The feature will allow small businesses to lock in an exact exchange rate for up to 92 days in advance for incoming or outgoing payments scheduled during that time. Veem currently has a network of more than 150,000 businesses all over the world. Its blockchain-based payments system has facilitated billions of dollars in cross-border payments, according to an email from the company.
Banks have made locked exchange rates available to large corporations for years, giving them an advantage over small and medium-sized businesses (SMBs) because they are able to stabilize cash flow by budgeting exact amounts for international payments. Now, Veem is offering the feature to businesses of all sizes.
Companies interested in locking in their exchange rate need to simply select “Lock Exchange Rate” when scheduling a payment. The locked-in rate works on a transaction-by-transaction basis.
“Veem is dedicated to bringing [SMBs] cutting-edge advances in technology to empower them to operate on a truly global scale,” said CEO Marwan Forzley. “Our mission is to give them 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.”
This is Veem’s latest offering to help businesses manage their cash flow. Earlier this year, the company announced the rollout of its Veem Tariff Relief program, an initiative to reimburse companies up to $1,000 for trade tariffs they pay when importing goods from China. The program is designed for small businesses in particular, which see trade tariffs as “just another stressor and another barrier to making small businesses successful,” Forzley said at the time. “We believe that access to the global economy is a necessity for small businesses today.”
In addition, Veem also launched a cross-border B2B payments rewards program that offers businesses cash-back rewards when they use Veem to move money across borders, add new businesses to their supply chains or invoice customers.