Corserv and Boost team up to expand card usage
Payment services company Corserv has worked with Boost Payment Solutions to expand the use of commercial card offerings for financial institutions, according to an announcement on Tuesday, August 10.
A supplier of credit cards, acquisition cards and digital cards primarily to banks and financial institutions, Corserv offers bank-branded payment services to business customers. Boost, a business-to-business electronic payment provider, will expand acceptance of digital card payments as part of the collaboration.
As PYMNTS reported earlier this year, commercial card adoption is growing at its peak. More and more organizations are looking not only to digitize payments, but also to access value-added opportunities that are not available with traditional ACH payments, according to David Luther, chief commercial officer of Corserv. Some of the highly sought-after additions include the ability to build in expense controls, automate expense management, and provide support to organizations looking to steer their own vendors toward card acceptance.
Banks looking to deploy a commercial card offering with more complex features and benefits often face barriers in developing their card program due to a lack of knowledge of credit card policies and other formalities. The difficulties led Columbia Bank earlier this year to partner with Corserv to launch its own corporate card offerings.
Read more: Commercial cards fuel the next wave of competition between banks and fintech
The joint effort with Boost enables Corserv’s banking customers, with the help of Boost, to provide their suppliers with Straight-Through Processed virtual card payments with automatic funding directly to the supplier bank account. Discount information will be available in the format selected by vendors so that it can be posted to AR systems and reconciled. Financial institutions are benefiting from the expansion of commercial card purchases from virtual cards and the expansion of their customers’ entity network that accepts commercial cards.
“Virtual cards are growing in importance as more businesses move from labor-intensive check and ACH payment processes to making and accepting electronic payments via Straight Through Processing. (STP), ”said Carl Mazzola, Chief Strategy Officer at Boost.