Tokenized Payment Solutions Provide Secure and Efficient Payment Solution Solutions, Silicon Valley Bank and Plaid Partner to Provide Tokeized and Secure Payment Services
The Silicon Valley Bank announced a partnership with Plaid to enable customers to instantly authenticate bank account information with plaid and securely generate payments via tokenized payment solution. SVB is the first bank to provide ACH account token integration with Plaid.
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 SBD accounts. The integration also allows joint clients to follow a standard for the use of the "Tracking" in identifiers
This integration will allow innovation economy clients to leverage a best-in-class solution, that is based on partnering with two of the most forward-leaning firms in the financial ecosystem," said Shaleen Prakash, We're proud to expand our relationship with Plaid, which many of our clients already value and use, and facilitate clients' compliance with growing industry demands about information security."
The historical infrastructure for preparing new accounts and moving money was complicated for both developers building the experiences and the people using them. On top of digital finance, the new normal, customers are increasingly looking for secure, integrated solutions, which will quickly reach the market from trusted service providers, without having to find a solution from multiple providers," said Paul Williamson, Head of "With Silicon Valley Bank, thousands of fintech innovators now have access to an integrated payment processing solution that combines SVB and Plaid power to deliver seamless, convenient digital finance experiences."
For more information, please visit svb.com/account/fintech/plaid-integration.
About Silicon Valley Bank and its Silicon valley bank.
Silicon Valley Bank has helped innovative companies and their investors move bold ideas forward fast. SVB provides targeted financial services and expertise through its offices in the innovation center around the world. SVB helps the innovators with commercial, international and private banking services. Learn more about 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. Those chevron devices are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the Federal Reserve and the FDIC. Silicon Valley Bank is a California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
SOURCE Silicon Valley Bank SUMMER Silicon River Bank.