Payhawk launches Purchase Orders

Following this launch, Payhawk aims to enable businesses and partners to automate their procure-to-pay procedures in order to further increase efficiency and control in the overall business purchases. The tool streamlines procurement operations by incorporating purchase requests, approvals, Purchase Order creation, and three-way matching between invoices, as well as the ability to pay in local and cross-border transfers while using one platform. 

The solution also eliminates the time spent on manual data entry and approvals, duplicates payments, and unnecessary costs, and reduces errors, while also providing an overview of committed spend. This is expected to reinforce Payhawk’s commitments in the process of improving business spend management. 

Payhawk’s recent developments and collaborations

Spend management solution for international and domestic businesses throughout Europe, the US, and the UK, Payhawk combines company cards, accounts payable, reimbursable expenses, and accounting software integration into one single product in order to simplify the payment process for its customers. The firm had multiple partnerships and developments in the last couple of months, covering several different geographic areas around the world.

At the beginning of November 2023, Payhawk received a principal member status from Visa, aiming to advance its strategy of simplifying business payments and transactions. The membership was set to grant Payhawk the possibility to directly issue Visa cards without needing to rely on third parties, as well as to provide the company with optimised control over its payment infrastructure. In addition, it also accelerated improvement and development to ensure optimised service reliability and resilience. 

According to the press release published at the time, Payhawk was set to further expand its payment options with the new membership from Visa, as well as with its Electronic Money Institution (EMI) licence. In order for the company to receive the membership, Payhawk had to undergo multiple application procedures and pass an audit conducted by Visa to ensure that the firm met all applicable operational and regulatory requirements. 

Earlier in October 2023, Payhawk announced its partnership with Wise Platform in order to offer optimised global payments to its international client base. Throughout this strategic deal, Payhawk launched a new International Payments feature, which incorporated Wise’s global payments network into its platform. Customers and users were enabled to reimburse employees and pay suppliers internationally in over 50 currencies, across 160 countries. 

In addition, clients were allowed to use more cost-effective services for global money transfers directly from the Payhawk platform, as well as paying suppliers in a convenient and secure manner, irrespective of the currency of their location. Both companies focused on providing finance teams with a single tool in order to efficiently manage the end-to-end lifecycle of their global business expenses.