SVB Plans First Version of New
API Banking Platform
CLARA, Calif. –– August 6, 2015 —Silicon Valley Bank, the bank of the world's most innovative
companies and their investors, announced it has hired the team from startup
company Standard Treasury to help accelerate the development of its API
(application programming interface) banking services that will enable easier
collaboration, product development and integration with SVB's clients.
by Daniel Kimerling and Zachary Townsend, the former Standard Treasury team
joined Silicon Valley Bank's information technology team this week in support
of SVB's expanding digital banking platform. Silicon Valley Bank also acquired certain
assets of Standard Treasury. Transaction
details related to Standard Treasury will not be disclosed.
"We view API banking services as a natural
progression in how our tech-savvy clients want to work with their banking
partners and service providers," said Bruce Wallace, Chief Operations
Officer, Silicon Valley Bank. "API banking services are a key part
of our product delivery and service platform strategy. The Standard Treasury
team's vision for the future of API banking services aligned perfectly with our
vision, so it's exciting that we are now joining forces to deliver that vision
to the market."
goal at Standard Treasury was to simplify banking technology for clients and
developers, and we're looking forward to pursuing that goal at Silicon Valley
Bank," said Daniel Kimerling, co-founder of Standard Treasury, former founder
of Giftly and current director at Silicon Valley Bank.
SVB is planning to release new API
banking services over the coming months that are currently in development by
the Standard Treasury team.
Standard Treasury team is loaded with great technical talent," said Seth
Polansky, head of Global Digital Banking for Silicon Valley Bank. "They will
help us expedite our plans to build out our API platform and deliver a world-class
developer experience that takes the ‘bank speak' out of bank integrations."
Standard Treasury was a Y
Combinator-backed company and a graduate of the SVB and MasterCard accelerator,
the future of banking technology is why we started Standard Treasury, and we're
happy to be joining an organization that shares those values as clearly as
Silicon Valley Bank," said Zac Townsend, co-founder of Standard Treasury,
former senior technology policy advisor to Newark, NJ Mayor Cory Booker, and
current director at Silicon Valley Bank.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped
innovative companies and their investors move bold ideas forward fast. SVB
provides targeted financial services and expertise through its offices in
innovation centers around the world. With commercial, international and private
banking services, SVB helps address the unique needs of innovators. Forbes named
SVB one of America's best banks (2015) and one of America's best-managed
Silicon Valley Bank is the California bank subsidiary and
commercial banking operation of SVB Financial Group (NASDAQ:
SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group
are members of the Federal Reserve System.
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