MONEY20/20 LAS VEGAS, October 23, 2023 – Fully committed to supporting its clients and the innovation economy, Silicon Valley Bank, a division of First Citizens Bank, is showcasing a series of new products and services this week at the annual financial services Money20/20 event in Las Vegas. Since its acquisition by First Citizens Bank in 2023, SVB continues to deliver and invest in new digital solutions, such as its digital banking platform SVB Go, new efficiency tools including travel and expense management, and curated tech stack partnerships to support the ongoing operations and growth of its clients. SVB’s unmatched capabilities continue to uniquely meet the demands of the innovation ecosystem.
“SVB has a rich history of delivering innovation economy expertise, customized solutions and high-impact business connections. Today, we’re continuing to build on that 40-year history with even more powerful digital solutions, and products and services that support clients end-to-end,” said Gagan Kanjlia, Chief Product Officer of Silicon Valley Bank. “Our clients need the ability to move quickly to grow their businesses, which underlies our continued investments in the tech-forward financial solutions that will help them meet their ambitious goals. Joining forces with First Citizens has enabled us to accelerate our solution roadmap.”
SVB’s transition to its enhanced online banking platform, SVB Go, is underway. The platform has been rolled out to tens of thousands of clients to date and is expected to reach all clients in 2024, simplifying and streamlining how they conduct day-to-day treasury management. SVB Go, being demoed at Money20/20, was built as a simple and secure way to manage cash flow, issue border and international payments, build custom reports in real-time and mitigate risk proactively, via an intuitive digital platform.
SVB has several additional new and updated products rolling out in 2023:
- NEW SVB Travel & Expense Management Platform to improve cash flow with more control over expenses at no extra cost, including streamlined pre-approvals and reimbursements
- NEW Embedded Finance Solutions to facilitate payments and manage money movement on behalf of business customers, capturing new revenue
- NEW SVB Offers bringing a curated set of leading business services to help startups operate at a discount
- NEW Real-Time Digital Onboarding, revamped to offer prospects context, clarity and simplicity throughout a streamlined application experience
In early 2024, SVB will launch Real-Time Payments (RTP) origination functionality (“Send”) via its API Banking channel, enabling instant payouts for marketplace sellers and gig workers; instant settlement for payment facilitation sub-merchants; instant loan funding and disbursements; faster on-behalf-of payment flows for third-party payment processors; and a host of other use cases to support the innovation economy. SVB joined the Clearing House RTP network in 2022 and currently offers the RTP Receive capability to all commercial clients.
With a 40-year history dedicated to the innovation economy, SVB provides banking services, debt-financing solutions expertise and connections to companies and investors. SVB also continues to provide valuable research, perspectives and analysis on current trends and market conditions, offering actionable insights to its clients and partners.
A leader in providing market insights about the innovation economy, SVB recently released its latest report, The State of Fintech. The report provides analysis on the latest investment, fundraising and deal activity across the sector. Access the full report on svb.com.
Learn more about SVB’s product platform by visiting booth #9200 at Money20/20.
About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world’s most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB’s parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA ), is a top 20 U.S. financial institution with more than $200 billion in assets. First-Citizens Bank & Trust Company, Member FDIC. Learn more at svb.com
Media Contact
Katie Ellis
kellis@svb.com
Lucy Muscarella
lmuscarella@svb.com