Veem and Visa Launch Global Virtual Accounts to Enable Localized Cross Border Payments

Veem has expanded its partnership with Visa to introduce Global Virtual Accounts, enabling businesses to manage funds across the U.S., Canada, the U.K., and Europe. The new solution leverages Visa Direct to provide localized account details, allowing merchants to collect and disburse payments without the usual hurdles of international banking. This development aims to simplify the complexities of global commerce by offering embedded financial infrastructure directly to small and medium enterprises.\n\nThis collaboration offers businesses verified local accounts issued in their own names, which enhances credibility with foreign partners and customers. By using Veem’s multirail infrastructure, users can hold funds in multiple currencies or withdraw them internationally through Visa’s expansive network. The system supports name matching and platform compliance, ensuring that local accounts meet the requirements of global marketplaces.\n\nMarwan Forzley, CEO of Veem, noted that businesses should not have to worry about borders when moving money. He stated that these virtual accounts provide the necessary financial infrastructure to operate as a local company anywhere in the world. This perspective emphasizes a future where international transactions feel as seamless as domestic ones for companies of all sizes.\n\nVisa Direct is focused on moving money securely and efficiently across borders through its global network. Vira Platonova, Global Head of Visa Direct, highlighted that the partnership helps more businesses access essential tools to operate confidently in new regions. This expansion builds on a multi-year history of collaboration between the two payment leaders focused on small business success.\n\nVeem serves over 1.5 million users in more than 100 countries, simplifying cross-border settlement in over 80 currencies. This latest move marks a significant evolution from their earlier collaborations on virtual cards and cash flow management tools. By providing localized financial access, Veem continues its mission to equip organizations with modern infrastructure designed for speed and scalability.