Veem, Visa Team on Virtual Card, Cross-Border Payments for SMBs

Business payment service provider Veem is partnering with Visa to bring a virtual card program and fast, secure cross-border money transfers to small- to medium-sized businesses (SMBs), according to a press release.

The tie-up also gives Veem’s 400,000-plus users access to digital money movement capabilities through Visa Direct, the release stated.

See also: REPAY, Veem Collaborate on B2B Payments

Veem customers will be able to generate and issue virtual Visa payment cards that can be used for all kinds of business payments, including to third-party vendors. When used with Veem’s current solutions for spend management, the Visa cards will help with reconciliation and digitizing many manual processes, according to the release.

Veem CEO and Co-Founder Marwan Forzley said in the release that Visa has vast network acceptance worldwide and the partnership will give SMBs more options for digital payments.

By using Visa Direct, Veem gives is allowing its customers in the U.S. a way to send money to a bank account or a Visa card in more than 160 currencies, the release stated. Visa Direct specializes in helping SMBs digitally move funds globally in a way that is easy, fast and safe.

“At Visa, we strive to bring to life digital-first solutions for SMBs that help streamline how they move money — domestically and across borders,” said Visa Business Solutions Senior Vice President and North America Head Veronica Fernandez in the release.

Veem works with over 400,000 businesses in more than 100 countries, offering numerous payment solutions to support partner-supplier relationships. Transactions completed with Veem are secure and trackable, with multiple time-saving integrations, according to the release.

Licensed and regulated in each country and state it serves, Veem aims to make it easier for businesses to send and receive funds from anywhere in the world, the release stated.

Read also: Veem Debuts New AR Solutions