Spend management firm Payhawk and card issuing company Marqeta are expanding its partnership to help tackle fraud and the misuse of company funds through a new service.
Advanced Card Controls will become available across all 32 countries Payhawk operates in to enhance companies’ corporate expense management capabilities in a more safe and convenient way.
The Payhawk Visa credit and debit smart cards will come with built-in spend control policies, whilst Marqeta will embed its technologies to help make company spending align with the respective policies and corporate objectives, whilst also mitigating fraud and becoming more compliant.
The advanced controls were created to give finance teams control over spending without hampering employees’ access to the funds needed for efficient operation and growth.
“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.
Hristo Borisov, CEO and Co-Founder of Payhawk, commented: “We are 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.”
Businesses often face challenges to ensure that all company spend is compliant. Despite having mapped out spend policies, many finance teams lack the means to monitor and enforce them effectively, and face vulnerability to fraud.
Payhawk’s smart cards aim to solve this by including restrictions on vendors, merchant categories, time and day, and country and region, as well as regulating spend caps, ATM withdrawals, online payments and fund requests.
Marcin Glogowski, SVP, Managing Director Europe and UK CEO at Marqeta, said: “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.”