Payhawk, a leading global spend management solution, and Marqeta, a pioneer in modern card issuing and embedded finance solutions, have intensified their partnership.
They aim to mitigate fraud and prevent the misuse of company funds through the implementation of Advanced Card Controls.
The collaboration between Payhawk and Marqeta addresses the critical need for robust spend management in businesses. This partnership enhances the capabilities of corporate cards to ensure all expenditures align with company policies, significantly reducing the risk of fraud.
Payhawk provides smart Visa credit and debit business cards with pre-built spend control policies and automated approval workflows. These features are designed to offer finance teams greater control over corporate spending, thus promoting compliance and operational efficiency.
The newly introduced Advanced Card Controls by Payhawk are now available in 32 countries. These controls include restrictions on vendors, merchant categories, and allowable transaction times and regions, as well as spend limits and controls over ATM withdrawals and online payments.
The expanded capabilities of Payhawk’s cards facilitate easier and more compliant business transactions across multiple regions, streamlining expense management processes and safeguarding against misuse.
Hristo Borisov, CEO and Co-Founder of Payhawk, emphasized the benefits of the collaboration: “Payhawk’s product collaboration with Marqeta makes it easy for businesses to implement sophisticated card spend controls on debit and credit cards issued in 32 countries. We’re committed to continuously developing new technology providing rich customisation options without compromising on user experience. Our cutting-edge Advanced Card Controls make it easier than ever for finance teams to ensure all card spending is compliant.”
Marcin Glogowski, SVP, Managing Director Europe and UK CEO at Marqeta, also highlighted the strategic advantages: “Tracking and managing employee expenses accurately is a critical part of every business, but it’s also a potential vulnerability. At Marqeta, through the use of open API’s we create customised card products on demand with dynamic spend controls that fund expenses in real-time to minimise fraud and manage employee purchasing power.
“Our partnership with Payhawk showcases the future of corporate expense management which will be built on robust fraud prevention, compliance, efficiency, and seamless customisation.
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