J.P. Morgan to enhance Payhawk’s payment service of enterprise customers

By Gloria Methri

Payhawk, the global spend management solution, has selected J.P. Morgan Payments to enhance its global payment services for enterprise customers in the UK. With this collaboration, Payhawk, which holds EMI licence status in the UK, will have greater control of its payment stack and better access to payment networks, allowing the company 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,” said Hristo Borisov, CEO and Co-founder of Payhawk. “Its global footprint and depth of currencies enable 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,” said 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 spending around the world.”

Payhawk will continue to work with J.P. Morgan Payments to deliver additional features to make global payments even more accessible 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.