Payhawk, an end to end financial system that combines credit cards, payments, and expenses into one integrated experience, announces the launch of one-click bill payments and reimbursements powered by a partnership with Railsbank, a global Banking-as-a-Service(BaaS) platform.
Payhawk also joins the Xero App Marketplace with a live bank feed to fully automate the reconciliation of all company payments.
With the release of one-click bill payments and reimbursements, Payhawk empowers finance teams to use a single system for all company spending – cards, bills and reimbursements. And with the addition of the Xero live bank feed all data is reconciled in real-time within their accounting system. A full-circle experience from swipe to books.
Hristo Borisov, Co-founder and CEO at Payhawk, said: “Finance teams are forced to use a set of disconnected tools to manage all of their company spending. 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. We are becoming one of the most essential tools for the finance department at fast-growing companies.”
Louisa Murray, Railsbank COO UK and Europe, added: “We are delighted to be a partner of the Payhawk team who are pioneers in the financial services arena. We have worked closely together with them on this latest innovation and believe it will be welcomed by finance teams who will quickly see the potential of a one-click bill payments and reimbursements functionality. Payhawk is contributing hugely to how finance teams operate nowadays.”
Payhawk’s new payments 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.
Imran Chagpar, Head of Finance at By Miles, said: “At By Miles, we have been using Payhawk fully automated system to manage all company cards, and we are excited to use the upcoming bill payments feature. We are looking forward to working with a complete accounts payable solution that is integrated with Xero providing a fully automated experience. Payhawk is at the centre of our strategy to automate expenses, credit card and supplier invoices in a single system in an efficient and easy way without adding extra headcount.”
Finance managers will also be able to configure multi-level approval workflows and smart-approval rules that ensure all payments are compliant with the internal spend policies.