LONDON — 1st May 2014 - Silicon Valley Bank (SVB), financial partner to technology, life science and cleantech businesses and their investors worldwide, today announced the launch of Single Euro Payments Area (SEPA) Credit Transfers via SVB Online Services. The implementation of SEPA payment standards facilitates the low cost and efficient transfer of electronic payments across the SEPA region.
SVB opened its UK branch in 2012, and has implemented SEPA to support our UK clients operating in the innovation space. SVB UK's client base has grown significantly since the branch opened, which offers financing and a range of commercial banking services.
With SEPA via SVB Online Services, Silicon Valley Bank clients will benefit from:
- Same day processing for payments received by 11am
- Reduced cost and greater transparency
- More predictability through defined clearing cycles
Phil Cox, Head of EMEA and India and President of UK Branch, Silicon Valley Bank, said: "It is important to be able to offer our clients this new payments product. SEPA integration creates a payments standard for both national and cross border euro payments, simplifying the process significantly for our clients that do business in multiple countries. We are sure that our clients, both in the UK and worldwide, will see real benefits in transparency, speed and ease of transactions."
About Silicon Valley Bank
Silicon
Valley Bank is the premier bank for technology, life science, cleantech,
venture capital, private equity and premium wine businesses. SVB Financial
Group provides industry knowledge and connections, financing, treasury
management, corporate investment and international banking services to its
clients worldwide through 28 U.S. offices and six international
operations. (Nasdaq: SIVB) www.svb.com/uk
Silicon Valley Bank is authorised and regulated by the California Department of Financial Institutions and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
Contacts:
Nicola Koronka
Silicon Valley Bank – UK Branch
+44 (0)20 7367 7839
nkoronka@svb.com
Louise Travers
Silicon Valley Bank – UK Branch
+44 (0)20 7367 7877
ltravers@svb.com