ABOUT VEEM

Veem provides a compliant payment infrastructure for businesses and fintechs operating globally. Today, Veem supports payments across 100+ countries and multiple currencies, serving more than 1.1 million users worldwide with competitive FX rates and reliable cross-border execution.

 

 

GLOSSARY OF KEY TERMS
Payer
The individual or business initiating and sending funds through the Veem platform.

Beneficiary (Payee)
The individual or business designated to receive funds.

Partner
An organization integrating Veem’s infrastructure into its platform to enable payment capabilities for its end users.

 
 

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DISBURSEMENTS OVERVIEW

FUNDING MODELS
Partners use Veem for disbursements in two primary ways.

 

 

Veem manages KYC/KYB, and onboarding workflows, reducing operational and compliance overhead for partners. A detailed overview of Veem’s KYC and compliance controls is included later on in this guide.

 
 
USE CASES
With Veem, your company can serve a variety of payment needs for both businesses and individuals, locally or internationally. These use cases include:

  • Consumer Payouts – Companies can send payments to domestic and international consumers.
  • Suppliers Payouts – Businesses can send payments to domestic and international suppliers directly, streamlining procurement processes.
  • Freelancer Payouts – Companies and individuals can easily pay independent contractors for their services, no matter where they are located.
  • Remittances – Send money across borders quickly and securely, whether for business or personal purposes.

 
 
DISBURSEMENT METHODS
Veem enables partners to embed and disburse funds using multiple payment methods, supporting outbound payments across most use cases.

 

 

Customize card fees to align with your business needs. A full list of supported countries and currencies is available upon request.

 
 
SETTLEMENT METHODS
Veem supports multiple ways for payees to receive disbursements. If bank account details are not provided upfront, payees can select a preferred receiving method during the payout flow. These methods include:

 

 

If receivers do not already have a bank account or debit card, partners can issue accounts through Veem to enable payees to receive disbursements. Available account options are outlined in the following section.

 
 
AVAILABLE ACCOUNT TYPES
Veem enables partners to issue accounts for payees. The following account types allow payees to hold, receive, and manage disbursements when a bank account or debit card is not already available.

 

 
 

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HOW IT WORKS

Veem enables partners to originate and manage disbursements through a single platform, while Veem handles payment execution, compliance, and network connectivity across supported rails.

 
 
PARTNER ONBOARDING
Partner onboarding is a one-time setup process designed to align technical, operational, and compliance requirements before launch. Veem works closely with partners to configure accounts, validate integrations, and ensure readiness for production disbursements.

Typical onboarding steps include:

  • Partnership alignment – Confirm use case, payout model, supported regions, and integration approach.
  • Account and environment setup – Set up partner accounts across Veem systems, including sandbox and production environments as applicable.
  • Compliance and configuration review – Validate onboarding flows, KYC and KYB requirements, and any account or payout configurations tied to the partner model.
  • API integration and testing – Integrate and test Veem APIs or embedded components to ensure payment creation, status handling, and error flows function as expected.
  • Pre-launch validation – Complete end-to-end testing and readiness checks prior to enabling live disbursements.

 
 
PAYER ONBOARDING
Onboarding your beneficiaries or customers is quick and easy. Here’s how they can get started:

  1. Sign Up – Customers simply create an account on your platform.
  2. Add a Bank Account – They link a bank account for payment processing.
  3. Set Payment Preferences – The system remembers your customers preferences by default for a seamless, day-to-day user experience.

 
 
CONNECTING A BANK ACCOUNT
Veem offers various ways in which a customer can add their bank account:

  • Instant Verification (Plaid) – Users can securely link their bank accounts through Plaid, enabling faster verification and reducing manual input errors. This method enhances security and provides immediate access to funds.
  • Manual Entry – For users who prefer or require an alternative, bank details can be manually entered and verified. While this method takes slightly longer, it ensures businesses with unique banking needs can still connect seamlessly.
  • Virtual Bank Accounts – You can also issue dedicated virtual bank accounts to your beneficiaries, enabling them to receive deposits and manage funds without relying on external accounts.

 
 
AUTOMATED KYC/KYB
Veem verifies legal business identity, ownership structure, and controlling parties, including beneficial owners and authorized signers, to meet global KYC and KYB requirements.

Here’s what Veem does in terms of KYC/KYB:

  • Business & Beneficial Owner Verification – Veem verifies legal business identity, ownership structure, and controlling parties, including beneficial owners and authorized signers, to meet global KYC and KYB requirements.
  • Document and Data Collection – Veem collects and validates required documentation such as business registration, government- issued identification, and supporting materials based on jurisdiction, entity type, and risk profile.
  • Risk Scoring and Onboarding Control – Each business is assessed using a risk-based framework that informs onboarding decisions, transaction limits, and permitted payment rails.
  • Ongoing Monitoring and Review – Veem continuously monitors accounts for changes in risk, suspicious behavior, and regulatory triggers, applying enhanced due diligence or remediation where required.

 
 
SENDING A PAYMENT
Users can choose between two options: manually entering the recipient’s banking details (Pay Direct) or sending a payment via email.

How to send a payment:

  1. Select a recipient
  2. Choose a payment method
  3. Enter the amount, currency, payment purpose, and description
  4. Review the payment overview before submitting
  5. Track payments in real-time after submission

 
 

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INTEGRATION

INTEGRATION OPTIONS

Whether you need a simple setup or a deeply embedded experience,Veem offers multiple integration options to fit your business model as follows:

  • Payee Plugin – A quick, low-code, predefined workflow that allows beneficiaries to manage their preference for payment and currency options to receive their payment.
  • Payer Plugin – A quick, low-code, predefined workflow that allows senders to manage their preferences for payment and currency options to send payments.
  • API Integration – Provides full control over the user experience, allowing businesses to deeply embed Veem’s payment infrastructure into their own workflows. This is best suited for companies that require customization and scalability.
  • Veem-Hosted Experience – The fastest way to enable payments, requiring minimal development effort. Payers and/or beneficiaries are redirected to Veem’s payment flow, maintaining a seamless yet efficient experience.

 
 
CONFIGURATIONS
Design the experience your customers expect, and configure your backend technology to support their specific operational needs. Configurations include:

  • Preferred Payment Methods – Enable or disable payment methods.
  • Currency & Country Preferences – Configure what country the payee plugin will run in.
  • Fees – Set and customize fees for different payment methods to suit your business model.

Configurations do not apply to Veem-hosted experiences.

 
 
PLUGIN FEATURES
Payers can get access to additional time-saving features designed to streamline operations such as:

  • Approval Workflows – Businesses can set up custom approval flows, allowing team members to initiate payments while requiring manager-level approval before processing. This feature is essential for companies that need tighter financial controls.
  • Accounting Integrations – Users can sync contacts directly from their accounting software and automate payment reconciliation. This ensures accurate financial records and reduces manual bookkeeping efforts.
  • Mass Pay – Users can send batch payments, domestically or internationally, with just a few clicks. This feature is perfect for businesses managing payroll, vendor payments, or large-scale disbursements.

Exclusively available for Plugin or Veem-Hosted experiences.

 
 

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COMPLIANCE AND SECURITY STANDARDS

Veem is built on a foundation of global regulatory compliance and security, helping partners embed payments with confidence and trust. We maintain an extensive network of licenses, regulatory registrations, and security protocols to ensure that all transactions are safe, compliant, and transparent.

 
 
LICENSING AND REGULATORY FRAMEWORK

  • Licensed Money Services Business (MSB) in the United States, regulated by FinCEN (Financial Crimes Enforcement Network).
  • Licensed MSB in Canada, regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).
  • Registered with AMF (Autorité des marchés financiers) for financial services in Québec.
  • In partnership with licensed providers in Australia and registered with AUSTRAC (Australian Transaction Reports and Analysis Centre).
  • Licensed and operating under compliant frameworks across the EU and UK to support cross-border payments.

 
 
AML/KYC COMPLIANCE

  • Comprehensive, global Know Your Customer (KYC) and Know Your Business (KYB) capability enabling onboarding in most regions.
  • Compliance with Anti-Money Laundering (AML) regulations across supported regions.
  • Ongoing customer and transaction monitoring to detect, report, and prevent suspicious activities.

 
 
SECURITY AND REPORTING STANDARDS

  • End-to-end encryption and secure data handling practices
  • Real-time transaction monitoring systems to identify fraud and maintain regulatory reporting requirements
  • Compliance with key industry standards, including PCI DSS for payment data security and SOC 2 for data handling and operational controls.
  • Adherence to major global data protection laws, including GDPR (EU), PIPEDA (Canada), and applicable U.S. state privacy laws such as CCPA (California)

 
 

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