Veem launches tool to simplify payments for SMEs
With many US small-to-medium-size enterprises still dependent on manual payment processes, fintechs have spotted a digital transformation opportunity.
This week, California-based non-bank payments company Veem has launched a new tool, Veem Check which aims to simplify the commercial payments process for SME customers.
Last month, ACI Worldwide and Mastercard collaborated to introduce a new payments system, which aimed to offer central infrastructure, payments localization and access solutions to central banks etc.
In September, VSoft launched its new network, Bread which aimed for real-time payments acceptance.
With this new tool, the company would let its US-based users issue all their domestic payments such as online payments, check and Instant Deposits to be made via Veem Check.
“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,” said Marwan Forzley, Chief Executive Officer of Veem.
Adding further, the CEO said, the tool “strengthens our domestic payment offering considerably” and the business users can pay anyone in the US using Veem even if they don’t have an account with Veem.
US businesses would no longer need to rely on multiple providers to make payments and Veem would process the payments through its suite. Users can initiate the payments via a single platform either from a desktop or mobile device which according to the company will reduce time and cost associated with the process.
It also aims to bring transparency to online, check, and Instant Deposit payment processes with real-time tracking, the press release noted. Veem’s centralized platform improves the accounts payable process and it automates the identification and processing of the transactions.