Payhawk launches one-tap bill payments for businesses

The collapse of Wirecard has done little to slow the growth of non-bank payment fintechs in Europe. Commercial payments companies are seeking an edge by combining expense management platforms with integrated virtual card payments to lure customers away from regulated banks.

London and Bulgaria-based Payhawk which is an end-to-end B2B platform has announced the launch of one-click bill payments and reimbursement. This is enabled by a partnership with technology provider Railsbank (which despite its name is not a bank). The company has also joined Xero App Marketplace with a bank live feed to fully automate reconciliations. Regulated by the UK Financial Conduct Authority as an electronic money broker, Payhawk works in combining credit cards, payments and expenses into one integrated experience.

Payhawk’s new system supports ‘SEPA Instant and Faster Payments, and also comes with its own dedicated IBANs for customers which is essential for receiving third-party payments’. Apart from this, finance managers would be able to ‘configure multi-level approval workflows and smart-approval rules that ensure all payments are compliant with the internal spend policies’.

“Finance teams are forced to use a set of disconnected tools to manage all of their company spending”, said Hristo Borisov, Co-founder and CEO at Payhawk. Adding further he said, “One provider for company cards, another for expense reports for employees without cards, and a third for approval of supplier invoices. Finance managers of fast-growing companies can now use a single integrated experience to manage company spending in an efficient and automated way that makes the month-end closing a matter of hours instead of weeks”.

The company currently serves in 22 countries across Europe and it has offices in London, Berlin, Barcelona, and Sofia.