B2B Payments

Acuity, Veem Partner For International B2B Wires

Cloud accounting company Acuity is teaming up with corporate payments firm Veem (formerly known as Align Commerce) to streamline cross-border B2B payments.

The companies revealed their partnership in an announcement Thursday (Aug. 31) and said Veem will now link its B2B clients to Acuity’s accounting services, while Acuity will integrate Veem’s international wire transfer solutions directly in its platform. Veem supports B2B payments and the movement of invoices across 60 countries, it said.

“New technologies and services that simplify our clients’ day-to-day work and improves our workflow is an essential part of what we do,” said Acuity COO Matthew May in a statement following the news. “We are excited to add Veem to our portfolio.”

“Like Veem, we believe that financial managers should be spending their time creating value and building relationships with their clients, not mired in the clumsy, costly and often frustrating process of international wire transfer,” May continued.

“Acuity is one of the strongest cloud accounting firms in the industry, and we’re very pleased to have forged this partnership,” added Veem CEO Marwan Forzley.

Earlier this year, Veem announced another partnership with QuickBooks that integrates its B2B payment capabilities within that accounting platform as well, a deal that focuses on cross-border supplier payments.

“Part of Veem’s mission is to support the network of small businesses (SMBs) that help prop up the global economy,” said Forzley in a statement at the time. “QuickBooks’ network of accountants and financial professionals represent many of these small businesses, and we look forward to leveraging that network for distribution so we can continue to bolster small businesses across the globe.”

Meanwhile, Acuity CEO Kenji Kuramoto recently spoke with PYMNTS about SMBs’ need to adopt cloud technologies and embrace automation. According to Kuramoto, only about 15 percent of smaller accounting companies have embraced the cloud, because they “tend to be a bit risk-averse” and “rely on traditional mechanisms.”

“The cloud allows for no limits,” Kuramoto added.

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