Payhawk Partners With Wise Platform to Simplify Global Payments
Global financial management solution provider, Payhawk, has announced a strategic partnership with the global payment infrastructure firm, Wise Platform, according to PYMNTS. This collaboration aims to deliver faster and more cost-effective global payment solutions to Payhawk’s extensive international customer base.
In a recent blog post on Tuesday, October 24th, Payhawk declared that this partnership marks a significant milestone for the company, solidifying its position as a comprehensive spend management platform. The partnership introduces a single platform to oversee all aspects of financial transactions, including card management, reimbursements, and bill payments.
One of the standout features of this collaboration is the introduction of the «International Payments» feature, developed in conjunction with Wise Platform. This innovative feature empowers Payhawk customers to execute transfers in over 50 different currencies, spanning more than 160 countries. The primary goal is to allow users to conduct these transactions directly from the Payhawk platform, ensuring efficiency and convenience.
Previously, businesses faced limited options when handling international payments, relying on traditional banking services or transfer providers with slow processing times, high costs, and hidden fees. Payhawk’s integration with Wise Platform offers a streamlined alternative. Customers can now enjoy the convenience of making cross-border payments to suppliers with a single click, regardless of the currency or location involved. This integration significantly enhances Payhawk’s end-to-end accounts payable (AP) solution, featuring approval workflows, AI-powered data extraction, and native integrations with accounting software, effectively automating manual processes.
Payhawk’s CEO and Co-founder, Hristo Borisov, expressed enthusiasm about this development, stating, «As a result of our new feature, our customers can now effortlessly manage and pay all global payments within a single platform, creating greater efficiency and control over their global spending.»
Steve Naudé, Managing Director of Wise Platform, echoed this sentiment, emphasizing the growing demand among businesses to execute international payments across multiple currencies and locations quickly and affordably in today’s global economy.
Historically, cross-border transactions have been marred by high friction and costs, as reported by PYMNTS in September. Addressing these longstanding challenges has attracted the interest of non-bank platforms and firms offering alternative payment solutions, alongside increased attention from traditional financial institutions.
Despite the complexities associated with cross-border payments, PYMNTS Intelligence research reveals that cross-border business is on the rise, particularly among small and medium-sized businesses (SMBs). However, it is worth noting that 27% of SMBs cite the complexity of cross-border payments as a hindrance to their growth potential. This insight is derived from the collaborative report titled «International B2B Payments: A Guide For Entrepreneurs and Digital Businesses,» produced by PYMNTS in conjunction with Payoneer.
The partnership between Payhawk and Wise Platform promises to revolutionize global payments, offering businesses a more efficient, cost-effective, and convenient solution for managing international transactions.