Glossary of Terms

Term	Description
Veem account	Core account object needed to transact on Veem platform. Every payer or payee in Veem is represented by a Veem account. Veem account contains many different sub-objects necessary for successful payment processing on the platform, e.g. funding methods, account documents, beneficial ownership information, regulatory data, etc.
Account verification	Account verification is the process Veem uses to collect and validate the information required to establish and maintain an account in accordance with applicable regulatory requirements. This includes Account Regulatory Data, Directors Information, Beneficial Ownership Information (BOI), and other information required to complete Know Your Customer (KYC) or Know Your Business (KYB) checks. Verification requirements may vary based on account type, business structure, jurisdiction, and other regulatory factors.
Claiming account	When an account is added to Veem as a new payee by an existing payer, it is considered a Guest Account until the payee claims it. Claiming an account requires the payee to create a password and sign in to Veem. Only the owner of the email address associated with the account can claim it.
Payer	A Veem account which originated the payment. Also known as payment sender or payment initiator.
Payee	A Veem account which is receiving the payment. Also known as payment receiver or payment counter party.
Payment	An object representing a movement of money on Veem platform. Veem supports many different types of payments, including a traditional transaction from sender to receiver, a payment for an invoice, a wallet/virtual bank withdrawal, or wallet currency conversion, to name a few.
Claiming payment	When a payment is sent to a new receiver who does not yet have a Veem account, and additional information is required to process the payment, the payment remains in Sent status until it is claimed by the payee. During the claim process, the payee is prompted to provide the information required for payment verification and processing. The payer is not charged until the payment has been successfully claimed and verified.
Invoice	An object representing a request for payment with detailed information on line items, tax, discount, etc. This object provides an attached invoice PDF generated by Veem to facilitate prompt invoice payment.
Payment request	An object representing a request for payment with invoice attachment provided by the payee.
Claiming invoice or payment request	The process of paying an invoice or payment request. If the payer is new to Veem, the invoice claim flow will prompt the user for all relevant information to ensure successful invoice payment verification and processing. If the payer has paid the invoices previously, the invoice claim flow is a much simplified process asking to confirm invoice payment.
Debit transaction	A Debit Transaction is the first leg of a Veem payment, in which funds are transferred from the payer’s funding source to Veem’s internal operating account. The successful completion of this transaction makes the funds available for the subsequent payout to the payee.
Credit transaction	A Credit Transaction is the second leg of a Veem payment, in which Veem transfers the funds from its internal operating account to the payee’s designated payout destination. This transaction represents the final payout of the payment to the payee.
Funding method	An object representing a means of paying or receiving payments. Veem supports a variety of funding methods: Bank account: an external bank account linked to Veem using the banking details such as routing number and account number. Both sending and receiving is supported. Virtual bank account: a bank account created on Veem. Both sending and receiving is supported. Credit Card: a card linked to Veem Account for the purpose of sending or receiving funds Debit Card: a card linked to Veem Account for the purpose of sending or receiving funds Virtual Card: a card Veem issues to the account owner via one of our partners. Supports both sending and receiving funds. Multi-Currency Wallet: a wallet created on Veem for holding balances in multiple currencies. Both sending and receiving is supported. Crypto Wallet: a blockchain wallet created on Veem for holding stablecoin balances. Both sending and receiving is supported.
Payment authorization	Payment Authorization is the process of determining whether a payment can proceed based on the payer and payee account status, payment details, and applicable regulatory requirements. Account verification is a prerequisite for payment authorization and must be successfully completed before a payment can be approved for processing.
Payment amount	Payment Amount is the amount and currency specified for a payment. Veem provides flexibility for multi-currency payments, allowing the Payment Amount currency to differ from both the payer’s and the payee’s currencies. With Sending Exactly, the payer amount matches the Payment Amount when their currencies are the same. With Receiving Exactly, the payee amount matches the Payment Amount when their currencies are the same.
Payment fee	Payment Fee is a charge that may apply to a Veem payment and may be assessed to either the payer or the payee. Applicable fees can vary based on factors such as the Payment Amount, currency, and the processing rail used to send or receive the funds.
Multi-Currency Wallet	A Multi-Currency Wallet is a store of value within Veem that allows an account to hold, receive, and use funds in multiple currencies. Wallet balances can be maintained in their respective currencies and used for supported payment and currency conversion activities without requiring immediate payout to an external bank account.
Virtual Card	A Virtual Card is a digitally issued payment card that can be used to make supported payments without requiring a physical card. Veem works with card-issuing partners to provide Virtual Cards, with availability, capabilities, and usage requirements subject to the applicable partner and program.
Virtual Bank Account	A Virtual Bank Account is a set of bank account details provided through Veem that enables an account to receive funds using supported domestic or international payment rails. Virtual Bank Accounts are linked to the corresponding Veem account and may be provided through Veem’s banking partners, with availability, supported currencies, and capabilities varying by region and program.
Crypto Wallet	A Crypto Wallet is a store of value within Veem that allows an account to hold, receive, and use supported stablecoin balances. The Crypto Wallet supports stablecoins only and does not support other types of cryptocurrencies. Supported stablecoins, networks, and capabilities may vary based on availability and applicable requirements.