B2B Payments

Veem Links Xero Users To X-Border Payments

Cross-border B2B payments company Veem is integrating with cloud accounting platform Xero.

Veem announced Thursday (Sept. 7) that a partnership with Xero means joint corporate users will have access to global payments capabilities, with companies able to sync invoices from Xero into Veem to pay bills. Users can now pay their bills directly from within the Xero platform, the companies said, with support for multiple currencies and payments to more than 60 countries.

The companies also noted their integration enhances automation of data entry and management for more reliable reconciliation.

“We’re excited about the additional functionality the Veem integration brings our customers,” said Xero head of developer evangelism Sid Maestre in a statement. “Global platforms like Xero and Veem have a massive opportunity to eliminate the headaches small business owners face doing trade across borders, in turn helping their businesses thrive.”

“Veem is the global bridge that brings businesses, their customers and suppliers closer together,” added Veem CEO and founder Marwan Forzley in another statement. “We’re here to support the network of small businesses that power the global economy.”

The integration with Xero follows Veem’s partnership with Acuity, announced only weeks ago. That collaboration sees Veem linking its corporate customers to the accounting services offered by Acuity, while Acuity will integrate Veem’s B2B payments capabilities into its platform.

“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,” said Acuity COO Matthew May in a statement at the time.

Xero, meanwhile, recently launched a partnership with subscription management platform Recurly to help joint business clients manage billing and invoice data from within the Xero platform.


New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.