SVB to enhance Link Money's payment processing capabilities for an increasing volume of transactions
SAN FRANCISCO, March 21, 2024 /PRNewswire-PRWeb/ -- Link Financial Technologies, Inc. (dba Link Money), a US-based open banking payment platform, and Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced a strategic collaboration. Going forward, SVB will handle ACH processing and money movement on behalf of Link Money's merchants, enabling Link Money to enhance its capabilities, scale faster and further improve its Pay by Bank product.
As credit card fees and fraud continue to rise, merchants are seeking alternatives for a less expensive payment option. Link Money's Pay by Bank solution enables merchants to save up to 80% on payment processing fees, reduce fraud costs, and lower churn.
"SVB offers the ability to scale, ACH expertise, and a closer integration with the Nacha ecosystem," said Eric Shoykhet, Link Money CEO. "SVB's tech-forward banking platform enables us to provide a higher quality product offering for merchants utilizing our Pay by Bank solution."
"SVB is excited to work with Link Money and support its payment solutions and capabilities," said Nick Christian, head of SVB's National Fintech group. "By leveraging SVB's ACH platform and expertise, Link Money will be able to enhance its pay by bank product and help more merchants process payments safely and securely from its customers paying directly with their bank accounts."
For additional information about Link Money, visit https://www.link.money/ or email [email protected].
About Link Money: Link Money is a payment platform that offers fast and secure payment solutions. The platform enables individuals to make transactions directly with their bank accounts, offering security, ease, and a no-debt option, while offering merchants lower fees than other payment methods.
About Silicon Valley Bank: Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of some of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA ), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC.
Media Contact
Lauren Schiffman, Link Money, 1 415-684-8080, [email protected], https://link.money
SOURCE Link Money
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