IT Brief NZ - Xero partners with blockchain-based international payments provider Veem

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Xero partners with blockchain-based international payments provider Veem

International payments provider Veem has announced an integration with New Zealand cloud-based accounting software Xero.

The integration will enable Xero users and accounting professionals to automatically sync vendor bills from Xero into Veem to streamline international payments, save time and money, and limit human errors.

With the Veem integration, Xero users can seamlessly pay international bills through the Xero platform.

When a user enters a bill in Xero, the bill automatically can be paid through Veem’s global payment platform.

The Veem platform supports global payments in US Dollars as well as multiple currencies to over 60 countries.

Users are able to see exchange rates as well as the currency related to the payments.

Veem is built on multi-rail routing tech and powered by blockchain technology.  

Additional automation ensures that Veem payment IDs are automatically added to Xero bank reconciliation reports.

The Veem platform is an essential tool for small and medium businesses paying international vendors.

“Connecting Veem with Xero simplifies international payments even further by eliminating double entries and simplifying reconciliation,” comments Mark A. Gilbert, MBS Accounting Technology & Advisory president and CEO.

Veem Helping Automate Accounting

The Veem global payments platform now allows financial professionals to bypass the cumbersome bank-to-bank international wire transfer process and send global payments through a simple interface in a few clicks, instead of hours.

Through the Veem - Xero integration, Xero customers now have access to simple, more automated international wire transfers.

“We’re excited about the additional functionality the Veem integration brings to our customers,” says Sid Maestre, Xero developer evangelism head.

“Global platforms like Xero and Veem have a massive opportunity to eliminate the headaches small business owners face doing trade across borders, in turn helping their businesses thrive.”

The Veem-Xero Impact on Global Trade

Both Veem and Xero serve small to medium-sized business, which in the US account for ninety-four percent of global trade by volume.

Both Veem and Xero have large global customer bases, who send and receive payments to and from customers and suppliers around the world regularly.

"Veem is the global bridge that brings businesses, their customers, and suppliers closer together. We’re here to support the network of small businesses that power the global economy," says Marwan Forzley, Veem CEO and founder.

Veem is a next generation platform for business-to-business payments.

Veem enables businesses to send and receive payments in local currency with a few simple steps using multi-rail technology across several global networks.

According to their website, Veem avoids intermediary bank networks, using blockchain technology to transport payments.

And because it only touches payments once, it only needs to charge once.

Fewer touches mean less fees and faster payments.

Founded by a team of industry veterans with over 100 years of combined experience in payments, payment processing and banking IT infrastructure management, Veem aims to change the financial payment system through innovation.

The company wants 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.

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