Veem partners with Finastra

Friday 9 December 2022 14:19 CET | News

Veem, an AR and AP network for SMBs, has partnered with Finastra to offer business payments via a native integration with Finastra's Fusion Digital Banking Platform.

Veem's partnership with Finastra enables banks and other financial institutions to offer innovative payment services for small and medium-sized businesses (SMBs) leveraging automated electronic invoicing and bill-pay capabilities. This partnership also streamlines the accounts payable (AP) and accounts receivable (AR) 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 to Veem's payments network and perform their transactions.

Veem, partners with Finastra to offer business payments via a native integration with Finastra's Fusion Digital Banking Platform.

Veem offers a wide variety of services, including invoice automation, reconciliation, approvals, and B2B payments, enabling its customers to make and receive payments both domestically and cross-border. Veem's client base includes over 400,000 customers located in 110+ countries. Veem is supported by an impressive list of financial and strategic equity investors, including but not limited to, Kleiner Perkins, Google Ventures, REPAY and Truist Ventures.

Finastra’s Fusion Digital Banking

Finastra has announced the availability of Finastra Digital Banking Insights, an app for Fusion Digital Banking, in November 2022.

The app harnesses the power of data and advanced analytics to provide financial institutions with actionable insights into account holder behaviour. The app was built on Azure technology using Microsoft’s Power BI data visualisation software developed for business intelligence. Available through Finastra’s FusionStore, it enables banks and credit unions that use Fusion Digital Banking to increase revenue, reduce costs, and improve customer satisfaction.

The app provides an intuitive user experience with digestible information about consumer habits and preferences through six distinct dashboards:

  • Accounts dashboard: reveals accounts, important metrics and trends associated with balances and transactions, and credit vs. debit account usage.

  • Transfers dashboard: provides insight into account-to-account transfer patterns, method of transfer, frequency, and performance.

  • Digital users dashboard shows behaviour by digital users, trends, and remote deposit usage over time.

  • Logins dashboard: gives an understanding of login behaviour, including time of day, and day of week login trends.

  • Products dashboard shows product adoption over time, popular product combinations, and enrolment growth to determine cross-sell and upsell opportunities.

  • Digital activity dashboard: leverages account holder digital activity scores, developed by data scientists who have analysed data across our digital banking ecosystem, to increase engagement while optimising costs.

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Keywords: partnership, banks, SMEs, payments , digital banking
Categories: Banking & Fintech
Companies: Finastra, Veem
Countries: United States
This article is part of category

Banking & Fintech




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