Veem Partners With Q2 Holdings to Make Digital B2B Payments More Accessible

As part of its strategy to remove friction from the accounts-payable and accounts-receivable process for small and medium-size businesses, payment-technology provider Veem Inc. on Thursday announced a partnership with Q2 Holdings, Inc., a provider of digital banking and lending solutions. Under the terms of the deal, Veem will make its fee-free global-accounts receivables and payables automation platform available to the more than 450 financial institutions and 1.5. million businesses on the Q2 digital-banking platform.

Veem’s accounts-receivable and accounts-payable services come with integrated cross-border and domestic payment solutions, providing businesses more options to pay and get paid, according to Veem. Businesses working with financial institutions on the Q2 platform need only log-in to their accounts through their bank’s Web site to initiate AR and AP payments, which keeps the process simple for businesses and reduces the cost of the transaction, says Veen chief executive Marwan Forzley.

“Accounts receivable and accounts payable payments are a very manual process for both domestic and cross-border payments and are ripe for simplification,” Forzley says. “Through our partnership with Q2, financial institutions can now offer next-generation payments in this area, which adds value for them and businesses by removing the friction from these processes. This is an opportunity for financial institutions to provide modern accounts-receivable and accounts-payable experiences.”

Among Q2’s payments and banking initiatives is its Innovation Studio, a portfolio of technologies and programs that financial institutions and Q2 fintech partners can use to design, develop, and distribute digital-banking products, services, and features. Through the Q2 Marketplace and Partner Accelerator programs, financial institutions select and deploy pre-integrated apps. 

“This partnership with Veem gives our financial institutions the ability to deliver Veem’s modern payment services to [small and medium-size] customers with agility and reliability,” Johnny Ola, managing director, Q2 Innovation Studio, says in a prepared statement. “Businesses are looking for embedded solutions that act as a one-stop-shop to conduct all their day-to-day transactions. With our integration with Veem, we are [giving] our financial-institution customers the option to offer small businesses innovative technology solutions.”