With a technology-focused approach and a savvy customer base, Silvergate sought a technology partner that complemented its progressive approach to leveraging open APIs and innovation to provide leading financial solutions. The San Diego-based bank serves the digital currency industry and is well-positioned to continue to innovate its service offerings with a payment platform approach.

“With more than 500 digital currency and Fintech customers using our platform to scale their business, Silvergate understands the importance of providing its clients with robust technology solutions,” said Chris Lane, Chief Operations Officer, Silvergate Bank. “Finastra’s API-enabled payment platform running in the cloud reinforces our deep-rooted commitment to regulatory compliance while ensuring we are offering the most progressive solutions in the market.”

With Total Payments, Finastra’s cloud-based payment platform powered by Microsoft Azure, Silvergate Bank will be able to better ensure that it is delivering on its promise to be compliant with the latest regulatory requirements. The agile platform, which is built on modern architecture and comes API-enabled, lends itself to future expansion, allowing the bank to add innovative services easily, as appropriate. The platform model also helps ensure regulatory compliance across the solution with continual, timely updates around regulations, standards, and clearing connections, all managed by Finastra.

“Silvergate Bank’s vision for Fintech innovation aligns with our own,” said Chris Zingo, Managing Director, Americas, Enterprise Markets, Finastra. “We look forward to working closely together to make sure that the bank is delivering the most robust payment solutions to its customers, evolving features and functionality to meet and exceed customer expectations. The platform’s robust API layer and cloud-based delivery model make it quick and easy to add functionality—created within Finastra or externally.”

Finastra’s Total Payments helps financial institutions improve customer service, simplify payment operations, and reduce operating expenses by consolidating all payments and payment data. It provides a complete set of integrated functions to automate the entire payment lifecycle. By connecting multiple channels, consolidating payment systems, and reducing the number and complexity of back-office interfaces, the platform enables financial institutions to increase straight through processing and overall operational efficiency.

“The advantage a payment platform provides is that a single solution can handle every payment type, with a consistent set of tools and interfaces to streamline the experience of a bank’s customers,” said Gareth Lodge, analyst, Celent. “The cloud adds additional benefits beyond the obvious cost-effectiveness. The bank can turn on new functionality at their will, scale the solution as payments volumes grow, and update to meet new regulatory requirements with no downtime.”