Payhawk, the global spend management solution, today announced it has selected J.P. Morgan Payments, a global payments leader, to enhance its global payment services for enterprise customers in the UK.
This collaboration further strengthens Payhawk as a financial institution and demonstrates a mutual commitment to technological innovation.
With this collaboration, the spend management company, which holds EMI licence status in the UK, is set to have greater control of its payment stack and better access to payment networks, giving the company the ability to enhance its payment offering for customers.
J.P. Morgan Payments will provide Payhawk with several banking services through its API, including access to bank accounts in multiple currencies and for the safeguarding of funds, and domestic payment rails. These services were previously provided through intermediary BaaS providers with a heavy reliance on third parties.
“Our strategic focus on mid-size and enterprise customers across traditional industries requires the highest standards and trust in our banking partners. Working with J.P. Morgan, one of the most highly regarded and trustworthy banking institutions in the world, represents everything we need in a banking partner,” says Hristo Borisov, CEO and Co-founder of Payhawk. “Its global footprint and depth of currencies enables us to deliver more features that make payments even more convenient for our multinational enterprise customers.”
“We have a strong track record of powering innovation for institutional clients at a global level,” says Jason Clinton, Head of Europe Financial Institutions Group and Global Head of Non-Bank Financial Institutions at J.P. Morgan Payments. “This collaboration will provide Payhawk with enhanced access to payment networks, ensuring their customers have a smoother experience when conducting business and managing spend around the world.”
Payhawk will continue to work with J.P. Morgan Payments to deliver additional features to make global payments even easier for global enterprises. In the coming months, the company will enable customers to store, exchange and send money in 30+ currencies on its platform. This will allow customers to easily exchange between these currencies within the Payhawk ‘wallet’ and send money abroad for cheaper.
Alongside its recent accomplishments, including its UK EMI licences, and its Visa and Swift memberships, this is a significant move for Payhawk as it solidifies its growing reputation as a global financial services provider.
J.P. Morgan Payments combines treasury services, trade & working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes nearly $10 trillion payments daily, operating in over 160 countries and over 120 currencies, and is #1 in USD payments volume.