Previously, businesses have had two choices to manage international payments: transfer services or banks. The wire transfer solution offered by banks often has an unsatisfactory user experience, is slow to transfer money and has high and opaque costs. Wire transfers typically arrive within 1-5 business days (2), can cost up to £30 per transaction (3), and fees are not broken down upfront.
More recently, fintechs like Wise have offered a faster and far more cost-effective solution to global money transfers, helping users save up to five times more (4) when compared with using some banks and other financial institutions and providing faster payment delivery, with 55% of transfers delivered instantly and 93% within 24 hours (5).
The Wise Platform integration into Payhawk means customers can leverage these benefits directly from the Payhawk platform to pay suppliers with a single click, irrespective of their currency and location. With Payhawk, businesses benefit from an end-to-end Accounts Payable solution, including approval workflows to help control spending, AI-powered data extraction, and native integrations with accounting software to automate manual processes. Finance teams can now use a single tool to cost-effectively and efficiently manage the end-to-end lifecycle of their global business expenses.
Hristo Borisov, CEO and Co-Founder of Payhawk, says, "We learned from our customer base that there was a growing need for fast, cost-effective, and secure global payments. As a result of our new feature, our customers can now effortlessly manage and pay all global payments within a single platform, creating greater efficiency and control over their global spending."
Steve Naudé, Managing Director of Wise Platform, says, “We’re proud to partner with Payhawk to provide businesses with a seamless international payment experience. In today’s global economy, there is a growing need for businesses to make international payments in multiple currencies to multiple locations quickly and at a low cost. By integrating Wise Platform directly within the Payhawk platform, Payhawk customers will be empowered with enhanced payment capabilities that suit their business needs."
If your international business wants to increase your supplier pool, customer base, and global reach — all while benefiting from efficiency-boosting expense management — we need to talk. Get rid of expensive international payments once and for all. Book a demo today.
Find out more about Wise Platform
1. https://platform.wise.com/
2. https://wise.com/us/blog/international-wire-transfer-time
3. https://www.telegraph.co.uk/financial-services/currency-exchange/international-money-transfers/how-to-lower-the-fees-on-international-bank-transfers/
4. https://wise.com/us/blog/wise-uk-price-comparison-research
5. https://wise.com/imaginary-v2/Wise-Annual-Report-Accounts-FY2023.pdf
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