Payhawk & Marqeta Partner to Combat Fraud with Card Controls

Leading global spend management solution Payhawk has announced an expanded partnership with Marqeta, a modern card issuing platform, to introduce Advanced Card Controls aimed at tackling fraud and the misuse of company funds. 

The collaboration marks a significant step towards enhancing corporate expense management by integrating sophisticated fraud prevention mechanisms into Payhawk’s premium Visa debit and credit cards, which are now available across 32 countries.

Payhawk: Keeping expenses aligned with policy

In the corporate world, ensuring that all expenditures align with company policies is a persistent challenge. Despite well-defined spend policies, many finance teams struggle to effectively monitor and enforce these guidelines, leaving them vulnerable to fraud. 

Now powered by Marqeta, Payhawk’s smart Visa credit and debit business cards aim to address this issue by incorporating in-built spend control policies and automated approval workflows. 

These advanced controls empower finance teams to manage spending efficiently without restricting employees' access to necessary funds, thus enhancing operational efficiency and compliance.

Hristo Borisov, CEO and Co-Founder of Payhawk, highlights the significance of this partnership: “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. 

“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.”

Perks of advanced card controls

The advanced card controls allow companies to set specific restrictions on vendor interactions, merchant categories, transaction times and geographical locations. Businesses can regulate spending caps, ATM withdrawals, online payments and fund requests, thereby mitigating the risk of fraudulent activities. 

Marqeta’s expertise in creating customised card products with dynamic spend controls plays a crucial role in this initiative, as noted by Marcin Glogowski, SVP, Managing Director Europe and UK CEO at Marqeta: “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 APIs, 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.”

The collaboration between Payhawk and Marqeta is driven by emergent trends reshaping the financial landscape. The adoption of cloud-based platforms is enabling businesses to operate globally from inception, while the increased distribution of remote workforces now necessitates global payment solutions for suppliers and contractors. 

Payhawk’s Advanced Card Controls are designed to address these trends by providing finance teams with the tools to enforce company policies and limit transactions to pre-approved vendors and regions. 

Payhawk: Aligning culturally with Marqeta

The partnership with Marqeta not only enhances Payhawk’s product offering but also aligns with Marqeta’s mission to provide innovative solutions that address modern business challenges. 

Ian Johnson, MD at Marqeta, emphasises the importance of meaningful solutions in the fintech space: “People look at the success that organisations have had in the fintech space, and maybe they think it’s too easy. 

“They see some of the things that could be improved and think it’s enough to start a business and launch a successful card broker.”

Glogowski concludes: “Our partnership with Payhawk showcases the future of corporate expense management which will be built on robust fraud prevention, compliance, efficiency and seamless customisation.”

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