Veem and Finastra Team to Deliver AP and AR Services

invoice payments

Veem and Finastra have partnered to help banks offer innovative payment services.

The partnership creates a native integration that allows Veem’s accounts payable (AP) and accounts receivable (AR) services for small and medium-sized businesses (SMBs) to be accessed directly through Finastra’s Fusion Digital Banking Platform, the companies said in a Thursday (Dec. 8) press release.

“Financial institutions are looking for ways to help their SMB clients digitize invoicing and bill pay processes,” Veem CEO Marwan Forzley said in the release. “At Veem, we create digital solutions that make it really easy for SMBs to pay and get paid, both domestically and internationally.”

The solution delivers innovative payment services that leverage automated electronic invoicing and bill-pay capabilities, streamlines AP and AR processes through digitization and provides increased efficiencies through time savings and better operational performance, according to the press release.

“As the world continues to digitize and innovate like never before, it is critical that businesses have the tools they need to be efficient and react quickly to the needs of their customers,” Finastra Chief Product Officer of Universal Banking Narendra Mistry said in the release. “We’re pleased to work with Veem to make it easier for banks to offer enhanced AP and AR services for their customers through Fusion Digital Banking.”

PYMNTS research has found that businesses, like consumers, require fast, secure payment methods tailored to their in-the-moment needs.

This means financial institutions must be able to customize the range of payment processes they offer as client businesses grow, according to “The New User Experience,” a PYMNTS and FIS collaboration based on a survey of 311 financial institution executives.

To fill in the gaps, financial institutions are adding the same digital features consumers have become accustomed to — such as instant payments and refunds and embedded finance — to their toolkits, the report said.

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