Payhawk, a global leader in spend management solutions, has announced a strategic collaboration with J.P. Morgan Payments to elevate its global payment services for enterprise customers in the UK. This partnership underscores Payhawk’s growing presence in the financial services industry and demonstrates a shared commitment to innovation and excellence.
By joining forces with J.P. Morgan Payments, Payhawk—already an Electronic Money Institution (EMI) licensed in the UK—will gain enhanced control over its payment stack and improved access to global payment networks. This will enable the company to offer a more robust and convenient payment experience to its multinational enterprise customers.
Expanded Services for Payhawk’s Enterprise Clients
Under this partnership, J.P. Morgan Payments will provide Payhawk with a suite of banking services via its API. These include access to multi-currency bank accounts for safeguarding funds, as well as domestic payment rails. This collaboration replaces Payhawk’s previous reliance on intermediary Banking-as-a-Service (BaaS) providers, allowing the company to streamline its operations and provide even more seamless payment solutions.
Hristo Borisov, CEO and Co-Founder of Payhawk, emphasized the importance of working with a trusted banking partner. “Our strategic focus on mid-size and enterprise customers across traditional industries requires the highest standards of reliability. Partnering with J.P. Morgan—one of the world’s most respected banking institutions—aligns perfectly with our mission to deliver cutting-edge financial services,” said Borisov. “With J.P. Morgan’s global reach and diverse currency capabilities, we can offer enhanced features that make payments even easier for our multinational customers.”
A Commitment to Innovation and Seamless Global Payments
J.P. Morgan Payments, known for its history of powering global financial innovation, will help Payhawk access an expanded array of payment networks, improving the customer experience for businesses around the world. Jason Clinton, Head of Europe Financial Institutions Group and Global Head of Non-Bank Financial Institutions at J.P. Morgan Payments, shared his excitement about the collaboration, stating, “We have a proven track record of enabling innovation for institutional clients globally. This partnership will provide Payhawk with greater access to payment networks, ensuring smoother business transactions for their enterprise customers.”
In the coming months, Payhawk will integrate additional features that will allow its users to store, exchange, and transfer funds in over 30 currencies. This functionality will make it easier for customers to manage their global payments directly within the Payhawk platform, offering more competitive foreign exchange rates and lowering the cost of sending money abroad.
A Growing Global Financial Services Provider
This collaboration with J.P. Morgan Payments is a significant milestone for Payhawk, which has already achieved notable successes, including its UK EMI license and memberships with Visa and SWIFT. These accomplishments solidify Payhawk’s position as a rising global financial services provider and a trusted partner for enterprises seeking to optimize their financial operations.
J.P. Morgan Payments, which processes nearly $10 trillion in payments daily and operates in over 160 countries across 120+ currencies, is a leader in payments solutions. By combining its expertise in treasury services, trade and working capital, and card and merchant services, J.P. Morgan supports businesses in managing and executing payments seamlessly across borders.
