Global payments startup Veem is launching a new business-to-business (B2B) tool to simplify and automate domestic payments, the company announced in a Wednesday (Nov. 18) press release.
“Small business owners, financial controllers, and accountants are moving away from paper-based payments and manual processes as the pandemic increases the demand for online payment solutions,” Veem Co-Founder and Chief Executive Officer Marwan Forzley said in the announcement.
He said the new tool, Veem Check, “strengthens our domestic payment offering” because users can pay anyone in the U.S. — even people who don’t have a Veem account.
Veem enables payments from a central platform, which can mean faster business transactions at a lower cost for small and medium-sized businesses (SMBs). The platform also allows for real-time tracking and transparency from receipt to deposit.
“This makes a significant difference for today’s growth-focused small business owners, giving them back valuable time in their day and one less thing to worry about,” said Forzley.
Headquartered in Silicon Valley and founded in 2014 by Forzley and Aldo Carrascoso, chief operations officer and chief financial officer, Veem uses blockchain as a payment rail and simplifies the way SMBs process payments.
Veem said 250,000 SMBs use its platform in over 110 countries and its tools seamlessly integrate with everyday business applications. Licensed and regulated in each country where it does business, Veem said it strives to reduce risks associated with global funds transfers.
Veem recently closed a $31 million funding round led by Truist Ventures. The new investment will be used to further expand its global footprint as well as improve its tools and capabilities.
Supply chain financing programs can help prevent late payments in the event of a cash flow bottleneck. A recent study showed that 43 percent of invoices are affected by late payments. Another study indicated that 62 percent of businesses would implement a discount program for early payments.