Silicon Valley Bank Launches SCT Service
Silicon Valley Bank (SVB), which focuses on technology, life science, cleantech, venture capital, private equity and premium wine businesses as well as their investors, has launched single euro payments area (SEPA) credit transfers (SCTs) via SVB Online Services.
SVB, which opened its UK branch in 2012, said that it has implemented SEPA to support its UK clients operating in the innovation space. SVB UK’s client base has grown significantly since the branch opened, which offers financing and a range of commercial banking services.
The SEPA SCT service will provide clients with same day processing for payments received by 11am; reduced cost and greater transparency and more predictability through defined clearing cycles.
“It is important to be able to offer our clients this new payments product,” said Phil Cox, head of Europe, the Middle East and Africa (EMEA) and India and president of SVB’s UK branch.
“SEPA integration creates a payments standard for both national and cross border euro payments, simplifying the process significantly for our clients that do business in multiple countries. We are sure that our clients, both in the UK and worldwide, will see real benefits in transparency, speed and ease of transactions.”