Payment app Veem now offers locked exchange rates, which means businesses can budget for a payment in a foreign currency knowing the exact exchange rate for up to 92 days in advance.
When Veem came on the scene, it was easy to bill them as just another payments app. In reality, they have made achievements in payment volume that no other app has quite managed to do yet. Sole proprieters can use Veem to receive $5 on an item sale, but businesses can also use Veem to send $1.5 million across national borders for a cargo shipment.
This is possible because Veem uses a blockchain, and is now the first company to achieve $300 million in payments on a distributed ledger. The app currently integrates with Xero, QuickBooks and NetSuite, introducing a bona fide blockchain functionality into those accounting software platforms.
Companies can access locked exchange rates with the send payment or issue invoice workflows through the Veem network. Regardless of size, any business can lock in an exchange rate, avoiding the processes required by legacy financial institutions.
The rates are on a transaction-by-transaction basis, which allows businesses the flexibility to choose which payment or invoice they want to lock in.
“Veem is dedicated to bringing small-to-midsize businesses cutting-edge advances in technology to empower them to operate on a truly global scale,” said Veem CEO Marwan Forzley in a statement. “Our mission is to give them fully integrated, enterprise level financial tools and products to grow, globalize, and compete effectively. Innovative products like Veem locked exchange rates enable businesses of every size to think big.”
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