Jul 10, 2023
3 minutes

Easy top-ups and balance checks with our PSD2 integration

Payhawk Feature Screenshot - Easy top ups and balance checks with PSD2
Quick summary

Managing top-ups and balance checks for your company's corporate cards shouldn't be a hassle. That's why we’ve introduced PSD2-compliant features that make these tasks effortless. By leveraging this banking integration, we make life easier for your finance team, providing easy top-ups, balance checks, and enhanced financial management.

Table of Contents

    In today's fast-paced business world, time is money, and every minute spent on manual wire transfers or lengthy bank deposits is a minute that could be better spent on revenue-generating activities.

    As a finance professional, you understand the challenges of managing top-ups and tracking balances, which is why our PSD2-enabled instant balance top-ups and balance checks are here to help.

    Now you can manage corporate finances even more efficiently with our easy-to-use application that connects eligible bank accounts directly, allowing instant, easy top-ups without lengthy bank visits and queues.

    Challenges of managing top-ups & tracking balances

    Manual top-ups & lengthy bank transfers

    Manual top-ups can take hours, and getting to the bank can be a hassle, especially when you have other pressing tasks to handle, and these processes are even more daunting when you manage multiple accounts.

    The time spent on manual top-ups could be better spent on other important tasks like reconciling transactions, reviewing financial statements, and creating spend policies.

    Lack of real-time balance visibility

    Another major challenge of tracking balances and managing top-ups is the lack of real-time visibility over your bank account balances. Without immediate access to current balances, you can’t make informed decisions about budgeting, cash flow, and investments. And this lack of visibility can impact your organization's profitability, growth, and ability to stay competitive.

    You may even be forced to rely on historical data and outdated information. And this can be misleading because it doesn't reflect real-time financial data, making it difficult to manage risk.

    Switch to effortless card spend management

    PSD2 explained & how it benefits your business

    Also known as the Second Payment Services Directive, PSD2 is a European directive to regulate payment services and payment service providers throughout the European Union (EU).

    PSD2 is an upgrade to the first Payment Services Directive (PSD1), which had been effective since 2009, and was introduced to further enhance the security and efficiency of electronic payments within the European Union.

    One of the key objectives of PSD2 is to promote innovation by allowing third-party providers to access customers' financial data with their consent. This enables the approved third-party providers to develop new and innovative payment services that give consumers greater choice and convenience.

    Here are the biggest benefits of our PSD2-enabled instant balance top-ups and balance checks in a nutshell:

    Introducing PSD2-enabled top-ups

    At Payhawk, our PSD2-compliant instant balance top-ups and real-time balance checks, you always have visibility of your corporate bank account balances. This means that you can make informed decisions about budgeting, cash flow, and investments with the most current financial information available with our easy-to-use software.

    Enhancing financial control and governance

    Our solution provides linking and unlinking of bank accounts, making it easier to control the flow of funds, maintain good financial governance, and reduce the risk of fraud.

    This feature enables businesses to implement and maintain policies that ensure that they manage finances in a transparent and efficient manner. It lets companies maintain a sound spend control environment and enjoy complete and effective financial management, especially when dealing with corporate spending.

    A centralized location to check balances and track spend-related transactions

    One of the key benefits of our easy-to-use feature is the centralization of information. Instead of logging into multiple banking platforms to check account balances and track the company’s spend-related transactions, our centralized platform provides a more streamlined solution.

    Administrators can view all deposits and balances and easily top-up statuses within the Payhawk platform in real time. This helps prevent duplicate transactions and provides better control over the funds to enhance your company’s spend management process. This level of transparency and efficiency can help your finance team stay on top of their accounts' financial performance, enhance risk management, and maintain financial stability.

    Ultra-fast domestic transfers

    Efficiency is crucial when it comes to managing corporate spend. With this feature, your employees can initiate ultra-fast domestic transfers to gain access to the necessary funds when they need them. No more delays or waiting periods. Just a few clicks and the transfer is complete. This speed and reliability remove bottlenecks and empower your finance team to properly handle company funds.

    Link and unlink multiple accounts in multiple currencies

    Businesses often have multiple entities across countries, and the use of multiple currencies can add another layer of complexity to corporate spend management. With our platform, however, this is not an issue. Our system supports and simplifies linking and unlinking multiple accounts in multiple currencies to make domestic transfers.

    This flexibility will allow you to manage accounts in different locations and currencies from a single platform. You can allocate and transfer funds between domestic accounts effortlessly, saving valuable time and effort.

    Time to simplify your corporate card management?

    Finance professionals can say goodbye to the days of manual wire transfers and lengthy bank deposits. PSD2 integration solves the inconvenience of manual transfers, improves efficiency, and promotes good control practices for its users.

    With our PSD2-compliant features, your finance team now has an effortless way to manage top-ups, balance checks, enable real-time tracking, and enhance risk management for your company's corporate card.

    Want to simplify your corporate card management? Check out our PSD2-enabled features for easy top-ups and instant balance visibility. Book a demo today.

    Nerissa Goedhart - Content Manager (Dutch) at Payhawk's expense management solution
    Nerissa Goedhart
    Content Manager

    In her role as Content Manager, Nerissa Goedhart harbors her passion for sharing valuable insights and solutions through engaging content. This, with a clear mission to assist and empower businesses in the region by elevating their expense management.

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