Veem, a global business payments network, has announced the introduction of Locked Exchange Rates, a payments offering that it says will increase the capacity for businesses of every size to compete in the global market. The solution lets businesses mitigate foreign exchange rate volatility and risk by locking in the base-currency value of a payment or invoice. The Veem network will now have access to a formerly enterprise-only financial tool.

Veem says that the solution offers a streamlined process, for businesses of any size to access locked exchange rates with the send payment or issue invoice workflows through the its network in less than 30 seconds. Veem Locked Exchange Rates are on a transaction-by-transaction basis, allowing businesses to choose which payment or invoice they want to lock-in. The company says its pricing is all-inclusive, with no hidden costs or monthly subscription fees.