Prominent worldwide spend management provider Payhawk has announced an extended collaboration with contemporary card issuance platform Marqeta to launch Advanced Card Controls intended to combat fraud and misappropriation of corporate revenue.

Through the integration of advanced fraud prevention measures into Payhawk's premium Visa debit and credit cards—which are now offered in 32 countries—the partnership represents a significant step toward improving corporate spending management.

Payhawk: Keeping expenses aligned with policy

Making sure that every expense is in line with company policy is a recurring problem in the business sector. Even with clearly laid out expenditure standards, many finance teams find it difficult to keep an eye on and enforce these rules, which makes them susceptible to fraud.

Payhawk's intelligent Visa credit and debit business cards, which are now powered by Marqeta, use automated approval procedures and built-in spend control policies to try and solve this problem.

These sophisticated controls improve operational efficiency and compliance by enabling finance teams to effectively regulate expenditure without limiting workers' access to essential money.

Perks of advanced card controls

Businesses may impose precise limitations on vendor relationships, merchant categories, transaction durations, and geographic regions thanks to the sophisticated card controls. By controlling expenditure limits, ATM withdrawals, internet payments, and money requests, businesses may reduce the likelihood of fraudulent activity.

Marcin Glogowski, SVP, Managing Director Europe and UK CEO at Marqeta, stated that this initiative relies heavily on the company's experience in developing customized card products with dynamic spend controls: "Accurately tracking and managing employee expenses is a critical part of every business, but it's also a potential vulnerability."

In order to reduce fraud and limit employee purchasing power, Marqeta uses open APIs to generate customized card products on demand with dynamic spend controls that finance spending in real-time.

The partnership between Payhawk and Marqeta is motivated by new developments that are changing the financial scene. Cloud-based platform adoption is making it possible for organizations to function worldwide from the outset, but the growing dispersion of remote workforces increasingly calls for global payment solutions for contractors and suppliers.

In order to counter these tendencies, Payhawk's Advanced Card Controls give finance teams the power to impose corporate guidelines and restrict transactions to pre-approved locations and merchants.

Payhawk: Aligning culturally with Marqeta

The collaboration with Marqeta advances Payhawk's product line while also supporting Marqeta's objective of giving cutting-edge solutions to contemporary business problems.

In the fintech industry, Ian Johnson, MD of Marqeta, emphasizes the significance of meaningful solutions: "People may believe it's too simple after seeing the success that fintech companies have had.

"They perceive certain areas for improvement and believe it is sufficient to initiate a business and establish a prosperous card brokering enterprise."

"Our collaboration with Payhawk demonstrates the future of corporate expense management, which will be based on strong fraud prevention, compliance, efficiency, and seamless customization," says Glogowski in closing.