What is Veem? Veem Review

introduce

The biggest advantage of the cross-border remittance service provided by Veem is its fast speed and low handling fee. The use of blockchain technology eliminates the intermediate links in previous cross-border transfers, making cross-border payments and transfers between different countries and currencies more convenient than the SWIFT (Society for Worldwide Interbank Financial Telecommunication) method currently widely used between banks.

Service Introduction

Veem services are available around the world, and currently more than 100,000 companies in 96 countries enjoy the simple, convenient and secure payments provided by Veem.

Veem currently supports two types of transactions: b2b or b2c. We can accept transactions where one party is an individual.

Advantages

1. Fast speed. Because Bitcoin is free-flowing. This is faster than any bank’s clearing.

2. Low fees. It is said that neither the sender nor the receiver should be charged any fees.

3. Convenient, no need to fill in complicated forms, customers pay directly to your Veem wallet.

4. The payee does not need to worry about the exchange settlement issue.

How to use

1. Register on the Veem website.

2. Confirm your email.

3. Register an account and create a remittance request.

4. Tell us about your business and get verified.

Handling Fees

Veem charges currency conversion fees instead of remittance fees, starting at 1.9%, and the fee for payments over $25,000 can be reduced to 1.5%. If the payment is in the same currency, a fee of $15 is charged per transaction. This price is much lower than the 3 to 6 basis points charged by banks.

license

Veem has an MSB license (Money Service Business) issued by the US government. This license is issued by the Financial Crimes Enforcement Network (“FinCEN”), an agency under the US Treasury Department. All transactions must strictly comply with digital currency transaction compliance and anti-money laundering regulations.

Difference from Bank

The biggest difference between us and banks is that we use more efficient payment channels.

When banks send cross-border payment requests, they cannot send them directly. Every step of the entire cross-border remittance will cost you time and money. From the remitter to the recipient bank. Your money actually passes through many cooperating "transit banks". Every time the "transit bank" touches your funds, they will also charge a small fee themselves.

Veem avoids intermediary banking networks. We transport your payments through leading blockchain technology. And because we only touch your payment once in our process, we only charge you once, which means lower fees and more efficient payments.

Brand Change

There are many reasons behind Align Commerce’s decision to change its name to Veem. When the company was founded three years ago, its original name meant to combine the Bitcoin blockchain with existing payment options (such as Swift and traditional fiat currencies) to form a payment rail.

But as the company's user base grew "exponentially," Forzley decided to start looking for a new brand.

Veem is about moving money from one place to another with liquidity and simplicity.

Financing

In 2015, Veem received a $12.5 million Series A funding led by KPCB, with participation from Silicon Valley Bank.

In March 2017, Veem just completed a US$24 million financing round led by National Australia Bank, with participation from Google Ventures, SBI, KPCB, and SVB Ventures, the investment arm of Silicon Valley Bank.

In September 2018, Veem completed a strategic investment of US$25 million from investors including Goldman Sachs, KPCB, SVB Capital, Pantera Capital, and Google Ventures.

References

• 1. Bitcoin remittance company Align Commerce received $24 million in Series B funding and changed its name to Veem: Babbitt [cited on 2017-03-09]
• 2. Blockchain startups aim at cross-border remittances, and the "ants" are moving as fast as flying: Huxiu.com [cited on 2017-04-15]