Global spend management solution Payhawk has partnered with Lune to launch its Payhawk Green tool, for improved company sustainable decisions related to spending. The new Payhawk Green was designed as a set of platform features that will improve the manner in which companies make sustainable decisions related to spending and Scope 3 emissions.

Score 3 emissions refer to all indirect emissions that occur in value chains, such as transportation, capital goods, fuel, or business travel, as they are often the largest sources of carbon emissions and the most difficult to track at the same time. The product is also set to enable companies to comply with new UK and EU legislation, as well as to pursue internal sustainability initiatives. Included in the list are the UK’s Streamlines Energy and Carbon Reporting (SECR), as well as the EU’s Corporate Sustainability Reporting Directive (CSRD).

Moreover, according to the press release, it is estimated that companies will need to report Scope 1,2, and 3 emissions. Clients will also be enabled to utilise the Lune platform, which leverages the Greenhouse Gas Protocol estimations, uses industry-specific methodologies, and considers product category and value. Moreover, it also has several spend-based emission factors around the world, with country-specific data.

The partnership with Lune will enable Payhawk clients to automatically quantify the CO2 that is associated with purchases on Payhawk’s cards with no additional costs, offering emission calculations at the same time. In addition, Payhawk’s platform can be customised in order for clients to easily collect and manage their Environmental Social and Corporate Governance (ESG) data for suppliers. This will give them the possibility to improve the overall supply chain transparency.  Payhawk’s recent partnerships and collaborations At the beginning of August 2023, the spend management platform announced its partnership with Yapily, an Open Banking API, in order to design an instant payment experience for the moment finance teams upgraded their Payhawk wallets.

Following this strategic deal, Payhawk aimed to streamline the payment procedure for customers and businesses, by eliminating manual steps that had the possibility to cause friction and lead to unnecessary cash flow uncertainty. The collaboration with Yapily rolled out in multiple markets, such as France, Spain, the UK, Portugal, and the Benelux area and it enabled Payhawk to provide its clients with the ability to link one or more bank accounts from a large network of 2,000 banks and financial institutions, across several countries. Earlier in July 2023, Payhawk expanded in Lithuania and opened a new local office in Vilnius, focusing on developing its services in the region.

The company also aimed to hire a team of finance professionals to accelerate the process of solution development, as well as its overall growth in the local market. The employees needed to meet a list of requirements and conditions in order to be hired, while needing to have a background in finance, payments operations, and risk assessment at the same time. Following this expansion, Payhawk also planned to focus on launching in several other regions in the Baltics as well.

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