B2B payments marketplace to support that growth.
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