Silicon Valley Bank unites with Mastercard for virtual cards service

In partnership with Mastercard, Silicon Valley Bank (SVB) has elevated its UK offering with the launch of its Virtual Cards service. 

The launch of SVB UK’s Virtual Card proposition marks significant investment in card payments by SVB and propels SVB UK to both the forefront of industry growth and leading edge of digital payments.

Brendan Reilly, Head of Product Management, SVB UK commented: “We are very excited about our Virtual Cards offering. Our cutting-edge technology solution provides an even more secure and flexible method of card payment designed for the eCommerce environment.

“Partnering with Mastercard allows SVB UK to offer the best-in-class cards platform to our clients in the innovation economy, meeting their payment and working capital needs globally, and of course is supported by our excellent client service.”

SVB’s Virtual Card product extends client payment options and a flexible working capital solution. The partnership with Mastercard will provide SVB UK with a globally consistent capability, underpinned by a renowned payment network. 

The benefits for clients include a secure payments technology service, greater transparency, greater control, the ability to reduce fraud, simplify the payment process and reduce costs through increased payment efficiencies.

SVB’s Virtual Cards platforms across the US and UK now enable clients to pay in US Dollars, Pounds Sterling and euro. There are multiple channel access options (web interface / batch / API) and both single and multi-use transaction types.

Mark Barnett, Division President for the UK & Ireland at Mastercard added: “We are seeing high demand for and growth in Virtual Cards, and are delighted to partner with Silicon Valley Bank on its introduction of them. 

“This partnership ensures SVB has the latest and greatest technology to offer its clients to help them grow and deliver their business goals. We’re excited to have SVB Virtual Cards on the Mastercard platform and look forward to working closely with the bank on the growth of its card payment services.”

Expert Analysis: This partnership is perfectly poised to capitalise on the growth of virtual cards, the collaboration can be a leader in innovation within the space, specifically as the demand and usage of the cards continues to grow.