Democratization of finance with relationship-based payments
February 24, 2020
The future of business payments with Veem
Any good idea, science project, or experiment starts with a question. Veem’s CEO, Marwan Forzley, was no different. Forzley compares Veem’s technology to paying for a coffee. When the cashier tells you how much you owe, whether it’s a card, your phone or the coins in your pocket, “you don’t think of how you pay, you just do it,” he explains. Veem looks to simplify international wire transfers between businesses in the same way.
At Veem, our mission was to revolutionize the legacy financial payment system by offering enterprise level financial services and negotiating power to the small businesses who need it most.
But that wasn’t enough. We wanted to make international business payments easier, faster, and more secure for small businesses. More than that, we wanted to build relationships between parties, using the payment as the point of connection. With that in mind, Veem’s two-sided global network was born.
Ahead of the curve
At Veem, we think about payments a little differently – not just as a transaction. Our connected global network puts the relationship between payer and payee at the center of the transaction.We like to call it a relationship-based payment network.
Veem’s relationship-based payment network connects businesses around the world. And when you use Veem for your payments, you become a member of the network, connecting you to global partners.
Our centralized platform strengthens international business relationships by bringing transparency, security, and trust to global payments. Not to mention four amazing integrations that let you keep your work all in one place. Our network fosters connections between businesses around the world by providing a simple, secure method to send and receive both payments and data.
We view payments not as transactions but as a way to nurture global business relationships. So, whether it’s using the mobile app or online portal, relationship-based payments are just a few clicks away.
How Veem makes payments better
With Veem, relationship-based payments bring a heightened level of security to international business payments because both parties must have a verified account.
On our secure platform, both the payer and payee are empowered through our verification process. As a business on the Veem network, you are responsible for maintaining the accuracy of your own information. To send a payment, you simply need the name and email address of your recipient – they are responsible for the rest. This reduces human error, eliminates the need for double entry of data, and protects sensitive information.
From there, Veem onboards and verifies all members to ensure compliance with all necessary legal and financial regulatory bodies. We help protect SMBs against fraud and other risks by ensuring all actors on our network are independently verified. In this way, Veem also helps build business relationships by strengthening the security of your money route.
Getting rid of intermediaries
Veem’s relationship-based payment network places itself directly in between payments, thus removing intermediary financial institutions. Individuals and small businesses can now send and receive payments directly from each other without added fees or slower speeds from various institutions as your money travels internationally.
By getting rid of intermediaries, Veem is able to speed up the payment process from the wire transfer average of “who knows” to anywhere from 1-3 days. But with features like Instant Deposit, Veem makes the speed of money comparable to the speed of light.
Instant Deposit allows users to deposit funds directly into a US debit card within minutes, freeing up time and energy for more important business matters. It also strengthens business relationships by eliminating the awkward tension of waiting for money.
Building trust with your finances is all about knowing where your money is. Veem understands this more than most. With our end-to-end payment tracker, know where your money is at all times. Either party involved in the transaction can keep track of their payments so there’s no need for confusion, delayed gratification, or worrisome ‘where is my money’ notifications.
Veem’s relationship-based network provides that level of transparency and accountability to business payments.
Veem takes a new approach to payments, an approach that puts businesses and their relationships first.
What good is a business if you don’t have a strong network?
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