Silicon Valley Bank and Plaid Partner to Provide Secure and Efficient Tokenized Payment Solutions

SANTA CLARA, Calif., Sept. 15, 2021 /PRNewswire/ -- Silicon Valley Bank, the bank of the world's most innovative companies and their investors, and Plaid, a data network powering the digital financial ecosystem, today announced a partnership to allow clients to instantly authenticate bank account information with Plaid and securely generate payments via a tokenized payment solution. SVB is the first bank to provide ACH account token integration with Plaid.

Silicon Valley Bank logo. (PRNewsFoto/Silicon Valley Bank)

The joint solution connects Plaid's instant account verification and SVB's ACH API functionality through a tokenized system to minimize the handling of beneficiaries' sensitive bank data. Together, Plaid and SVB give clients an efficient and secure way to process payments directly from their SVB accounts. The integration also enables joint clients to be compliant with Nacha requirements related to fraud detection standards for WEB debits and data security.  

"This integration will enable innovation economy clients to leverage a best-in-class solution that is a result of a solid partnership between two of the most forward-leaning firms in the financial ecosystem," said Shaleen Prakash, Head of Digital Channels & Segment Operating Solutions at Silicon Valley Bank. "We are proud to expand our relationship with Plaid, which so many of our clients already value and use, and facilitate clients' compliance with growing industry demands around information security."

"The historical infrastructure for opening new accounts and moving money has been cumbersome for both developers building the experiences and the individuals using them. Digital finance is the 'new normal' and clients are increasingly looking for secure, integrated solutions with a fast speed to market from trusted service providers, versus having to stitch together a solution from multiple providers," said Paul Williamson, Head of Revenue and Partnerships at Plaid. "With Silicon Valley Bank, thousands of fintech innovators now have access to an integrated payment processing solution that combines the power of SVB and Plaid to deliver seamless, convenient digital finance experiences." 

For more information, please visit svb.com/account/fintech/plaid-integration.

About Silicon Valley Bank

For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com. [SIVB-C]

Plaid Inc. is an independent third party and is not affiliated with SVB Financial Group.

©2021 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).  

 

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SOURCE Silicon Valley Bank

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