Intuit QuickBooks customers can now send international payments via blockchain payment provider Veem as an alternative to traditional wire transfers.
Announced yesterday at Money2020 Europe, the integration is aimed at helping accounting professionals streamline operations, while reducing fees. Veem claims users of the service will now be able to obtain such services at a reduced cost, as opposed to paying $40–$50 through alternative payments providers.
According to its website, the spread between buying and selling a currency via Veem ranges from 1.5% to 1.9%, based on the transaction size.
Users can currently send and receive money from 24 countries via the service, leveraging the ability to transact in multiple currencies. As reported by CoinDesk previously, Veem recently rebranded as part of a $24m Series B funding in March.
The move is also that latest that finds Intuit experimenting with how blockchain-based services could improve its product line.
As far back as 2014, Intuit has been experimenting with enabling merchants to leverage the bitcoin blockchain, first through R&D efforts and later adding Coinbase as a payment option for its merchant network.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase and Veem.
Vintage calculator image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.