Banking

Silicon Valley Bank inks payments processing deal with Modern Treasury

Silicon Valley Bank (SVB) has signed a partnership agreement with payments software firm Modern Treasury.

SVB says the deal will cover management of “the entire cycle of money movement”

The deal sees the deployment of automated payment operations, which will simplify the management of “the entire cycle of money movement”, the two firms say.

SVB and Modern Treasury will provide mutual clients with processing directly through their SVB bank accounts.

Users can send, receive, reconcile and approve payments using SVB’s domestic and international payment methods and currencies.

“We are thrilled to partner with a bank like SVB that sits in the heart of the tech industry,” says Matt Marcus, Modern Treasury chief product officer and co-founder.

“Together, we look forward to modernizing the payment operations function for shared customers through our simple, scalable and secure platform.”

Modern Treasury raised $38 million in a Series B funding round at the start of the year. It claims to reconcile more than $1 billion through its systems.

Kathleen Pierce Gilmore, SVB’s head of global payments, says the integration “increases efficiency and provides transparency”.

She adds: “Innovative companies need financial services and products that allow them to work at full speed and focus on growing their businesses.”

SVB has worked on expanding its UK office in recent months. It announced plans to hire 80 more members of staff in late 2020, after appointing former Santander man Patrick Flynn as its new UK COO.

Related: TransferGo secures £4m from Silicon Valley Bank


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