European Fintech Payhawk Introduces Features to Help Firms Comply with UK and EU Legislation, Pursue Sustainability Initiatives.

Payhawk, the global spend management platform, has unveiled its latest platform features called ‘Payhawk Green’. These features aim to assist companies in making more sustainable decisions regarding their spending. The great news is that these features are available to all Payhawk customers at no additional cost.

Payhawk Green is designed to help companies not only make more sustainable spending decisions but also address Scope 3 emissions. Scope 3 emissions refer to indirect emissions that occur in the value chain, such as business travel, transportation, fuel, or capital goods.

These new features will enable companies to comply with the new legislation from the UK and the EU, which is crucial for those with entities in the EU. Moreover, it offers support for internal sustainability initiatives like emission offsetting.

Payhawk has partnered with Lune to provide emission calculations, enabling customers to automatically measure the CO2 associated with purchases made on Payhawk cards. This service is also offered at no extra cost.

As more and more companies aim to become sustainable and transparent about their carbon footprint, legislation such as the UK’s Streamlined Energy and Carbon Reporting (SECR) and the EU’s Corporate Sustainability Reporting Directive (CSRD) will require compliance. Companies with over 250 employees and a €40 million net turnover will have to report under the CSDR starting in 2025. This means that more than 50,000 companies, including over 3,000 US-based companies, will need to report Scope 1, 2, and 3 emissions.

Scope 3 emissions are often the largest source of carbon emissions and can be challenging to track due to their indirect nature. However, with spend management solutions like Payhawk, businesses can efficiently control their spending and maximize financial processes. The Payhawk Green features now allow customers to automatically measure the CO2 associated with purchases made on Payhawk cards, at no extra cost. Additionally, Payhawk’s platform can be customized to collect and manage Environmental Social and Corporate Governance (ESG) data for suppliers, enhancing supply chain transparency.

Hristo Borisov, the CEO and Co-Founder of Payhawk, expresses his excitement about the new features, emphasizing the opportunity for businesses to make more sustainable decisions and reduce their environmental impact.

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