Silicon Valley Bank launches UK virtual cards
Silicon Valley Bank (SVB), a California-based commercial bank, has launched its Virtual Cards service in the UK in partnership with Mastercard. SVB’s Virtual Card product is designed to extend payments options and provide a flexible working capital solution for the bank’s clients.
The partnership with Mastercard will provide SVB clients the option to pay in US dollars, UK pounds and euros. The bank says that advantages to using the service include payment security, transparency, control and cost reduction.
“We are building one of the most sophisticated corporate card platforms in banking to ensure our innovative clients have the best tools available to help them manage and grow their businesses successfully” said Pradeep T. Moudgal, Head of Product Development and Risk Management for Global Cards and Merchant Services at Silicon Valley Bank.