Good news! Veem made its way to NZ this year, and what's next? This is so exciting. Here's a brief overview on VEEM:
It is a global financial institution that facilitates the sending and receiving of global payments in national currencies without any extraordinary fees (foreign exchange fees, bank fees, doc fees and etc.). How is that possible? Thanks to the block chain technology, it converts the sender's fund into bitcoin selling it in exchange of the receiver's desired currency. See diagram below, credits to VEEM.
So basically, it lessens a lot of processes in the financial side of a firm (small or big) or to anyone. Personally, when I worked in AR and financial reporting in Mercedes Benz back in Philippines, we had a lot of processes to undergo due to our worldwide market. And congratulations to XERO (NZ based accounting software) who partnered with VEEM in making cross border payments for its customers.
I'm still excited how these multi-national firms will omit the exchange fees and start using the digital currency. Just imagine how advanced our financial institutions can be and accountants don't need to download those currency rates every month-end just to provide closing reports with all those numbers from all over the world.
Well, if you need more news on it, visit Bitcoin.com for more updates.
I think this is a great step towards the Crypto currencies mainstream adoption, you can buy something in BTC and the seller gets paid in USD.
Nice post mate.
Thanks! It's so exciting how these firms realize the use of the block chain technology!