Veem, a global payments network, has launched a new tool enabling businesses to mitigate FX rate volatility and risk by locking in the base currency value of a payment or invoice.
In a release issued today, Veem claims that the new offering, called Locked Exchange Rates, is an industry first that will level the playing field and increase the capacity for businesses of every size to compete in the global market. It also says that by removing concerns about currency volatility, companies can accurately budget, plan and forecast future cash flows – without wasting any effort analysing foreign exchange rates.
Marwan Forzley, CEO of Veem, says that advances in technology, such as this, are increasingly empowering small- to mid-size businesses to operate on a global scale. He adds that products such as Locked Exchange Rates “enable businesses of every size to think big”.
“Once we started using the service, the ease of sending and receiving payments kept us coming back. But, the initial reason for choosing Veem was the cost,” says Jeff Watson, CEO of Sourcing Systems International. “We were saving money hand over fist, which meant we could charge our customers less for their products. No wire fees, and great foreign exchange options. It has changed the way we pay.”