Veem Enables Financial Institutions on Q2's Platform with Fee Free, Global Accounts Receivables and Payables Automation

Rhea-AI Summary

Veem has partnered with Q2 Holdings (NYSE:QTWO) to provide its fee-free global accounts receivables and payables (AR/AP) automation services to over 450 financial institutions on the Q2 digital banking platform. This integration enables approximately 1.5 million businesses to access enhanced payment solutions, facilitating both domestic and cross-border transactions. The Q2 Innovation Studio will help FIs deploy these integrated apps quickly, enhancing service offerings for small- and medium-sized businesses (SMBs). Veem aims to modernize payment processes in a digital economy.

Positive

• Partnership with Veem to enhance Q2's service offerings for 450+ financial institutions.
• Access for approximately 1.5 million businesses to advanced AR/AP solutions.
• Fee-free global transactions aimed at improving efficiencies for SMBs.

Negative

• None.

SAN FRANCISCO, Oct. 21, 2021 /PRNewswire/ -- Veem, one of the leading providers of online payment solutions, today announced its availability within the Q2 Innovation Studio Marketplace, making its fee free global accounts receivables and payables (AR/AP) automation platform pre-enabled to 450+ financial institutions (FIs) on the Q2 digital banking platform. This partnership with Q2 Holdings, Inc. (NYSE:QTWO), a leading provider of digital transformation solutions for banking and lending, enables Veem's payment and AR/AP solutions to be delivered directly to FIs' customers and small businesses. 

As businesses in under-penetrated payment industries continue to rely on inefficient domestic and cross border options, digital solutions are fast becoming a necessary and reliable tool for small- and mid-sized businesses (SMBs) looking to compete in a hypercompetitive economy. FIs will have the option to provide approximately 1.5 million businesses on the Q2 platform access to Veem's AR/AP services with integrated cross border and domestic payment solutions, allowing more options to pay and get paid.

"This partnership with Veem gives our Financial Institutions the ability to deliver Veem's modern payment services to SMB customers with agility and reliability," said Johnny Ola, managing director, Q2 Innovation Studio. "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 excited to give our financial institution customers the option to offer small businesses innovative technology solutions."

The Q2 Innovation Studio is a portfolio of technologies and programs that FIs and Q2 fintech partners can leverage to design, develop and distribute innovative digital banking products, services, and features. Through the Q2 Marketplace and Partner Accelerator Programs, FIs can now select and deploy pre-integrated apps fast, without investing in development and implementation resources or the time-consuming evaluation process. 

"Financial Institutions are looking for ways to add Invoice / request functionality and modernize their payment processes," said Marwan Forzley, CEO of Veem. "As our economy moves to a more digital future, it's important that financial institutions aid small business owners in their journey with forward-thinking solutions. We are thrilled to be part of that future and this partnership with Q2 to deliver, AR and AP products to small- and medium-sized businesses, in both domestic and cross-border settings."

For more information on Q2 Innovation Studio and Q2 Marketplace, please visit: http://q2.com/innovation-studio

About Veem
Founded in 2014, Veem is an accounts receivable ("AR") and accounts payable ("AP") automation provider serving small and medium-sized businesses ("SMBs"). Veem offers a wide variety of services, including invoice automation, reconciliation, approvals, and B2B payments, enabling its customers to seamlessly 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.

About Q2 Holdings, Inc.
Q2 is a financial experience company dedicated to providing digital banking and lending solutions to banks, credit unions, alternative finance, and fintech companies in the U.S. and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to provide cohesive, secure, data-driven experiences to every account holder – from consumer to small business and corporate. Headquartered in Austin, Texas, Q2 has offices worldwide and is publicly traded on the NYSE under the stock symbol QTWO. To learn more, please visit Q2.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/veem-enables-financial-institutions-on-q2s-platform-with-fee-free-global-accounts-receivables-and-payables-automation-301405036.html

SOURCE Veem

FAQ

What is the significance of Veem partnering with Q2 Holdings (QTWO)?

The partnership allows Veem to provide its fee-free global accounts receivables and payables services to over 450 financial institutions on the Q2 digital banking platform.

How will Veem's services benefit small and medium-sized businesses through Q2 (QTWO)?

Approximately 1.5 million businesses on the Q2 platform will gain access to Veem's innovative payment solutions, facilitating more efficient domestic and cross-border transactions.

What features do Veem's payment solutions offer to financial institutions on Q2’s platform?

Veem's solutions include integrated accounts receivables and payables automation, invoice automation, reconciliation, and B2B payments.

When was the partnership between Veem and Q2 Holdings announced?

The partnership was announced on October 21, 2021.