Payhawk’s New Agents: Is Agentic AI Transforming Fintech?
Payhawk’s new four AI agents form part of a digital transformation strategy to expand its AI Office for the CFO stack.
The agents are designed to be embedded into systems while still allowing complete control and visibility for finance teams.
They will operate within existing roles, policies and permissions – and will keep the data in-platform, with every action performed added to a log for maximum accountability and auditability.
How does Payhawk leverage AI technology?
In an interview with Fintech Magazine, Payhawk explains its development of a seven-year strategy to embrace AI as part of integral processes at the company.
Konstantin Dzhengozov, CFO at Payhawk says: “AI is a layer on top of all the controls and all the frameworks that already exist.”
The company released a statement stating some of the benefits of its early trials for existing AI technology.
Konstantin says: “One of the clear indicators early on that we are seeing is that companies can close their month much faster, usually two, three or four days quicker than before.”
How has the focus shifted to Agentic AI?
Payhawk are currently reporting improvements in efficiency as the new agents increase their roles in four key areas.
Hristo Borisov, CEO and Co-founder of Payhawk says: “Enterprises don’t need more chat, they need outcomes.”
“The majority of agents on the market today lack enterprise capabilities to be adopted at scale, such as permissions, policies, multi-tenancy, audit trails and data security standards - all absolutely critical when it comes to business payments.
“Our AI agents act within your controls and finish real finance tasks, so the easy thing for employees is also the right thing for the business.”
Payhawk’s Travel Agent uses natural language to book travel based on user preferences.
In addition to grouping expenses, it also generates a trip report automatically, neatly combined for a one-click approval.
Payhawk claims that its Payments Agent deflects 40% helpdesk enquiries by providing insights on failed transactions, blocked cards, funding issues or pending reimbursements.
Alongside this it suggests next steps which are compliant with relevant regulatory bodies.
Expenses can be submitted twice as fast with the Financial Controller Agent.
The agent automatically chances receipts and uploads documents from vendor portals, as well as flags anomalies and escalates reminders around month-end close.
The Procurement Agent claims to reduce purchase time by 60%. Users inform the agent of what they need via a chat-like function.
The agent applies budgets, policy and context before routing approval. It can also increase card limits and create purchase orders.
The process reduces extra documents such as multiple tickets, forms and reminders.
AI across industries
To learn more about the advantages, disadvantages, challenges and hurdles of AI in fintech, leaders in the industry will convene for a panel titled ‘AI in Fintech’at FinTech Live London. Tickets are available here.
Agentic AI will also be discussed by procurement software giant GEP at Procurement & Supply Chain Live London. Register your interest here.