Bitcoin can be an invaluable asset when it comes to global money transfers. Thanks to its increased speed and relatively low fee, it makes for a pretty appealing solution. Xero, a cloud-based accounting software company, m  embraced Bitcoin technology last week. Users can now send cross-border payments using Bitcoin technology through the Veem application. A very interesting development that will pave the way for better, faster, and cheaper global cross-border payments.

It is always good to see some companies embrace Bitcoin technology. Especially if that company is active in the world of accounting software. Xero is a New Zealand-based company and announced a partnership with Veem to focus on cross-border payments. These payments will be performed through blockchain technology. More specifically, this partnership uses Bitcoin technology for cross-border payments.

Xero Taps Bitcoin Technology for Global payments

This partnership illustrates how money transfers are an ever-changing industry. There is a growing demand for better and cheaper solutions altogether. Bitcoin technology can certainly help out in this regard. Thanks to its global accessibility and relatively low fees, Bitcoin is the most convenient solution to send money across the globe. Then again, it will be interesting to see how this venture plays out in the end. It is too early to tell if this approach will be successful or not.

Sid Maestre, Xero head of developer evangelism, comments as follows:

” I am excited about the additional functionality the Veem integration brings to our customers. Global platforms like Xero and Veem have a massive opportunity to eliminate the headaches small business owners face doing trade across borders, in turn helping their businesses thrive.” 

The year 2017 has been pretty positive for Veem so far. Earlier this year, the company raised $24m in funding. They also partnered with Intuit Quickbooks for additional market traction. This new partnership with Xero marks the second accounting software-related collaboration in quick succession. This is great news for New Zealand-based business as well. After all, they can now complete cross-border payments through Bitcoin technology using Xero’s services. An interesting concept that shows Bitcoin has a role to play in the world of accounting software.

Header image courtesy of Shutterstock

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