Source: Silicon Valley Bank
Silicon Valley Bank, financial partner to technology and life science companies of all sizes worldwide, is helping its innovative clients improve control of their corporate spending with the introduction of a new corporate card program that combines purchasing and corporate travel-and-entertainment credit card functions.
Through a single card platform, companies are able to improve data analysis and payment capabilities substantially.
"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, Silicon Valley Bank.
Citing industry data that clients could save 76% of their administrative costs per transaction by using purchasing cards rather than using a traditional purchase order process*, Silicon Valley Bank is introducing Silicon Valley Bank's MasterCard® Corporate Multi Card, SVB transAct Gateway and Smart Data Online to save its clients money and resources:
Combines purchasing with travel and expenses functions for an easy, unified view of spending patterns
Enables analysis and reporting that enhances spending controls and improves negotiating power with vendors
Helps migrate from costly check disbursements to electronic payments
Generates one-time virtual card numbers with set limits based on preset payment instructions, for a more streamlined, efficient and secure payments process