Merchant Innovation

Silicon Valley Bank Eyes API-Based Banking

The startup and investor bank announced it hired the Standard Treasury startup team to help grow its API (application programming interface) banking services.

The startup and investor bank announced it hired the Standard Treasury startup team to help grow its API (application programming interface) banking services.

Silicon Valley Bank said this move will open the door to increased collaboration, product development and integration with the companies it serves.

“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,” Bruce Wallace, Silicon Valley Bank’s COO, said in a company release Wednesday (Aug. 5).

“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,” Wallace added.

Standard Treasury’s former team, led by Daniel Kimerling and Zachary Townsend, joined Silicon Valley Bank’s information technology team in an effort to help continue the expansion of the bank’s digital banking platform.

“The Standard Treasury team is loaded with great technical talent,” said Silicon Valley Bank’s Head of Global Digital Banking Seth Polansky.

“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.”

Silicon Valley Bank also obtained some of Standard Treasury’s assets, but transaction details of the acquisition were not disclosed.

“Our 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,” Daniel Kimerling, cofounder of Standard Treasury, added. Kimerling is currently serving as director at Silicon Valley Bank.

Silicon Valley Bank is set to release its new API banking services in the coming months.

“Building 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, cofounder of Standard Treasury and current director at Silicon Valley Bank.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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