Veem, the international payment network for SMBs, announced a partnership with Visa (NYSE: V), the leader in virtual payments.
Now, more than 400,000 of Veem‘s clients will get access to a new SMB Visa card program and digital money movement capabilities via Visa Direct, which is Visa’s real-time push payments platform.
Veem customers will have the option to quickly generate and issue virtual Visa payment cards that may be used for business payments made to third-parties such as suppliers, or for taking care of typical business expenses.
The card program, along with Veem’s existing spend management tools, will offer reconciliation and financial benefits to Veem customers, “helping to digitize and streamline their manual processes.”
Veem is also using Visa Direct to “enable its US clients to send money directly to a bank account or eligible Visa card in over 160 currencies.” Visa Direct helps allow businesses to move money to “billions of endpoints worldwide, facilitating fast, simple and secure digital domestic and cross border payments.”
“Visa is renowned for having broad network acceptance both domestically and internationally,” stated Veem CEO Marwan Forzley.
Forzley added:
“Our collaboration helps Veem expand digital payment options for our customers, as we continue to build the next generation global solution for businesses.”
Veronica Fernandez, SVP, North America Head, Visa Business Solutions, remarked:
“At Visa, we strive to bring to life digital-first solutions for SMBs that help streamline how they move money – domestically and across borders. We are excited to collaborate with Veem and offer their clients simple and elegant ways to digitize their operations and help improve their cash flow.”
As mentioned in the update, Veem aims to simplify the way businesses send and receive money across the globe.
Veem claims it is trusted by over 400,000 businesses in more than 100 countries. It offers a suite of payment services to “establish and strengthen partner and supplier relationships.”
Veem’s secure, trackable transactions combined with seamless integrations with various business applications “enable businesses to save time and money, while mitigating risk generally associated with international funds transfers.”
Veem is “licensed and regulated in each country and state it serves.”