Global spend management solution, Payhawk has launched a new international payments feature in partnership with Wise Platform.
By integrating Wise’s global payments network into the Payhawk platform, Payhawk customers can now reimburse employees and pay suppliers internationally in +50 currencies in more than 160 countries.
Previously, businesses have had two choices to manage international payments: transfer services or banks. According to Payhawk. the wire transfer solution offered by banks often has an unsatisfactory user experience. Specifically, it is slow to transfer money and has high and opaque costs. Wire transfers typically arrive within one-to-five business days, cost up to £30 per transaction with fees not broken down upfront.
More recently, fintechs like Wise have offered a faster and far more cost-effective solution to global money transfers. This helps users save up to five times more when compared with using some banks and other financial institutions. And it provides faster payment delivery, with 55% of transfers delivered instantly and 93% within 24 hours.
The Wise Platform integration into Payhawk means Payhawk customers can leverage these benefits directly from the Payhawk platform. Users can pay suppliers with a single click, irrespective of their currency and location. With Payhawk, businesses benefit from an end-to-end Accounts Payable solution. This includes approval workflows to help control spending, AI-powered data extraction, and native integrations with accounting software to automate manual processes.
Single tool to cost-effectively manage end-to-end lifecycle of global business expenses
Hristo Borisov, CEO, co-founder of Payhawk, said: “There is a growing need for fast, cost-effective, and secure global payments. As a result, our customers can now effortlessly manage and pay all global payments within a single platform. This creates greater efficiency and control over their global spending.”
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Steve Naudé, MD, Wise Platform, added: “We’re proud to partner with Payhawk to provide businesses with seamless international payments. In today’s global economy, there is a growing need for businesses to make international payments in multiple currencies to multiple locations quickly and at a low cost. By integrating Wise Platform directly within the Payhawk platform, Payhawk customers will be empowered with enhanced payment capabilities that suit their business needs.”