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Blockchain Startup Veem Integrates with QuickBooks for International Payments

Samburaj Das
Last Updated March 4, 2021 4:58 PM

QuickBooks users will now be able to send international payments over a blockchain enabled by payments firm Veem as an alternative to international wire transfers.

In an announcement, blockchain cross-border payments platform Veem revealed the new integration which will see users sync vendor bills from QuicBooks to Veem to facilitate significantly faster and cheaper international payments across multiple currencies.

Veem claims to enable savings between 1-2% on every bill sent or received, with discounted rates for larger payments. Veem makes revenues on a flat $15 receiving fee and foreign exchange rates. It’s free to send payments through the platform.

The move is aimed at streamlining the process for users and accounting professionals using the software. An API integration allows users to enter their bills into QuickBooks which would then see payments details automatically sent to the Veem platform.

San Francisco-based Veem was previously known as Align Commerce before a rebrand and was launched by a Marwan Forzley, a former general manager at Western Union. Align Commerce began as a bitcoin startup to facilitate cross-border payments and raised $12.5 million in a late 2015 Series A round. In early 2016, Align Commerce established an exclusive payments rail to China, enabling users to send and receive payments between the United States and China in under 10 minutes.

Following a $24 million Series B this March, Align Commerce rebranded to become Veem.

Featured image from Shutterstock.