Silicon Valley Bank and First Data enter into payment acceptance partnership

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Building on the existing card processing relationship, Silicon Valley Bank (SVB) and First Data have formed a new strategic partnership that will see First Data facilitate payment acceptance for the bank’s clients.

SVB says First Data powers over a quarter (28%) of global commerce and as part of the agreement, the latter will provide borderless commerce solutions for SVB’s business clients around the world.

“Technology companies tend to expand into many markets earlier than companies in other industries, and require services that can scale easily and globally. Together with First Data, we are able to deliver payment solutions that will truly help our clients grow,” said Eduardo Vergara, Head of Payment Services, Silicon Valley Bank.

The agreement will start later this year and will also see SVB Global Merchant Services providing SVB’s clients access to First Data’s eCommerce solution that smooths the experience across different platforms and geographical borders.

Reetika Grewal, Head of Payment Strategy and Solutions for Silicon Valley Bank said, “We work closely with our clients across all life stages to develop payment solutions that are scalable, sustainable and compliant.”

 

Earlier this year we actually caught up with Reetika Grewal about payments, VC and company culture. Here’s what she said!

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