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June 09, 2011

  • News:  SVB Offers Businesses Chip Technology 

    Silicon Valley Bank (SVB), headquartered in Santa Clara, California, is the first bank to make "Smart" credit cards available to businesses in the U.S. SVB has recently announced customers can apply for the new chip-enabled World Elite MasterCard for business with EMV chip technology. Smart cards use chips that are embedded within the credit card to store account information. It is more secure than the current magnetic stripe cards, which is the standard in the U.S. The new chip cards will allow customer's additional security and applications as well as easier credit card usage when traveling in Europe and Asia, where Smart cards are the standard.

    SVB's cards will also have a magnetic stripe to make certain the cards will be accepted at the 31.7 million merchants worldwide, where MasterCard is accepted. Bruce Wallace, Chief Operations Officer, SVB Financial Group, explains their desire to provide their client's modern products and services that they will need to increase their business globally. He went on to say clients with international operations would have a new level of security and convenience with this "holistic card program as a component of their payables strategies." This new chip-enabled credit card is the latest addition to SVB's complete credit card program that allows customers the ability to manage payables, track expenses, eliminate paper checks, and reduce fraud exposure.

    According to SVB, their business cards offer businesses the ability to streamline their cash flow, lower costs through enhanced efficiencies and get helpful rewards and discounts, while enjoying the extra security. The cards can be integrated into the company's accounting system where they can analyze spending patterns and negotiate terms with suppliers. Pradeep T. Moudgal, head of Global Cards and Merchant Services has authored a paper titled The Untapped Benefits of Business Credit Cards which offers tips for maximizing card usage.

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