Silicon Valley Bank deploys Oracle Flexcube
08 September 2010 | 4568 views | 0
Source: Silicon Valley Bank
Silicon Valley Bank, the premier commercial bank for companies in the technology, life science, venture capital and premium wine industries, announced that it has strengthened its global banking platform and further enhanced its global treasury services through the deployment of Oracle's FLEXCUBE Core Banking solution.
Silicon Valley Bank's global banking platform provides a wide range of global treasury solutions, including foreign currency loans, multi-currency deposit accounts, international payment and cash management services, and real-time global account reporting through a single interface via SVB's online banking platform, SVBeConnect. The implementation of the Oracle FLEXCUBE platform provides the capability for SVB to manage core banking services in over 30 currencies across the globe.
"Many of our clients conduct business internationally from their inception and Silicon Valley Bank's global banking platform is instrumental in helping them grow their business and successfully manage their financial activities throughout Europe, Asia, Latin America and other geographies around the world," said Ken Wilcox, CEO of Silicon Valley Bank and SVB Financial Group. "Our implementation of Oracle FLEXCUBE has already enhanced our multi-currency deposit and lending capabilities and provides clients with centralized access to their accounts to better manage their cash."
Silicon Valley Bank is currently providing global banking services to existing clients in over 30 countries throughout the world. "Over the past 18 months, we have made a significant investment in upgrading our core banking infrastructure with a dynamic and robust global banking platform," said Bruce Wallace, Head of Global Services and responsible for the bank's product development, banking operations, and client services worldwide. "In the past 12 months we have experienced 77 percent growth in our international loans and 51 percent growth in our international account services. Supporting our client's global expansion efforts is a top priority for SVB and we will continue to enhance our global banking platform over the next 12 months."
In addition to global treasury solutions, Silicon Valley Bank offers a full range of global financial products and services, including foreign exchange and trade finance services, and is the third largest Ex-Im Bank Working Capital Guarantee financer in the banking industry.