Visa and Veem partner up to offer international money transfers

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Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content at FXC Intelligence, overseeing all content and taking deep dives into the trends and data driving changes in payments. Before joining FXC Intelligence, Lucy worked as a… Read more
  • Veem, an international payment network, has struck a deal with Visa to support small to medium-sized businesses looking to make international payments.
  • Spend management facilities will also be offered as part of this service, including reconciliation tools and more.
  • “Our collaboration helps Veem expand digital payment options for our customers, as we continue to build the next generation global solution for businesses,” said a spokesperson for Veem.

Veem, an international payment network designed to support cross-border payments for global small to medium-sized businesses, has announced a new pairing with Visa.

The firm will now offer almost half a million clients the chance to access an SMB Visa card programme plus a series of money movement options.

The move will mean that Veem customers now have the chance to create virtual Visa payment cards.

These can be used to settle bills with suppliers, pay for business expenses, and much more.

They will also offer “spend management” facilities, including reconciliation tools.

Veem’s US clients will also be able to use Visa Direct to send cash to a bank account or Visa card in one of over 100 currencies.

Visa Direct is designed to give businesses the ability to take money from endpoint to endpoint across the globe to ensure speedy and safe transfers.

In a statement, a senior figure at Veem praised Visa for its existing track record in the space.

Marwan Forzley, Veem’s chief executive officer, said that Visa was known for its ability to effectively transfer money on a local and international level with a widespread level of network acceptance.

“Visa is renowned for having broad network acceptance both domestically and internationally,” he said to the press.

He went on to say that the new partnership would help Veem boost payment options for customers across the globe.

“Our collaboration helps Veem expand digital payment options for our customers, as we continue to build the next generation global solution for businesses.”

Visa’s senior vice president and North America head of Visa Business Solutions said that the company was aiming to offer what are known as “digital-first” solutions.

Veronica Fernandez said that the firm was aiming to assist small to medium-sized businesses in moving money in both local and foreign transactions.

“At Visa, we strive to bring to life digital-first solutions for SMBs that help streamline how they move money – domestically and across borders,” she said.

She added that Visa was upbeat about the prospects of the collaboration with Veem.

“We are excited to collaborate with Veem and offer their clients simple and elegant ways to digitize their operations and help improve their cash flow.”

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