Veem: Vendor Analysis (Part 3) — SWOT, Analysis of Competitors, Summary

Cross-border payments represent a significant opportunity for non-bank solution providers entering the market — and for procurement and finance organizations looking for ways to lower costs, improve visibility and reduce risk.

Today when businesses transfer funds to counterparties in different jurisdictions, they usually use bank channels. To move across borders, the funds must be routed through correspondent banks, which have relationships with both the sending and receiving banks. This complex network of intermediaries carries with it transaction and foreign exchange (FX) fees that, while greatly improved by the SWIFT gbi, can add significant costs (e.g., Goldman Sachs estimates the transaction and FX fees average 4% to 4.5% of volume).

This makes a nice business for the banks, but the margin also puts them in the crosshairs of B2B payments solutions looking to disintermediate this bank product. Within this market, Veem, a B2B payments specialist, is targeting this opportunity.

This final Spend Matters PRO report provides company treasury and procurement organizations an overall assessment of Veem’s capabilities in the cross-border payment space and if their recurring and one-off cross-border payments solution could be right for them. Part 1 of our analysis provided a company background and detailed solution overview, as well as a summary recommended fit suggestion for when organizations should consider Veem for cross-border payments. Part 2 covered product strengths and weaknesses. This final installment offers a SWOT analysis and explores competitive alternatives to Veem.