Internet Payment System Helps Companies Sell Overseas by Collecting Foreign Payments of All Major Types or Currencies
SANTA CLARA, Calif., Aug. 30, 2011 /PRNewswire/ -- Silicon Valley Bank (SVB), the premier bank for the innovation sector, introduced a new service that will allow its clients to accept 85 different online payment types from their customers globally. With SVB's Global Treasury Platform, companies that sell their products and services globally, can collect payments in foreign currencies, and automatically deposit those funds into their SVB multi-currency or in-country accounts. SVB's card processing services are provided throughMerchant e-Solutions and Adyen, its international card processing partner.
"Almost half of our business is outside the U.S.," said Derrick Morton, CEO of FlowPlay. "In order to maximize international revenue, it's important that we transact in the local currency and payment methods. Adyen has an incredible system for managing our complex currency and pricing matrix and with SVB's international presence we are able to make local deposits of these foreign currencies."
SVB clients now have the ability to accept electronic payments in local payment methods, such as credit or debit cards, PayPal, iDEAL, and Dankort among many others, in countries across Europe, North America, South America and Asia.
"Our tech-focused clients are selling internationally, even at their earliest stages, so we make every effort to make it easy for them to operate globally," said Pradeep T. Moudgal, Head of Global Cards and Merchant Services, Silicon Valley Bank. "Our clients will find our new payments service is extremely convenient, giving them the ability to deposit funds of any major currency directly into their SVB multi-currency or in-country accounts."
With enhanced merchant services from SVB, companies will also reduce processing expenses and cross-border fees, at the same time covering PCI (payment card industry) compliance requirements. Since the hosted payment Web page can be designed to mirror the look and feel of each retailer's Web site, it also ensures a higher conversion rate during the payment process.
"By accepting convenient, international payments, retailers have the opportunity to create new revenue streams overseas," saidPeter Caparso, U.S. President at Adyen. "With SVB and Adyen services, our clients can now accelerate customer payments, minimize chargebacks, help ensure PCI compliance, and mitigate fraud and risk."
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 26 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 Private Bank is a division of Silicon Valley Bank. SVB Financial Group is also a member of the Federal Reserve System.
About Adyen
Adyen is the leading provider of global Internet payment and e-commerce technology solutions for mid, large and enterprise e-commerce merchants. Adyen's revolutionary Internet payment solution enables merchants to significantly increase online conversion by optimizing the online payment process. This "one-stop" solution can be implemented within days and connects companies to global customers through a growing offering of payment methods. Adyen clients include industry leaders such as Vodafone, Getty Images, ROIWorld (a division of A+E Networks), Popcap Games, Mango, Musicnotes.com and Branchout. To learn more please visit the Adyen website at http://www.adyen.com.
SOURCE Silicon Valley Bank
