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Silicon Valley Bank Rolls Out Enhanced Digital Banking Platform

Silicon Valley Bank (SVB), a division of First Citizens Bank, has unveiled a range of new and updated products and services.

Since its acquisition by First Citizens, SVB has continued to invest in digital solutions and efficiency tools, the bank said in a Monday (Oct. 23) press release.

One of SVB’s solutions is its enhanced digital banking platform, SVB Go, according to the release. This platform has been rolled out to tens of thousands of clients and is expected to reach all clients by 2024. SVB Go simplifies day-to-day treasury management, allowing clients to manage cash flow, issue payments and mitigate risks through an intuitive digital platform.

In addition, the SVB Travel & Expense Management Platform improves cash flow by providing more control over expenses. Embedded Finance Solutions facilitate payments and money movement on behalf of business customers, bringing in new revenue streams. SVB Offers provides a set of leading business services to help startups operate at a discount. Additionally, SVB has revamped its Real-Time Digital Onboarding process to offer prospects a streamlined application experience.

Looking to 2024, SVB plans to launch real-time payments (RTP) origination functionality via its API Banking channel, per the release. This will enable instant payouts for marketplace sellers and gig workers, instant loan funding and disbursements, and other use cases to support the innovation economy. SVB already offers the RTP Receive capability to all commercial clients, having joined The Clearing House RTP® network in 2022.

“SVB has a rich history of delivering innovation economy expertise, customized solutions and high-impact business connections,” Gagan Kanjlia, chief product officer at Silicon Valley Bank, said in the release. “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.”

First Citizens Bank acquired all of SVB’s loans and assets on March 27, about two weeks after the Federal Deposit Insurance Corp. (FDIC) took control of SVB following a run on deposits.

About a month later, First Citizens Bank President Peter Bristow told the Financial Times: “[SVB] was the number one bank in tech and life sciences for over 30 years and suddenly that went away, so we’ve spent a lot of time trying to give people confidence that we’re in the bank and plan to continue to run the model they were running.”