Align Commerce Solves the Problem of Wire Transfers

Simplifying Payments for SMBs 

Align Commerce, formally changed to Veem in 2017. 

In the world of global trade, paying a supplier is usually one of the most difficult aspects of managing payments as a small business. It is an industry that is reliant on sending online payments via wire transfers, which is the most popular way for suppliers to get paid. However, between trips to the bank, foreign exchange fees, other bank fees, lack of internet security, complaints of money never reaching its destination, and poor regulation in many countries, international wire transfers have proven to be less than optimal, to say the least.

Recently, Marwan Forzley, the Chief Executive of Veem has appeared in publications such as the New York Times, The Guardian, and Tech Crunch to explain the concept of blockchain technology and the benefits it can provide to global SMB’s. He characterizes this technology as a constantly growing series of virtual public ledgers of all Bitcoin transactions that has ever been performed. How does this affect payments?  For anyone who understands what Bitcoin is (an open source, peer-to-peer currency), this allows international money transfers to be more efficient by eliminating all the friction that occurs within it, such as FX rates and Swifts – which can be expensive and delay the money transfer from one end to the other by days, exposing its customers to currency volatility.

The power of blockchain technology

“What Veem has done is harness the blockchain technology to enable businesses and payment platforms to send and receive payments in their local currency via a simple, frictionless and inexpensive process.”

In other words, if a business in the US wants to bill their customer in Spain US$6,000, the Spanish clients can opt to send the payment in Euros using Veem’s payment method for a flat fee of 1.9%. In turn, Veem transfers the money through block chain, exchanges it with cryptocurrencies and converts the money into the receivers’ local currency. As a result, the US company ends up saving money that would have otherwise been wasted on banks’ costly currency conversions. Not to mention, the time it takes to receive the payment is also significantly reduced compared to traditional payment methods.

The benefits of Veem’s payment method

Because of the relationship that Veem has with local banks and Bitcoin exchanges, the company can afford not to charge any fees from the sender or the recipient either. With Veem, the FX fees are transparent, indicating the exact rate on the invoice, while the dashboard can be used to track the movement of funds in real time (much like how a package is tracked online), eliminating the uncertainty of whether or not the payment was received – all with the help of blockchain technology.

“Veem emphasizes the need for real-time tracking because there have been numerous stories of money getting lost in transit with wire transfers or of amounts received being far less than what was expected.”

Real-time tracking also shows proof of transaction, giving businesses a deeper sense of security by eliminating the threat of fraud. The funds are deposited directly to the receivers’ account in the exact amount expected, all in their local currency.

Smoother, faster and transparent

In the complex world of global trade, having a simple and reliable payment method is crucial to a business’ success. With the development of new technology like blockchain, the problems that people encounter with payments are addressed and eliminated. With companies like Veem utilizing such technology, businesses will benefit from smoother, faster, and transparent payment transactions. This way, small business owners and startups can focus on innovation and expansion, rather than worrying about the fees associated with sending international wire transfers.

Veem helps 100,000 businesses in over 100+ countries send and receive wire transfers.

Join them here

* This blog provides general information and discussion about global business payments and related subjects. The content provided in this blog ("Content”), should not be construed as and is not intended to constitute financial, legal or tax advice. You should seek the advice of professionals prior to acting upon any information contained in the Content. All Content is provided strictly “as is” and we make no warranty or representation of any kind regarding the Content.