Veem, a blockchain payments app, said that it would offer locked exchange rates for small and medium businesses. This will help them budget better with locked exchange rates for at least 3 months in advance.
Making new strides in the market
Veem started off as a regular blockchain payments app for businesses and individuals. However, it has quickly become an industry leader in innovative services. Its locked exchange rate offering is the first in the industry that could help businesses budget more precisely. The offering is designed to help small and medium businesses get a more competitive advantage in the global market by working on fixed rates.
The offering will reduce foreign exchange volatility that often keeps smaller businesses in a disadvantaged position. It will streamline forex payment processes for the businesses by giving them easy access to the feature. In practice, companies may lock the exchange rate within 30 seconds. The company keeps its pricing flexible and doesn’t charge any hidden costs.
The app’s simplicity and ease of use make it a great choice for businesses that want to send higher volumes of payments across the border. The blockchain-based payments system used by Veem now boasts of $300 million in payments. The app provides quick integration with popular accounting software like QuickBooks, Xero, and NetSuite, adding the power of blockchain to accounting apps used by small and medium businesses.
How can companies use Veem’s solutions?
Veem allows all companies using its network to lock exchange rates for 92 days. There is no restriction related to the size of the business or its payments. Users can access the exchange rates through the issued invoice or send payment workflows on the network. The process happens without involving a legacy financial institution, making it quicker and easier to conduct.
The rates will be locked on a transaction-by-transaction business. This helps provide businesses more flexibility in deciding the invoice of payment they want to lock an exchange rate on. Moreover, it also helps them manage multiple vendors and clients easily.
Marwan Forzley, the CEO of Veem said,
“Our mission is to give them [small and mid-sized businesses] 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.”
He added that the company wants to give these businesses a better global advantage using cutting-edge technology.