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Veem Enhances Multi-Rail Payment Technology

December 16, 2020

More Choice for Small Business Owners
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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San Francisco, December 16, 2020Veem, a leading provider of online payment solutions for small-to-midsize businesses, today announced core enhancements to its domestic and international routing technology. Following a successful year of growth for the financial technology firm, these enhancements will improve the way businesses pay and get paid within the US and around the world.

Veem’s expansion of its multi-rail technology capabilities builds on its commitment to delivering a payment experience where cost, speed, and security come first. Its transactions can now be routed through six methods or “rails,” adding checks and enhanced digital wallet capabilities, to increase the payment optionality that businesses demand.

The expanded multi-rail technology capabilities include:

  • Digital Wallet: Global real-time wallet-to-wallet payments between holdersBlockchain: International real-time payment speed and settlement
  • Treasury: International and US domestic payment acceptance and disbursement between Veem-managed bank accounts
  • SWIFT: International payment routing via SWIFT without the need for antiquated, time-consuming paperwork and bank processes
  • Cards: US domestic Instant Deposit to card payment transactions maintained by American Express, Discover, Mastercard, and Visa
  • Checks: Trackable and integrated US domestic payment option issued by payers to payees via Veem’s payment dashboard
“Now more than ever, small business owners need flexibility from their providers. We’re thrilled to offer more choice to our customers as we continue to grow, scale and improve our product offering and service. Our multi-rail technology is a game changer, offering an unprecedented level of security, speed, and service to small business owners,” said Marwan Forzley, CEO of Veem.

Unlike banks, Veem’s multi-rail technology empowers business users to transact within a timeline they’re comfortable with. From instant payments — via Instant Deposit, digital wallet, or blockchain — to slower transactions, like paper checks, account holders can spend, send, reconcile and receive funds the way they want directly from their desktop or smartphone.

Veem’s blockchain usage has steadily increased since the firm’s founding in 2014, when it first introduced this powerful technology to the global business-to-business payments industry to improve the transaction experience through enhanced efficiency, security, and reliability. Veem’s multi-rail technology manages the payment routing and determines whether funds will be transferred over the blockchain on behalf of its users.

This latest announcement comes on the heels of a rapid growth year for Veem, where the company doubled its user base from 2019.

“2021 is an important year for growth and for rapid pace of change. We look forward to bringing small businesses a best-in-class experience that eliminates the need and reliance on slow, traditional payment options. The business community can expect to see even more functionality and innovation from Veem in the new year.”

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