Silicon Valley Bank announces launch of SEPA Credit Transfers

europe

Silicon Valley Bank (SVB) has announced the launch of Single Euro Payments Area (SEPA) Credit Transfers via SVB Online Services. The implementation of SEPA payment standards facilitates the low cost and efficient transfer of electronic payments across the SEPA region.

SVB opened its UK branch in 2012, and has implemented SEPA to support our 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.

With SEPA via SVB Online Services, Silicon Valley Bank clients will benefit fromsSame day processing for payments received by 11am. Additional benefits includereduced cost and greater transparency with more predictability through defined clearing cycles.

Phil Cox, Head of EMEA and India and President of UK Branch, Silicon Valley Bank, said: “It is important to be able to offer our clients this new payments product. 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.”

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