Veem Grows Multi-Rail B2B Payment Capabilities

Digital payment solution provider Veem unveiled central improvements to its routing technology inside of the country and abroad, according to a Wednesday (Dec. 16) announcement.

The company said that the advancements will better the method in which firms make and receive payments domestically and internationally, “following a successful year of growth for the financial technology firm,” according to the announcement.

“Our multi-rail technology is a game changer, offering an unprecedented level of security, speed and service to small business owners,” Veem CEO Marwan Forzley said in the announcement.

Veem’s growth of its multi-rail technology functions come on top of the company’s commitment to providing an experience in which cost, speed and safety are prioritized. Transactions can now be directed via six rails, including checks, cards, SWIFT, treasury, blockchain and digital wallet, the announcement stated.

In contrast to banks, Veem said its multi-rail infrastructure lets business users work at a speed that matches their comfort. Those who hold accounts can use, send, reconcile and get money the way they wish from instant payments like digital wallet to slower transactions such as paper checks straight from their computers or phones.

Veem noted in the announcement that its blockchain usage has been consistently on the uptick as of the company’s 2014 founding. At that time, the company said it first debuted the technology to the international B2B payments sector to bolster the transaction experience with greater effectiveness, safety and dependability.

Veem said it provides a collection of back-office financial services that simplify the payments workflow with partners and vendors.

The news comes as Veem closed a funding round in September with $31 million in new financial resources. Truist Financial Corporation’s corporate venture capital arm, Truist Ventures, headed up the round.

“This funding round marks an important milestone for the company, putting us in an ideal position to build out our channel partner program and prepare for Veem’s next stage of global growth,” Forzley said at the time.