[June 29, 2016] |
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First Data and Silicon Valley Bank Expand Strategic Partnership
As technology companies mature from startups through growth-stage to
global corporations, they need strong partners that can support their
growth and understand their rapidly evolving business needs. First
Data (NYSE: FDC), a global leader in commerce enabling technology
and solutions, has entered into a strategic agreement with Silicon
Valley Bank (NASDAQ: SIVB), the bank of the world's most innovative
companies and their investors. First Data, which powers 28% of global
eCommerce, will work with SVB to facilitate payment acceptance for the
bank's clients throughout their lifecycle.
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"Silicon Valley Bank is an outstanding ally with deep roots and
expertise in the technology industry, a sector in which First Data has
made significant inroads in recent years," said Chris Foskett, Executive
Vice President, Head of Corporate & Business Development, First Data.
"Through this collaboration, First Data will ensure that SVB's clients
can safely and securely accept payments wherever their customers conduct
business. In turn, SVB will connect First Data with some of the most
innovative emerging and established technology companies in the world."
This expanded relationship builds on the existing card processing
relationship between First Data and SVB to include borderless commerce
solutions for SVB's business clients across geographies and a variety of
industries, including technology, life sciences, venture capital,
private equity, and the wine industry. SVB accepts payments in 140
currencies and 160 countries around the world with the apability to
fund its clients in 17 currencies including GBP, EUR, USD, CAD and JPY.
"With the power of First Data's technology combined with our broad
relationships across the innovation ecosystem, we help increase our
clients' probability of success while making payment issuance and
acceptance easier and more effective," said Eduardo Vergara, Head of
Payment Services, Silicon Valley Bank. "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."
As part of the agreement and beginning later this year, SVB Global
Merchant Services will provide SVB's clients access to First Data's
dynamic eCommerce
solution, a robust payments offering that provides businesses with a
seamless experience across mobile devices and international borders. The
solution includes a developer-friendly payment gateway for web and
mobile commerce applications and Clover Security, First Data's powerful
payment card security solution that combines encryption with
tokenization to protect businesses from data breaches. SVB's clients
will also have access to the tools needed to help streamline operations,
expand their business and customer intelligence, and improve their
customers' payment experience.
In addition, First Data and SVB are working together to build a strong
infrastructure for innovative companies.
"The assets and expertise that First Data brings to the table from an
issuing and acquiring perspective are impressive," said Reetika Grewal,
Head of Payment Strategy and Solutions for Silicon Valley Bank. "We work
closely with our clients across all life stages to develop payment
solutions that are scalable, sustainable and compliant. Being able to
leverage the First Data suite of products and services will allow us to
provide even more solutions that are important for our clients."
For more information about SVB Global Merchant Services, visit: https://www.svb.com/receivables/merchant/.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling
technology and solutions, serving approximately six million business
locations and 4,000 financial institutions in 118 countries around the
world. The company's 24,000 owner-associates are dedicated to helping
companies, from start-ups to the world's largest corporations, conduct
commerce every day by securing and processing more than 2,500
transactions per second and $1.9 trillion per year.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative
companies and their investors move bold ideas forward, fast. SVB
provides targeted financial services and expertise through its offices
in innovation centers around the world. With commercial, international
and private banking services, SVB helps address the unique needs of
innovators. Learn more at svb.com.
©2016 SVB Financial Group. All rights reserved. Silicon Valley Bank
is the California bank subsidiary of SVB Financial Group. Silicon Valley
Bank is a member of FDIC and Federal Reserve System. SVB>, SVB Financial
Group, and Silicon Valley Bank, are trademarks of SVB Financial Group,
used under license.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160629005293/en/
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