Payhawk establishes principal membership with Visa Europe
By Gloria Mathias
Payhawk, a global spend management platform, has announced its principal membership with Visa. This will further its mission to simplify B2B payments by accelerating product innovation and enabling greater service reliability for its customers.
Payhawk’s platform provides businesses with smart Visa company cards in multiple currencies that help companies control spending at scale and save time managing expenses.
Customers benefit from Visa’s high global acceptance, and Payhawk’s card technology provides proactive spending controls, such as daily and single transaction limits, AI-powered receipt capture and data extraction, and automatic payment reconciliation via native integrations with accounting and ERP software.
The membership grants Payhawk the ability to directly issue Visa cards without relying on third parties and provides Payhawk with greater control of its payment infrastructure. This will accelerate innovation and help to ensure even greater service reliability and resilience.
“With our new Visa membership and our recently granted Electronic Money Institution (EMI) licence, one of our top priorities is further expanding our payment options. For example, we currently offer customers the choice between debit and credit cards in some markets, but we want to offer this flexibility to all our clients,” said Hristo Borisov, CEO of Payhawk.
To receive principal membership with Visa, Payhawk went through an application process and passed an audit conducted by Visa to ensure that the company met all applicable operational and regulatory requirements. Payhawk was also recently granted an EMI license, with access to the entire EEA, from the Bank of Lithuania.
Hristo Borisov, CEO and Co-Founder of Payhawk added, “We started our relationship with Visa back in 2018, and they’ve been incredibly supportive to us throughout our journey. We are thrilled to now be a principal member of Visa.”
Juha Sillanpaa, Visa, Group Country Manager, Finland and Baltics, shared, “We are pleased to collaborate with Payhawk, recognising it as an innovative fintech combining product development and a customer-first approach. Our partnership will help unlock opportunities for Payhawk clients, underpinned by a robust regulatory framework.”
IBSi Daily News Analysis
November 28, 2023
A $4 trillion Islamic banking market to be driven by FinTech, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage