Santa Clara, CA
-- August 27, 2001 -- Silicon Valley Bank (the "Bank"), a
wholly owned subsidiary of Silicon Valley Bancshares, announced
the success and continuing expansion of SVBeConnectTM, the
Bank's online banking service. SVBeConnect offers Bank clients
the convenience of secure access to account information
anywhere they have access to the Internet.
"Almost half of all the Bank's corporate clients are
currently using SVBeConnect," said Stephen Rogers, Silicon
Valley Bank's Cash Management division manager.
In a recent online survey of SVBeConnect, clients reported
they benefited from the service by having timely reporting of
current day activity, simple transaction initiation, the use of
standard browser-based navigation, a secure environment for
access control and access to historical data for research and
reporting.
SVBeConnect exceeds the Bank Administration Institute (BAI)
Industry benchmark in several key dimensions: Usefulness of
Information, Consistency of Performance and Speed of
Navigation. Clients also ranked the site high based on its
usefulness and consistency. Nearly 80 percent of SVBeConnect
clients indicated they are pleased with the service.
"We are continuing to develop and deploy new products to
meet our clients' needs," said Rogers. "The Bank's goal is to
become an easier financial institution to do business with, by
offering comprehensive electronic business solutions to our
clients."
The Bank will continue to strengthen and enhance the growth
of its online banking products based on clients' demands and
expectations. SVBeConnect currently offers the following
services to Bank clients worldwide:
- Global account reporting
- Internal transfers
- Stop payments
- Wire transfer
Products soon to be released include:
- ACH transaction initiation
- Foreign exchange
- Investments
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and middle market
companies in targeted niches, focusing on technology and life
sciences, while also addressing other specific industries in
which it can provide a higher level of service and better
manage credit through specialization and focus.
The Bank operates throughout the Silicon Valley: Santa
Clara, Palo Alto and Sand Hill, the center of the venture
capital community in California. Other regional offices within
California include: Irvine, Los Angeles, Napa Valley, San
Diego, San Francisco, Santa Barbara, and Sonoma. Office
locations outside of California include: Phoenix, Arizona;
Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia;
Chicago, Illinois; Boston, Massachusetts; Minneapolis,
Minnesota; Durham, North Carolina; Portland, Oregon;
Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas;
Northern Virginia; and Seattle, Washington.
SVB Contact:
Andrea McGhee, (408) 654-3078, amcghee@svbank.com.