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Veem Leverages Blockchain, Bitcoin In Global Payments Space

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Renato Capelj
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Benzinga is highlighting nominees for the fifth annual Benzinga Global Fintech Awards ahead of the event Nov. 19 in New York City.

One nominee is Veem, a payment fintech servicing global commerce.


Launched in 2014, the San Francisco-based fintech offers local currency transfers to small businesses.

Veem converts sender’s funds into bitcoin, selling the currency at an exchange for the desired currency of the recipient.

The firm leverages blockchain as a means to facilitate transactions. In doing so, the need for intermediaries — like banks — is eliminated, reducing costs for small- and medium-sized businesses.

Recent Developments

Veem increased its cost-effective secure transfer coverage to more than 95 countries with the extension of its platform to Canada.

“Veem has two priorities — provide safe, secure transactions and expand into markets to better serve businesses regardless of size. At Veem, all customers are treated as enterprise customers, receiving the immediate, individualized attention banks often fail to provide," CEO Marwan Forzley said in in a press release.

The expansion allows Canadian users to execute transfers on the Veem multicurrency transaction platform, which shows real-time currency and transaction identification information.

Additionally, Veem announced its integration with Zapier, allowing businesses and contractors the ability to make payments with over 1,500 applications including salesforce.com, inc. (NYSE: CRM) and Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG)'s GSuite.

Heather Satterly of Satterly Training & Consulting LLC described the platform as "fantastic" in a press release.

“Now, it doesn’t matter what accounting system my client is using, I can build an automation so they can use Veem. Plus, I can now customize any notification emails that are sent to my customers."

Going Forward

Veem aims to address major pain points in the global payments commerce space.

Its introduction of programs like the Veem Tariff Relief program, which reimburses businesses disrupted by the ongoing trade war, protects businesses within its network, increasing the sustainability of its payments operations, according to the company.

CEO Forzley said the Benzinga Global Fintech Awards are some of the most prestigious in the space.

"Veem's nomination in the Best Use of Blockchain category is proof that the work we're doing in the global payments sector is changing the way businesses pay, get paid and build new relationships."

Visit bzawards.com to learn more about this fintech and many others like it.

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