BOOST PAYMENT SOLUTIONS
landscape in terms of how companies are making payments across borders . I suspect that some of the existing payment modalities are not going to go away , but they ' re no longer going to be the primary ways to move money . So I think you ' re going to see increased efficiency , increased speed and reduced cost – because that ' s what the market is demanding right now – as well as reliability and more reporting capabilities .
“ The way in which the data is exchanged among the parties is incredibly important , and certain rails that exist now don ' t have the capability to carry that data alongside the transaction . Some of the new technologies that are evolving allow you to do that , and it ' s a very exciting time for cross-border transactions . It ' s still young , it ’ s very early days , but it ' s a very exciting moment .”
One of the areas where Boost will pay particular attention is on crypto and blockchain , where it expects to be extremely active in the next couple of years . The company has an alliance with a blockchain platform , where the initial focus is on using blockchain technology to manage freight and logistics contracts and trigger payments associated therewith . When a payment is due for customers in the freight industry , the blockchain will trigger a request within Boost ’ s platform and Boost will process that transaction on a commercial card and report the results back to the blockchain .
As the industry realises more use-cases for blockchain , we can expect to see Boost become even more active , but Dean Leavitt warns that its involvement will be targeted and specific . “ We ’ re doing a lot on blockchain and we ’ ll be doing more in future where the blockchain , itself is used to manage contracts and do all of the amazing things that technology offers . But the enterprise-level B2B community
has not yet screamed out for the ability to utilise cryptocurrency for payments . We believe there will be a very appropriate need for it , especially as it relates to cross-border transactions , but for our part the focus will be on governmentbacked cryptocurrencies rather than cryptocurrencies that are primarily an asset class for investment purposes .”
Boost Payment Solutions is currently in the process of establishing cryptocurrency acceptance capabilities across multiple partners . It expects to be accepting cryptocurrency payments by some point next year . More broadly , the business will
80 November 2022