Global spend management solution Payhawk has selected J.P. Morgan Payments to bolster its payment services for enterprise customers in the UK.
Payhawk, which operates as an Electronic Money Institution (EMI) in the UK, will leverage J.P. Morgan Payments’ API banking services to enable its enterprise customers, both large and small, greater control over their payment stack.
The partnership also helps Payhawk gain greater access to payment networks, enabling the company the ability to enhance its payment offerings to customers.
Jason Clinton, Head of Europe Financial Institutions Group and Global Head of Non-Bank Financial Institutions at J.P. Morgan Payments, stated: “We have a strong track record of powering innovation for institutional clients at a global level.
“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.”
By providing its banking APIs, J.P. Morgan Payments will enable access to bank accounts in multiple currencies to Payhawk, safeguarding funds and further access to domestic payment rails.
Payhawk will continue to work with J.P. Morgan Payments to deliver additional features to make global payments even easier for global enterprises.
The company will enable customers to store, exchange and send money in over 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 licence, and its Visa and Swift memberships, this is a significant move for Payhawk in a bid to solidify its growing reputation as a global financial services provider.
Hristo Borisov, CEO and Co-Founder of Payhawk, said: “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. Its global footprint and depth of currencies enables us to deliver more features that make payments even more convenient for our multinational enterprise customers.”
