Silicon Valley Bank (SVB) has announced that it has launched its Virtual Cards service in the UK, in partnership with Mastercard, to provide clients with the latest card payments technology. The launch marks a significant investment in card payments by SVB.
SVB’s Virtual Card product extends client payment options and a flexible working capital solution. The partnership with Mastercard will provide SVB UK with a globally consistent capability. The benefits for clients include a secure payments technology service, greater transparency, greater control, the ability to reduce fraud, simplify the payment process and reduce costs through increased payment efficiencies.
SVB’s Virtual Cards platforms across the US and UK now enable clients to pay in US pollars, pounds sterling and euro. There are multiple channel access options (web interface/batch/API) and both single and multi-use transaction types.
“Our cutting-edge technology solution provides an even more secure and flexible method of card payment designed for the eCommerce environment,” said Brendan Reilly, head of Product Management at SVB UK. “Partnering with Mastercard allows SVB UK to offer the best-in-class cards platform to our clients in the innovation economy, meeting their payment and working capital needs globally, and of course is supported by our excellent client service.”
“We are seeing high demand for and growth in Virtual Cards, and are delighted to partner with Silicon Valley Bank on its introduction of them,” commented Mark Barnett, division president for the UK & Ireland at Mastercard. “This partnership ensures SVB has the latest and greatest technology to offer its clients to help them grow and deliver their business goals.”
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