Finastra is joining forces with online payments platform Veem to enable banks and other financial institutions to deliver innovative payment services for small and medium-sized businesses (SMBs).

For this, banks and financial institutions will utilise automated electronic invoicing and bill-pay capabilities, which will be made offered by the partnership.

Finastra and Veem will help business payments to be provided to customers through native integration with the former’s fusion digital banking platform.

The accounts receivable (AR) and accounts payable (AP) services of Veem can be directly accessed through the Finastra platform, which will support customers to easily navigate to the former’s payments network and carry out their transactions.

Veem CEO Marwan Forzley said: “Financial institutions are looking for ways to help their SMB clients digitize invoicing and bill pay processes.

“At Veem, we create digital solutions that make it really easy for SMBs to pay and get paid, both domestically and internationally”.

The collaboration also aims to optimise the accounts payable and accounts receivable processes through digitisation. This will help in enhancing efficiencies such as time savings apart from boosting operational performance.

Finastra universal banking chief product officer Narendra Mistry said: “As the world continues to digitise and innovate like never before, it is critical that businesses have the tools they need to be efficient and react quickly to the needs of their customers.

“We’re pleased to work with Veem to make it easier for banks to offer enhanced AP and AR services for their customers through Fusion Digital Banking.”

Established in 2014, Veem offers various services such as invoice automation, approvals, reconciliation, and B2B payments to allow its customers to make and receive domestic and international payments.