Intuit QuickBooks Integrates Veem Payments
Small business financial software giant Intuit QuickBooks has integrated blockchain payment provider Veem to provide an alternative to traditional wire transfers. The announcement was made during the Money 2020 Europe conference.
Veem, previously Align Commerce, is a global payment company that offers solutions enabling small businesses to send and receive payments in local currency. Using blockchain as a payment rail, the company eliminates the need for intermediary banks, therefore reducing costs for small and medium-sized businesses. The company converts the sender’s funds into bitcoin, selling the digital currency at an exchange for the desired currency of the recipient.
The partnership is aimed at helping accounting professionals streamline operations while reducing fees. The integration will enable Intuit customers to send cross-border payments. Users can currently send and receive money from 24 countries via the service, leveraging the ability to transact in multiple currencies.
Since 2014, Intuit has been experimenting with enabling merchants to leverage the bitcoin blockchain, first through research and development efforts, later adding Coinbase as a payment option for its merchant network.
