Veem and Finastra team for AP and AR services

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

The partnership creates a native integration that will enable small and medium-sized businesses (SMBs) to access Veem’s accounts payable (AP) and accounts receivable (AR) services directly through Finastra’s Fusion digital banking platform, the companies said on Thursday ( 12 8) Press release.

“Financial institutions are looking for ways to help their SMB customers digitize their billing and payment processes,” said Veem CEO Marwan Forzley in the press release. “At Veem, we develop digital solutions that make it really easy for SMBs to pay and get paid locally and internationally.”

The solution offers innovative payment services that leverage automated e-invoicing and bill-pay capabilities, streamline accounts payable and AR processes through digitization, and drive efficiencies through time savings and better operational performance, the press release says.

“As the world continues to go digital and innovate like never before, it’s critical that businesses have the tools they need to be efficient and responsive to their customers’ needs,” said Narendra Mistry, Chief Product Officer by Finastra at Universal Banking, in the press release. “We’re excited to partner with Veem to make it easier for banks to offer their customers enhanced AP and AR services through Fusion Digital Banking.”

Research by PYMNTS has shown that businesses, like consumers, need fast and secure payment methods tailored to their current needs.

According to The New User Experience, a collaboration between PYMNTS and FIS based on a survey of 311 financial institution executives, financial institutions need to be able to adapt the range of payment processes they offer as customer businesses grow.

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

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How consumers pay online with saved credentials
Convenience is prompting some consumers to store their payment information with merchants, while concerns about security are causing other customers to pause. For How We Pay Digitally: Stored Credentials Edition, a collaboration with Amazon Web Services, PYMNTS surveyed 2,102 US consumers to analyze the consumer dilemma and how merchants can overcome resistance.

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