Blogs and best practices from the world of Fintech
In the past few years, there has been a lot of buzz around PSD2 and Open Banking. By many financial institutions it is referred to as one of the major steps in banking history. Figures published early this year show that customers’ use of Open Banking in the U.K. has surpassed the one million customer mark for the first time. The numbers continue to grown strongly. Therefore, we wanted to “look behind the curtains” and elaborate on the benefits of PSD2 and Open Banking today.
Our research shows that it takes up to 15 minutes and 3 people on average to execute a single bank wire. The amount of the invoice is irrelevant, it could be for 5 or 50,000 EUR. The organisational effort remains the same. With this feature we help businesses reduce this process to just 30 seconds. Here is how.
Every time an employee pays with a business debit or credit card, the information generated by the transaction is the hidden gem that can optimize your expenses. This article explores how business debit cards can automate expenses while effectively reducing administrative time and costs. Corporate cards help track results and can be used to make expense reports in real-time.
Reimbursements still play a significant role in the way companies manage their expenses. This is largely because most firms prefer to delegate capital risk to their employees and guard their cash flow. The traditional reimbursement process, however, brings hidden costs that people neglect simply because they are used to it. In this article, we will look at how companies can reimburse expenses from employees’ cards in a more efficient way.
Expense reimbursement has been the default way to manage company expenditure for a long time. Although it has its benefits, the increase and democratization of spending among companies led to the introduction of the corporate credit card. Nowadays, organizations, whether large or small, use both methods. The question is, which of those is right for your business, and are there any alternatives?
In Europe, more than €1.8 billion transactions were fraudulent in 2016. Last year the European privacy authorities received nearly 65,000 data breach notifications since the EU’s GDPR law went into full effect. Several security measures have been put in place by governments and card companies but card fraud, stolen cards, and stolen personal information can happen often.
Expense management is a necessity for day to day business and maintaining company records, yet that’s not a justification that employees should spend hours on it. Streamlining is key for employees to focus their attention on major products rather than menial tasks. In this article, we will go through 5 approaches that can help you remove redundancies and optimize expense management.
Let me tell you two things about digital marketing spenders – A. they want to have control and transparency when it comes to the allocation of their marketing budgets all the time and B. they hate the end of the month stress with the finance team when everyone expects them to drop off their work and start collecting, sending and matching invoices. Believe me I know that because I am one of them.
One of the first rules when starting a business is to keep your personal and business expenses separate. The reason for this is the same as for separating between your personal and work life. Mixing the two is never a good idea. Here is why.
We are celebrating Payhawk’s 2nd birthday, but it feels like ages since our first day. We started in the hot summer of 2018 with just 2 employees and the idea to turn business spending on its head while becoming the biggest bank without holding a single dollar in the process. Easy, right?