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What is SWIFT and How SWIFT Payment Works?

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As a small business, you rely on your bank to manage deposits, bills, loans…and so much more.
And, if you’re like most small businesses, you also rely on your bank to process wire transfers to pay workers, suppliers or manufacturers overseas.
But, in this case, it’s a reliance that’s hurting both your business relationships and bottom line.
That’s because banks normally use SWIFT to process these transactions.
Created in the early 1970s and showing its age, SWIFT enables wire transfers via a global network of intermediary banks.
Using SWIFT is costly and, despite its name, the process is anything but speedy.
First, you’re required to manually input the receiver’s banking details.
Then, you select their currency, which triggers a foreign exchange fee that’s typically 4-6% above the actual rate.
Once the transfer is initiated, your funds get routed through multiple intermediary banks, costing you more time and money…while putting transfers at risk of being lost or delayed.
At the end of it all, they’ve been forced to wait, you’ve been hit with serious fees and it’s rinse, wash, repeat the next time you go to pay them.
With Veem, your business now has an alternative to SWIFT.
One that complements your existing banking relationships while making your global payments simple, transparent, secure, and affordable.
With the Veem network, there are no hidden fees and no intermediary banks.
Veem’s one-time set up is quick and funds are deposited directly into your business partner’s account within a day or two - all with real-time tracking and the best exchange rates.
And then, every next payment is just a click away.
So save time, save money and strengthen business relationships…with Veem.
#veem #SWIFT #whatisSWIFT
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Related Videos:
Disintermediation - How FinTech is Changing the World for SMBs
Small Businesses Going Global With Veem's Global Payment Network
How Veem is Helping Small Business With China Tariff Relief
Veem Network Payments vs Bank Wire Transfers: Which is Better?
How to start getting paid with Veem
Setting up your free Veem account
How to accept a payment request with Veem
---
Find us on social media:
As a small business, you rely on your bank to manage deposits, bills, loans…and so much more.
And, if you’re like most small businesses, you also rely on your bank to process wire transfers to pay workers, suppliers or manufacturers overseas.
But, in this case, it’s a reliance that’s hurting both your business relationships and bottom line.
That’s because banks normally use SWIFT to process these transactions.
Created in the early 1970s and showing its age, SWIFT enables wire transfers via a global network of intermediary banks.
Using SWIFT is costly and, despite its name, the process is anything but speedy.
First, you’re required to manually input the receiver’s banking details.
Then, you select their currency, which triggers a foreign exchange fee that’s typically 4-6% above the actual rate.
Once the transfer is initiated, your funds get routed through multiple intermediary banks, costing you more time and money…while putting transfers at risk of being lost or delayed.
At the end of it all, they’ve been forced to wait, you’ve been hit with serious fees and it’s rinse, wash, repeat the next time you go to pay them.
With Veem, your business now has an alternative to SWIFT.
One that complements your existing banking relationships while making your global payments simple, transparent, secure, and affordable.
With the Veem network, there are no hidden fees and no intermediary banks.
Veem’s one-time set up is quick and funds are deposited directly into your business partner’s account within a day or two - all with real-time tracking and the best exchange rates.
And then, every next payment is just a click away.
So save time, save money and strengthen business relationships…with Veem.
#veem #SWIFT #whatisSWIFT
---
Related Videos:
Disintermediation - How FinTech is Changing the World for SMBs
Small Businesses Going Global With Veem's Global Payment Network
How Veem is Helping Small Business With China Tariff Relief
Veem Network Payments vs Bank Wire Transfers: Which is Better?
How to start getting paid with Veem
Setting up your free Veem account
How to accept a payment request with Veem
---
Find us on social media:
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