Xero to Offer Cross-Border Payments Through Bitcoin Partnership With Veem
Cloud-based accounting software company Xero has announced that its users can now send cross-border payments using bitcoin technology thanks to a partnership with B2B payments company, Veem. The solidifies a strong year for Veem, who in 2017, having raised $24 million USD, rebranded to Veem from Align Commerce, and integrated their services with Intuit Quickbooks.
NZ Businesses Will Now Be Able to Execute Cross-Border Fiat Payments via Bitcoin Using Xero
New Zealand-based accounting software company Xero has announced that it will partner with Veem to provide cross-border payments services to its customers. NZ businesses will now be able to execute international transactions in fiat currencies through use of blockchain technology
Xero’s head of developer evangelism, Sid Maestre, has stated that Xero is “excited about the additional functionality the Veem integration brings our customers… “Global platforms like Xero and Veem have a massive opportunity to eliminate the headaches small business owners face doing trade across borders, in turn helping their businesses thrive.” Veem is a global payment company that seeks to facilitate small businesses in sending and receiving payments in national currencies. Veem converts a sender’s funds into bitcoin before immediately selling such in exchange for the requested currency of a recipient, allowing businesses to bypass intermediary financial institutions. Veem was founded in 2014, and now offers its services to 60 different countries.
The Xero Partnership Is Veem’s Second Partnership With an Accountancy Software Company
2017 has been a successful year for Veem, with the company rebranding from Align Commerce, following the successful raising of $24 million USD including investment from Silicon Valley Bank, Kleiner Perkins Caufield Byers, National Australia Bank Ventures, GV (formerly Google Ventures), and SBI Investment Co at the start of the year. In June, Veem announced that it would be partnering with Intuit Quickbooks.
Mark Gilbert, CEO of MBS Accounting Technology & Advisory – a business partner of Xero and Intuit Quickbooks – has praised Xero’s partnership with Veem, stating that “connecting Veem with Xero simplifies international payments even further by eliminating double entries and simplifying reconciliation.”