LAS VEGAS–Its name may be infamous and many may assume it is no longer in business, but among those hanging out their shingle during the Money 20/20 Conference here is Silicon Valley Bank.
Now operating as a division of First Citizens Bank following its well-publicized failure and conservatorship earlier this year, the bank was on hand for the technology show with a statement it is “fully committed to supporting its clients and the innovation economy.”
The $211-billion bank failed in April at a cost to the FDIC of approximately $20 billion.
Silicon Valley Bank said since its acquisition by First Citizens, it has continued to “deliver and invest in new digital solutions, such as its digital banking platform ‘SVB Go,’ new efficiency tools that include travel and expense management, and curated tech stack partnerships to support the ongoing operations and growth of its clients.”
‘Unmatched Capabilities’
The bank, which specialized in financing and then handling the banking business of many Silicon Valley start-ups and established companies, said it has “unmatched capabilities that continue to uniquely meet the demands of the innovation ecosystem.”
Still best known as SVB, the bank said its has transitioned to its enhanced online banking platform, SVB Go, which debuted at the Money 20/20 conference.
“The platform has been rolled out to tens of thousands of clients to date and is expected to reach all clients in 2024, simplifying and streamlining how they conduct day-to-day treasury management,” the bank said, adding the platform was built as a “simple and secure way to manage cash flow, issue border and international payments, build custom reports in real-time and mitigate risk proactively, via an intuitive digital platform.”
Other Launches Planned
In early 2024, SVB said it will launch Real-Time Payments (RTP) origination functionality (“Send”) via its API Banking channel, enabling instant payouts for marketplace sellers and gig workers; instant settlement for payment facilitation sub-merchants; instant loan funding and disbursements; faster on-behalf-of payment flows for third-party payment processors; and a host of other use cases to support the innovation economy.