SANTA CLARA, Calif., Sept. 18, 2012 /PRNewswire/ -- Silicon Valley Bank, financial partner to technology and life science companies worldwide, released SVB PayAbility, a new, online and mobile payments service. Co-developed by Silicon Valley Bank and MineralTree®, SVB PayAbility integrates easily with accounting systems like QuickBooks® and allows businesses to save time, streamline processes and enhance the security of their payments function.
SVB PayAbility addresses a gap in payments services available for small and medium-sized businesses today. Most bill pay services are designed for individuals or companies with low payment volumes and do not meet the needs of growing organizations. At the same time, payment services designed for corporations are typically too expensive and complex for businesses that process between 50 and 500 payments per month.
"SVB PayAbility helped us streamline our payment processes and easily integrate with QuickBooks," said Theresa Scavone, Controller of OpenMile, which has been testing SVB PayAbility for several months. "We would readily recommend the service. It has helped us increase our payment production by nearly three-fold without having to add headcount."
OpenMile, an innovative, growing company that is automating the freight industry, implemented SVB PayAbility in March of 2012 and experienced significant cost and time savings over its former paper-based payments process. The simple workflow also improved OpenMile's audit trail, reducing opportunities for fraud.
"Our dynamic clients grow quickly, and look for services that drive efficiency," said Megan Minich, head of online banking for Silicon Valley Bank. "We were thrilled to collaborate with MineralTree in the development of SVB PayAbility. It complements our full payments platform, and enhances our ability to give our clients plenty of options and make it easy and safe for them to manage their financial activity while they grow."
SVB PayAbility streamlines communication and offers multiple payment options, such as ACH and checks, and innovative documentation management capabilities. In addition, the SVB PayAbility iPad app enables payment review and approval, bringing secure payment capabilities to mobile users.
"Silicon Valley Bank is a forward-thinking institution that's always looking for opportunities to help its customers solve important business challenges. Consequently, SVB has been an ideal partner in the development of the MineralTree payments solution and we are pleased that its clients are the first to have access to our simple, secure service. We look forward to continued collaboration with SVB and to delighting users of SVB PayAbility," said BC Krishna, founder and CEO of MineralTree.
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations. (NASDAQ: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
SOURCE Silicon Valley Bank