Finastra and Veem Announce Partnership to Equip Banks with Digital AP and AR Solutions
The business payments network enables users of Finastra’s Fusion Digital Banking to easily perform payments transactions
San Francisco, California - December 8, 2022 – Veem, an accounts receivable (AR) and accounts payable (AP) network for small and medium-sized businesses (SMBs), today announced a partnership with Finastra, a global provider of financial services software applications and marketplaces, to offer business payments via a native integration with Finastra’s Fusion Digital Banking Platform.
Veem’s partnership with Finastra enables banks and other financial institutions to offer innovative payment services for SMBs leveraging automated electronic invoicing and bill-pay capabilities. This partnership also streamlines the accounts payable and accounts receivable processes through digitization, resulting in increased efficiencies such as time savings while improving operational performance.
Veem’s AP and AR services may be accessed directly through Finastra’s Fusion Digital Banking, where users can navigate seamlessly to Veem’s payments network and perform their transactions.
“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,” said Narendra Mistry, Chief Product Officer, Universal Banking at Finastra. “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.”
“Financial institutions are looking for ways to help their SMB clients digitize invoicing and bill pay processes,” said Marwan Forzley, CEO of Veem. “At Veem, we create digital solutions that make it really easy for SMBs to pay and get paid, both domestically and internationally”.
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Founded in 2014, Veem is an accounts receivable ("AR") and accounts payable ("AP") automation provider serving small and medium-sized businesses ("SMBs"). Veem offers a wide variety of services, including invoice automation, reconciliation, approvals, and B2B payments, enabling its customers to seamlessly make and receive payments both domestically and cross-border. Veem's client base includes over 400,000 customers located in 110+ countries. Veem is supported by an impressive list of financial and strategic equity investors, including but not limited to, Kleiner Perkins, Google Ventures, REPAY and Truist Ventures.
Finastra is a global provider of financial software applications and marketplaces, and launched the leading open platform for innovation, FusionFabric.cloud, in 2017. It serves institutions of all sizes, providing award-winning solutions and services across Lending, Payments, Treasury & Capital Markets and Retail & Digital Banking for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service. Its pioneering approach and commitment to open finance and collaboration is why it is trusted by ~8,600 institutions, including 90 of the world’s top 100 banks. For more information, visit finastra.com.
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