Finastra and Veem partner to equip banks with digital AP and AR solutions

By Edlyn Cardoza

Veem, an accounts receivable (AR) and accounts payable (AP) network for small and medium-sized businesses (SMBs), announced a partnership with Finastra, a global provider of financial services software applications and marketplaces, to offer business payments via native integration with Finastra’s Fusion Digital Banking Platform.

“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.”

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 digitisation, 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.”

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 software solutions and services across Lending, Payments, Treasury & Capital Markets, and Universal Banking (Retail, Digital, and Commercial Banking) for banks to support direct banking relationships and grow through indirect channels, such as embedded finance and Banking as a Service.