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The largest difference is that we use more efficient “payment rails” or “plumbing” than a bank. When a bank sends money overseas, they are unable to send it directly to the receiving bank. Your money is actually passed through many cooperating “intermediary banks” until it reaches the destination bank. And every time an “intermediary bank” touches your funds, they take a small fee for themselves. In the end, each movement through each “intermediary bank” costs you time and money.

Veem avoids intermediary bank networks. We transport your payments through cutting-edge blockchain technology. And because we only touch your payments once we only need to charge you once. Less touches means less fees and faster payments.

The why
Our Platform was built to eliminate the outdated wire mechanism and modernize the international payments method for our clients. Wire transfers are problematic from the get go for both, the sender and the receiver. The process of going to the bank, standing in line, and filling out wire forms – each requiring the bank account details of the recipient, swift codes, routing numbers, and a ton of other personal information on both ends – not only threatens the security of both parties, but is a costly and slow way of paying. Just when you thought you were done, you find out that if not completed by a certain hour, the payment will have to wait until the following day, and may take up to five days to get there, depending on your destination. Sound Familiar?

If you’re receiving a wire from abroad, your account is charged wire fees automatically. That gives you even less control over your financials. Wires are essentially the dinosaurs of today’s payments ecosystem. That is why we cut them out!

The how
The blockchain technology is solely used to speed up settlement times by eliminating the intermediary. All the wire and fx fees that are normally charged during your transaction occur when your payment hits the intermediary bank account. We eliminate all those extra fees by using the blockchain.

Once the money arrives from the sender’s bank, we utilize our technology to convert the currency and deliver it directly to the receiver’s bank account. The sender and receiver are able to track their money every step of the way.

Payments

Most payments sent with Veem take an average of 2-3 business days to land, with exceptions based on the country in which the payment is being received. To learn more about payment times, please reach out to our Customer Service team at [email protected] or you can chat with our Customer Success team here.

Note: Due to the current COVID-19 pandemic, there may be some delays in certain regions.

You can begin the process of sending and receiving payments immediately. You just need to follow these steps:

Sign up with us ( 20 seconds)
Confirm your email ( 5 seconds)
Login and create a payment request ( 5 mins)
Tell us about your business and get verified (5 mins)
Thats it!

We’ll give you a call to confirm your payment request, let you know if we need any of your legal business documents, and answer all your questions.

The mechanics
When you send or receive payments via Veem, we automatically convert the money into the local currency at the time we receive the payment from the sending party. All transactions are local on both ends. The party that is converting the currency is buying the Veem Exchange Rate.

An actual example:
Say you’re a US based media company and you’ve just received an invoice from your web developer from the Philippines for US$1000. You create a Veem payment for US$1000 and authorize Veem to debit the exact amount from your Wells Fargo bank account. Your developer will be notified of the payment then asked for her banking details. Veem will then send the exact amount of PHP 43,589 into her Bank of the Philippine Islands account using the blockchain technology we keep telling you about.

How did we determine the PHP 43,589 amount we sent to her? Using a theoretical internet rate or interbank rate (Google, Reuters, Bloomberg) of US$1 = PHP 44.43, Veem applied our 1.9% rate to get our final transaction foreign exchange rate of PHP 43.59. This is the rate we used to calculate how much we sent the web developer in the Philippines.

Account

Account verification time will depend on the nature and location of the businesses involved in the transaction. In most cases verification will be instant. Occasionally, It could take up to 3 business days. Please keep in mind that all of our compliance checks are performed for your security.

As per government regulations and compliance policies, in order for us to release funds into your account, we will need to verify your identity. You can still fill out your profile and send and receive invoices prior to verification. Once you reach your payment threshold, you will be prompted to verify your account.

You can now add multiple users to your account and assign them roles to help you manage user access.

These are the Roles and their level of access. We will be adding to these over the coming weeks.

Admin:
Have total access to Veem. Only admins can update account information and assign user privileges.

Agent:
Agents have access to create and send payments or invoices, manage contacts and view reports.

Clerk:
Clerks can create and edit payments or invoices, but not send them. Clerks can also manage contacts and view reports.

Security

The blockchain is a next generation payment processing transmission system that is both decentralized and ultra secure. It has the ability to hold, transmit and transfer value from sender to receiver in seconds.

A good analogy is how some mobile payments allow money transfers to happen over a protocol called Short Messenging Service or SMS. The protocol to transfer value is via text and the end points are mobile phones.

Our protocol is the blockchain and our end points are bank accounts.

When it comes to your money – there’s no compromise. Veem is invested in the security of your account. Rest assured your transactions are in good hands.

Website Security
We use the latest and greatest technology security protocols available on the market. All information stored, shared or uploaded on the platform is encrypted with the most advanced protocols available.

Veem is also Comodo certified.

Low Risk Business Model
Because we don’t assume positions in the market ourselves, we run on an inherently low risk business model.