End to end financial system Payhawk has joined forces with banking-as-a-platform (BaaS) platform Railsbank to provide one click bill payments and reimbursements.
Payhawk, which integrates credit cards, payments, and expenses, also joins the Xero App Marketplace with a live bank feed to automate reconciliation of company payments.
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By GlobalDataRailsbank UK and Europe COO Louisa Murray said: “We have worked closely together with them on this latest innovation and believe it will be welcomed by finance teams who will quickly see the potential of a one click bill payments and reimbursements functionality.”
The one-click bill payments functionality will enable Payhawk to help finance teams to utilise one system for every company spending purpose, be it cards, bills and reimbursements.
Besides, the Xero live bank feed will support them in real-time data reconciliation within their accounting system.
The new payments system faciliates SEPA Instant and Faster Payments, offering its own dedicated IBANs for customers for receiving third-party payments.
Current Payhawk clients can start availing the new function from 29 March.
Payhawk co-founder and CEO Hristo Borisov said: “Finance teams are forced to use a set of disconnected tools to manage all of their company spending. One provider for company cards, another for expense reports for employees without cards, and a third for approval of supplier invoices.
“Finance managers of fast growing companies can now use a single integrated experience to manage company spending in an efficient and automated way that makes the month end closing a matter of hours instead of weeks.”
Last year, Payhawk raised €3m in seed financing led by Earlybird’s Digital East Fund.
Earlybird was joined by TinyVC as well as industry experts including former Visa Europe chief commercial officer Mark Antipof and Sage chief strategy officer Keith Robinson.
