The collaboration aims to expand Payhawk's payment capabilities while reducing reliance on third-party banking-as-a-service (BaaS) providers. Through J.P. Morgan Payments' APIs, Payhawk plans to offer customers the ability to store, exchange, and transfer funds in over 30 currencies directly within its platform.
In essence, this integration is expected to provide Payhawk with better control over its payment infrastructure and access to multiple payment networks.
J.P. Morgan Payments will offer several banking solutions to Payhawk via APIs, including access to multi-currency bank accounts, fund safeguarding, and domestic payment rails. These services, previously handled by intermediary BaaS providers, will now be streamlined under the new arrangement.
Payhawk representatives noted that the collaboration addresses the company's strategic focus on enterprise clients in traditional industries, emphasising the importance of reliability and trust in banking partners. They highlighted that J.P. Morgan's global reach and multi-currency capabilities will support Payhawk in improving its services for multinational customers.
In turn, officials from J.P. Morgan Payments stated that the partnership leverages J.P. Morgan's expertise in payment networks to provide Payhawk’s customers with a smoother experience in managing global transactions.
In the coming months, Payhawk will introduce features enabling customers to manage and transfer funds across 30+ currencies within the platform. This will include a wallet feature allowing for currency exchange and international payments at reduced costs.
In January 2024, Payhawk obtained an Electronic Money Institution (EMI) licence in the UK granted by the Financial Conduct Authority. Following this announcement, the UK EMI licence was set to give Payhawk the possibility to directly issue electronic money, facilitate digital payments, and provide card issuance tools and payment services to new and existing customers in the region.
For J.P. Morgan Payments, the collaboration reflects its continued support for fintech companies in delivering new financial solutions.
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