Payhawk, a global spend management platform, launched a solution that enables businesses to automate their procure-to-pay process.
The company’s new Purchase Orders system aims to streamline procurement operations and address the inefficiencies that have plagued the process in the past, Payhawk said in a Tuesday (Nov. 21) press release.
“Payhawk’s vision has always been to simplify and streamline our customers’ financial operations,” Payhawk CEO and Co-founder Hristo Borisov said in the release. “With the introduction of our procure-to-pay solution, we’re further optimizing our customer’s experience of the Payhawk platform.”
Traditionally, procurement operations have been burdened with tedious financial tasks, scattered documentation and the use of multiple tools, resulting in slow business scaling and increased operational costs, according to the release.
The Purchase Orders system builds upon Payhawk’s existing accounts payable (AP) solution, enabling the creation and approval of purchase requests, per the release.
It also facilitates two- or three-way matching between invoices, purchase orders (POs) and goods received notes (GRNs), allowing for the identification of discrepancies and eliminating the need for manual data entry and approvals, according to the release. This not only reduces errors and duplicate payments but also provides a clear overview of committed spend, optimizing business spend management.
Payhawk also implemented a global payments solution in partnership with global payments infrastructure firm Wise Platform, the release said. The collaboration enables Payhawk to offer free local transfers and competitive foreign exchange rates for international business payments.
Having a FinTech manage spending is increasingly widespread within the business space, particularly in the B2B market, Borisov told PYMNTS in an interview posted in March 2022.
“We are starting to see a lot more digital CFOs and digital-first people consider these kinds of options that are beyond a [normal] bank to help them be a lot more efficient when managing payments and when managing corporate cards for bill payments,” he said at the time. “This is something that we see as a big trend.”
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