SANTA CLARA, Calif., February 24, 2003 — Silicon Valley Bank, a subsidiary of Silicon Valley Bancshares (SIVB), today introduced Commercial Bill Pay as the latest addition to its extensive suite of Web-based products and services for clients. Silicon Valley Bank continues to add innovative banking solutions to support its overall online strategy on behalf of its entrepreneurial client base of emerging, established and publicly held companies.
"Silicon Valley Bank's online services help us manage our finances from any location worldwide. In fact, with SVBeConnect we do all of our banking on line," said Gopal Rangachary, controller, July Systems, Inc. "Many banks treat online banking as a nice-to-have, but Silicon Valley Bank made it a priority and offers more business-specific online services than other banks, such as this new Bill Pay service, and Quickbooks integration. For a company our size, and especially in this lean economy, the ability to efficiently manage and time cash flow to the minute from anywhere in the world is becoming a requirement for doing business."
SVBeConnect, the Bank's gateway to a myriad of online commercial banking services, provides convenient and secure access to account information and a variety of cash management services. With the addition of the Bill Pay service, Silicon Valley Bank's commercial clients will be able to view, manage and pay all of their bills online, via the Web, 24 hours a day. Twenty-four hour phone and e-mail client service is also available.
Commercial Bill Pay offers standard features, such as the ability to make future and recurring payments, as well as many features specifically designed for commercial clients. Clients of any size have the ability to define multiple users with different approval limits and develop custom reports. For SVB's emerging clients, Bill Pay also interfaces with Intuit QuickBooks, dramatically streamlining administrative processes. Bill Pay's pilot users found QuickBooks integration invaluable to managing their monthly invoices. Bill Pay users may also opt to upgrade their service and have their invoices electronically scanned, providing complete, secure, paperless access to records online. Both versions of the Bill Pay service are available to Silicon Valley Bank clients immediately.
"SVBeConnect's wide range of services give Silicon Valley Bank clients the ability to closely manage their finances from anywhere with ease," said Stephen Rogers, senior vice president, Silicon Valley Bank. "Over 60 percent of our clients — from startups to publicly held companies use SVBeConnect, indicating a significant change in the way businesses, particularly small to mid-sized technology companies, approach financial services. Our clients are reporting Bill Pay as a welcome addition to the variety of online banking services they currently use."
Since its inception in 1983, Silicon Valley Bank has catered to high-tech, high-growth companies with unique cash management challenges. To better serve its entrepreneurial client base, Silicon Valley Bank introduced SVBeConnect, to serve as a gateway to online services for business banking needs. Accessed through any Internet browser, clients can securely and conveniently monitor accounts, control financial activity, initiate transfers, etc. Services available through SVBeConnect include: information reporting on accounts, internal transfers, stop payments, international wire transfers, automated clearing house (ACH), real-time foreign exchange trading, merchant services, image services for lockbox and positive pay, Tax Pay and now Bill Pay. To learn more about SVBeConnect visit http://www.svb.com.
About Silicon Valley Bank
Silicon Valley Bank serves emerging growth and mature companies in the technology and life sciences markets, as well as other targeted industries. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the Bank serves more than 9,500 clients across the country through 27 regional offices. More information on the Bank can be found at www.svb.com.