Veem, formerly Align Commerce, gets $24M from GV, others for its Venmo for SMBs

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Veem formerly Align Commerce is the first global payments platform to use the blockchain technology. It currently operates across 60 countries.

Forzley and Carrascoso believed that blockchain technology could remove the need for intermediate banks when moving money cross border. It was named among the most promising bitcoin startups of by Bitpost. It became the first company to use the blockchain technology for international money transfers. Veem's proprietary 'multi-rail' payments platform combines blockchain with traditional banking wire and treasury management rails into one product.

Veem offers global money transfers for businesses using multi-rail technology. Businesses can send, pay and request money across 60 countries. Senders can attach invoice information and documents so both parties can see what the payment is for before and after delivery.

Both parties can then track the payment. Veem also enables businesses to request money using a similar process. Quickbooks users enter bills into the Quickbooks software, pay with Veem and the payment posts back to Quickbooks. Consequently, the integration provides payment reconciliation and tracking. The integration enabled bank statements to be automatically imported and categorized, collaboration with accounting teams and featured invoicing, paying bills, sales tax returns and reporting.

The integration allowed users to pay bills from NetSuite with Veem. It gave NetSuite users access to real-time payment status, eliminated double entries and allowed for payment reconciliation. From Wikipedia, the free encyclopedia.

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Aldo Carrascoso Marwan Forzley. San FranciscoUnited States.

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