SAN FRANCISCO, Oct. 14, 2021 /PRNewswire/ -- Veem, the global payment network for small-to-midsize businesses, today announced a collaboration with Visa, the world's leader in digital payments. Now, over 400,000 of Veem's customers will have access to a new SMB Visa card program1 and digital money movement capabilities through Visa Direct, Visa's real-time2 push payments platform.
Veem clients will have the ability to immediately generate and issue virtual Visa payment cards that can be used for business payments to third parties like suppliers, or for general business expenses. The card program, combined with Veem's existing spend management tools, will provide reconciliation and financial benefits to Veem clients, 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," said Veem CEO Marwan Forzley. "Our collaboration helps Veem expand digital payment options for our customers, as we continue to build the next generation global solution for businesses."
"At Visa, we strive to bring to life digital-first solutions for SMBs that help streamline how they move money – domestically and across borders," said Veronica Fernandez, SVP, North America Head, Visa Business Solutions. "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."
Veem simplifies the way businesses send and receive funds globally. Trusted by more than 400,000 businesses in over 100 countries, Veem offers a suite of payment services to establish and strengthen partner and supplier relationships. Veem's secure, trackable transactions combined with seamless integrations with popular 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.
1 Capabilities enabled through Veem's financial institution partners.
2 Actual fund availability varies by receiving financial institution, receiving account type, region, and whether transaction is domestic or cross-border.
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