Accountancy Platform Xero Adds Veem's Bitcoin-Powered Payments

Users of cloud-based accountancy platform Xero can now send payments via the blockchain.

Aimed to make life easier for small businesses carrying out cross-border trade, the new feature comes courtesy of bitcoin-powered global payments startup Veem, which revealed its integration with the online accounting service in a statement provided to CoinDesk.

The news means that Xero users can now enter a bill in the accounting software and, with a few clicks, pay it through Veem. Transactions made this way will have a Veem payment ID automatically synced to their Xero reconciliation report. The feature will also enable users to set up automatic payments, as well as see details on currencies and exchange rates.

Mark A. Gilbert, CEO of MBS Accounting Technology & Advisory, is quoted in the statement as saying:

"Connecting Veem with Xero simplifies international payments even further by eliminating double entries and simplifying reconciliation."

Xero is the second accounting software with which Veem has integrated. In June, the firm announced that customers could send payments via Intuit QuickBooks.

Formally known as Align Commerce, Veem secured funding of $24 million back in March as part of its plan to simplify global payments using blockchain tech, as reported by CoinDesk. The startup provides fiat transfers to over 60 countries, using bitcoin as a payments rail.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has ownership stake in Veem.

Accounting image via Shutterstock