B2B Payments

QuickBooks Adds Veem's Global Payment Capabilities

Veem, the B2B payments company formerly known as Align Commerce, is partnering with QuickBooks as the accounting software company looks to integrate payment capabilities for its SME users.

Reports Thursday (July 6) said Veem is integrating its cross-border wire payment capabilities into QuickBooks so SMEs can pay supplier invoices from within the

“Part of Veem’s mission is to support the network of small businesses that help prop up the global economy,” said Veem CEO and founder Marwan Forzley in a statement. “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.”

Small businesses paying international suppliers can have access to Veem’s multicurrency payment capabilities as well as its payment tracking and reconciliation tools.

Align Commerce first announced its rebranding as Veem this year. According to reports, the collaboration with QuickBooks could signal broader interest by Intuit in blockchain technology, which Veem deploys to move funds.

Meanwhile, QuickBooks is linking with B2B payments partners to integrate payments capabilities from directly within its QuickBooks Online platform. Most recently, Bill.com linked with the company as a way to help SMEs adopt electronic B2B payment capabilities.

In a recent interview with PYMNTS, Sanjeev Kriplani, Bill.com's senior Vice President of marketing and product management, explained that it has integrated its ACH payment capabilities into the platform, as well as check payments. While companies are shifting away from paper checks to pay their suppliers, the executive noted that many SMEs will still need the capability to send checks, and then can gradually adopt ACH or other payment rails.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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