Cross-border payment transactions accounted for $23.7 trillion globally in 2018, with the bulk consisting of B2B payments. More and more companies must make payments not only to vendors but in support of contractors, one-off buys, landlords, etc. According to a study by the consulting firm Strategic Treasurer that surveyed corporate treasurers, 37% of corporations now operate across at least 11 countries, 34% use six or more banks, and 39% generate payments in six or more currencies.
Fintechs have been leading the way to offer more efficient methods to make recurring and one-time payments, while doing the heavy lifting of compliance, bank account management, API integration, reporting — all while providing a simple user interface. As the service-based economy continues to grow and go global, corporations will increasingly adopt modern payment solutions designed to make the cross-border experience a lot less painful than going through the correspondent bank wire system.
Veem offers that modern payment solution. The company was founded in 2014 by a team of industry veterans with over 100 years of combined experience in payments, payment processing and banking IT infrastructure management. It is headquartered in San Francisco and has offices around the world with 110 employees. Their mission is to change the legacy financial payment system through innovation and improve the costly and outdated payments industry by building a new user-focused financial ecosystem that services businesses globally.
Veem enables businesses to send and receive payments in local currency with a few simple steps using their proprietary multi-rail technology across several global networks. Its aim is to simplify domestic and international payments for small and medium-size businesses.
It facilitates recurring and one-at-a-time B2B payments between companies, particularly small business. Veem’s system allows a buyer to initiate a payment, or it allows a supplier to upload an invoice and request a payment.
The first of the three-part Spend Matters Vendor Snapshot of Veem will provide an overview of the company and its solution as well as a selection checklist. Other parts will provide strengths and weaknesses for the solution, a vendor SWOT analysis and a comparison of competitors to Veem.