Payhawk, the spend management platform, which combines company cards, reimbursable expenses, and accounts payable in one solution, has partnered with open banking API, Yapily, to enhance the payment experience for finance teams when upgrading their Payhawk wallets.
By utilising the powers of open banking, Payhawk is aiming to eliminate lengthy, manual payment processes; remove user friction and stop unnecessary cash flow uncertainty for businesses. By integrating with Yapily, Payhawk can offer its customers the ability to link one or more bank accounts from over 2,000 banks and institutions from dozens of countries.
Rolling out across a number of key markets for Payhawk including the UK, France, Spain, Portugal, and the Benelux, the move will also enable its users to easily top up their debit accounts and repay credit accounts from a linked bank account.
Yapily‘s extensive bank coverage and single API integration have enabled Payhawk to enhance experiences for both new and existing customers in their core markets. The Linked Account top-up feature helps customers get set up quickly in the platform while ensuring adequate cash flow for spending requirements.
Payhawk customers now also have the ability to track deposits into the platform, ensuring transparency and eliminating the risk of duplicate transactions. This added level of control and visibility enables businesses to maintain good governance practices over their spending.
Unlocking the “massive potential” of open finance
Stefano Vaccino, founder and CEO of Yapily, explained how its open banking solutions could drastically enhance Payhawk’s offering: “We are really excited to partner with such a fast-growing company like Payhawk. It’s a privilege to help them expand their open banking service in the Netherlands, UK, and other key European markets.
“This best-in-class fintech innovation partnership can unlock the massive potential of open finance to unleash further growth for both companies. I can’t wait to see what more we can achieve together in the upcoming years.”
Guy Sear, commercial director UK at Payhawk, said: “Through this collaboration, Payhawk continues to eliminate manual processes and create efficiencies for finance teams in the Netherlands through an integrated all-in-one spend management solution.”
Ultimately, Payhawk aims to offer customers across Europe a convenient method to top up money on an ongoing basis via the platform after linking a bank account once. This aligns with Payhawk’s strategy to reduce reliance on account funding through manual deposits initiated outside the platform and give finance teams more insight and control over cash flow management.
