Silicon Valley Bank opens up throttle for API banking
US-based Silicon Valley Bank (SVB) has launched new APIs to let its clients programmatically open bank accounts, and send payments using a credit card network and via the automated clearing house (ACH) network.
Dan Kimmerling, director, API banking at SVB, says its goal this year is to “develop a broad array of APIs” and wants feedback – “the good, the bad, and the ugly” – from its customers on these APIs.
Kimmerling says it plans to offer more payment rails (wire payments, spot trading, disbursements); account information (account balances, transaction details); fraud prevention (fraud controls within its API); and developer tools (developer portal, analytics).
This latest development follows on from last year, when SVB decided to move its banking onto an open platform. It partnered with US payments firm Stripe to launch Atlas. The latter is designed for people planning to launch a business – namely from incorporation documents to a bank account. Atlas uses the SVB Onboarding API to programmatically open bank accounts and supply banking products for Atlas users.
How deep is my Silicon Valley?
Earlier this month, SVB and First Data called for US start-ups to apply for their latest Commerce.Innovated accelerator programme. The four-month virtual programme provides participants with operational mentorship from the pair’s respective networks.