Payhawk, a company specializing in functional solutions for expense management, has started cooperating with JPMorgan Payments.
As part of the mentioned partnership, Payhawk will use the JPMorgan Payment API. In this case, customers will be allowed to store, exchange, and send money in more than 30 currencies. The relevant information is contained in a press release that was published last Tuesday, November 19, by Payhawk.
As part of the collaboration, Payhawk, which holds EMI licensing status in the United Kingdom, will gain greater control over its payment stack and better access to payment networks. For the company, this means the opportunity to enhance its payment offering for customers.
JPMorgan Payments will provide Payhawk with several banking services through its API. In this case, access to bank accounts in several currencies is implied. The safeguarding of funds and internal payment rails will also be ensured.
In the past, Payhawk has gained access to solutions that, as part of the collaboration, will be provided by JPMorgan Payments, through intermediary Banking-as-a-Service (BaaS) providers, relying heavily on third parties.
Payhawk co-founder and chief executive officer Hristo Borisov stated that the company’s strategic focus on mid-size and enterprise customers in traditional industries requires the highest standards and trust in banking partners. He also noted that JPMorgan’s global footprint and depth of currencies allow the firm to provide more features that make payments even more convenient for multinational enterprise customers.
Media underline, that there is currently a kind of revolution going on in the area of expense management. While the process of implementing innovative solutions related to the mentioned area of activity is underway in the B2B payments sector, many companies continue to use legacy infrastructure and traditional rails for financial operations. It is worth noting that the specified firms leverage methods and algorithms that do not yet fully support the latest digital payment transaction technologies.
For companies with extensive legacy systems, the transition to a modern B2B payment platform requires investment, time, and operational overhaul.
New expense management tools powered by artificial intelligence can optimize internal processes, but at the same time, their impact is ultimately held back by the traditional payment infrastructure, on which many incumbents still depend.
Thredd Head of Propositions and Partnerships Jonathan Vaux said in April during a conversation with media representatives that corporate solutions are developing, but often lag behind consumer-oriented offerings. He also noted that there are lots of great things about card rails, but companies strive to force the message into the message structure of the card, as opposed to using separate data API processes. According to him, there are currently many technologies that did not exist 20 years ago and that could provide a more optimized experience.
As we have reported earlier, JPMorgan Payments Partners With Checkbook.
