Veem, an online payment solutions provider, has 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 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 modernise 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.”