Integration facilitates instant account authentication and payments directly through SVB and Plaid
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, 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.
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.”