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Veem customer, the Jordan Tourism Board (JTB), was finding it difficult to send money abroad, particularly to Mexico. Anti-money-laundering controls, strict banking policies, payment vendor issues, and now the prospect of greater restrictions and increased taxes were making doing business with Mexico difficult and uncertain.   The JTB shared a widespread fear that has recently grown among both consumers and businesses who send money abroad regularly. Talk...

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In a recent speech to Harvard graduates, Facebook CEO Mark Zuckerberg addressed the class of 2017 as ‘citizens of the world’, and called upon them to champion the forces of knowledge, immigration and free international trade flow. To those who, like Zuckerberg himself, had ‘grown up connected’, he delivered a call to action to embrace the ‘forces of freedom, openness and global community against the...

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Why is it so hard to send money to the EU? To help answer that, the following article, by Veem CEO Marwan Forzley, appeared today’s Payments Journal. It's part 2 of our four-part series exploring why it's so hard to send money to Mexico, the EU, China and India. Look for more on why it's so hard to send money to China, and also why it's...

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The best benefit of blockchain technology is that it is especially helpful for small businesses because you don’t have to engage in high-value transactions to get high-value savings. We've put together a white paper to help you better understand how this fascinating new global payment technology has fundamentally reinvented the payments industry–and why your bank isn't likely to adopt it soon. (Hint: Because modernizing a traditional banking payment...

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As the administration steps back from trade restrictive policies, the millions of small businesses that account for 94.4% of U.S. imports and exports by volume can now get on with the business of going global. Global trade, it seems, is no longer in the cross-hairs.   Which should be welcome news for SMB importers and exporters who've spent the past few months worrying about what could happen...

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Although the Trump administration hasn’t released any detailed tax overhaul plan, it has released a 1-page summary of principles outlining what they are aiming for, summarized here. In my comments below, I'll focus on the pass-through rate for business and the lack of border taxes, but it’s worth reading through all the points to get a full picture of what the administration is has in mind.   ...

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Zoë Henry of Inc. Magazine caught up with Veem CMO/CRO, Frederick Crosby on the White House's recently released 100-day global trade rules action plan—which look very different from Trump campaign promises. The plan's provision for new China trade deals and an interest in renegotiating rather than ending NAFTA look very different from Trump campaign promises to "drop the hammer on trade"   "The saber rattling is stopping," Frederick told...

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The following article, by Veem CEO Marwan Forzley, appeared today's Payments Journal. Look for more of this four part series in the coming weeks. The U.S.-Mexico payments flow is one of the largest corridors for sending money in the world. You’d think it would be easy to do business in this thriving trade flow—so why is it so hard to send money to Mexico?   U.S. Trade with...

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Earlier this year Mark Zuckerberg and Tim Cook — two of the tech world’s most visible leaders — issued seemingly unprompted statements in favor of globalization. In fact, their words may not have been so unprompted. During last year’s presidential campaign, the candidates frequently debated the constraint of globalization. Surprisingly, both candidates agreed that pro-globalization policies should be avoided. Indeed, a wave of anti-globalization perspectives...

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Many small and medium businesses are unhappy with the global payment service they get through a traditional bank or financial institution because the process can be both a tricky and trying affair, and that starts with the very first step of the process: getting all of the information that your bank needs.   What You Need Your bank will need to know the names and addresses of the beneficiary and...

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With 95% of the world’s consumers outside U.S. borders, more and more small businesses are wading into global waters. But doing business in the global marketplace is complex. You might have to change your product design some, you will certainly have to deal with new compliance issues, there will be freight forwarding to deal with, and of course you’ll have to start making global payments....

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Is digital currency secure? What is digital currency? What is blockchain? Should I be using blockchain for global business payments? How can I be sure they will be secure?   A Review of Traditional Business Wire Transfers These are important questions. But before we dig in, let’s remind ourselves what a traditional business wire transfer looks like. It goes through a number of entities and processes before it’s complete....

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Your commercial bank may sound like it can take care of your international bank-to-bank transfers soup to nuts, but really, it’s just a well-paid front man. The real performers are in the band behind the bank, the countless other networks, institutions and services that work as a chain (when everything goes right) to facilitate the transfer of your global funds.   Whether domestic or international, bank-to-bank...

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Banking regulations imposed in 2010 after the financial crisis resulted in an explosion of hidden bank fees. While the regulations clamped down on some fees, banks responded by inventing a multitude of new ones to recover their losses from the new regulations. Ever since, banks have been devising new ways to charge fees in order to make up for the lost revenue from these tougher regulations.   How aware...

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