Standard Treasury Hired to Aid Silicon Valley Bank’s API Banking Services
Silicon Valley Bank, a leading bank for the world’s most innovative companies, announced the hiring of the team from startup company Standard Treasury to assist in accelerating the development of its API banking services.
The API will seek to enable easier collaboration, as well as product development and integration with SVB’s clients.
At the head of this project is Daniel Kimerling and Zachary Townsend, the former Standard Treasury team joined forces with Silicon Valley Bank’s information technology team this week to help SVB’s expanding digital banking platform.
SVB also announced its acquisition of certain assets of Standard Treasury.
“We view API banking services as a natural progression in how our tech-savvy clients want to work with their banking partners and service providers,” stated Bruce Wallace, the Chief Operations Officer, Silicon Valley Bank. “API banking services are a key part of our product delivery and service platform strategy. The Standard Treasury team’s vision for the future of API banking services aligned perfectly with our vision, so it’s exciting that we are now joining forces to deliver that vision to the market.”
“Our goal at Standard Treasury was to simplify banking technology for clients and developers, and we’re looking forward to pursuing that goal at Silicon Valley Bank,” said Daniel Kimerling, the co-founder of Standard Treasury, former founder of Giftly and current director at Silicon Valley Bank.
SVB additionally is planning to release new API banking services over the next few months that are presently in development by Standard Treasury.
In order to gain a finer understanding of SVB’s plans, Payment Week caught up with Bruce Wallace for a short Q&A-
How crucial was it to acquire a team, like Standard Treasury’s, to streamline the development of SVB’s API banking services?
API banking services have been on development roadmap, and we planned to add to our team to build them. Adding the Standard Treasury team speeds up the development significantly, since the engineering team is already a unit and we all share the same vision. If we hired people one at a time from different places it would have taken more time to get to where we are going.
Why was Standard Treasury selected for this task?
The Standard Treasury team brings great engineering talent and a common goal of making it easier for businesses to interact with their bank. Also, the Standard Treasury team has spent the past two years in development, assessing of core banking platforms, and has an extremely strong foundation of knowledge and expertise to uniquely build these services for SVB.
How is SVB and Standard Treasury looking to simplify banking technology? What specific advancements are in the works?
Once the APIs are launched, clients will be able to integrate a variety of payments with their own financial systems. API partner clients will have the ability to retrieve data and process payments for mutual clients for a more cohesive client experience. Clients will also have the advantage of integrating core payments functions directly into their own back-office systems and technology solutions
What are the future plans for SVB in terms of optimizing banking?
SVB is aiming to refine its existing Virtual Card Number (or “VCN”) API, and deliver APIs to transfer money within SVB, and stream ACH payment instructions. The team is also looking to offer premium data APIs with real-time balance and transaction information. SVB is seeking to implement the capability for clients to grant authorization for partner applications to retrieve data and make payments.