Digital Banking

Silicon Valley Bank to showcase products

Photo: MichaelVi - stock.adobe.com

October 24, 2023

Silicon Valley Bank, a division of First Citizens Bank, has unveiled its online banking platform SVB Go, which handles cash flow, issue border and international payments with custom reports, according to a press release. First Citizens Bank acquired SVB Bank following its collapse in March 2023.

In addition, the bank will provide real-time payments origination via its API banking channel for real-time payout for sellers and gig workers. SVB has unveiled other products including:

• Travel and expense management platform.
• Embedded finance solutions for money movement.
• SVB Offers for startups.
• Real-time digital onboarding.

"SVB has a rich history of delivering innovation economy expertise, customized solutions and high-impact business connections. 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," Gagan Kanjlia, chief product officer of Silicon Valley Bank, said in the press release. "Our clients need the ability to move quickly to grow their businesses, which underlies our continued investments in the tech-forward financial solutions that will help them meet their ambitious goals. Joining forces with First Citizens has enabled us to accelerate our solution roadmap."

SVB collapsed in March following a $10 billion run on deposits by customers. The Federal Deposit Insurance Corp. acquired it in March and then sold it to First Citizens Bank. California's Department of Financial Protection said it acted too slowly to address the bank's insufficient risk management, which helped cause the crisis.