Silicon Valley Bank, a financial services provider in the US has rolled out a new corporate card program which integrates purchasing and corporate travel-and-entertainment credit card functions, enabling them to manage their corporate spending.
A study points out that firms would be able to save 76% of their administrative costs per transaction by using purchasing cards rather than using a traditional purchase order process.
Keeping this fact under consideration, Silicon Valley Bank has launched Silicon Valley Bank’s MasterCard Corporate Multi Card, SVB transAct Gateway and Smart Data Online to save its clients money and resources, said the firm.
According to the bank, enterprises can better manage data analysis and payment capabilities through a single card platform.
Silicon Valley Bank global cards and merchant services, product development and risk management head Pradeep Moudgal said the firm is building one of the most sophisticated corporate card platforms in banking to ensure their innovative clients have the best tools available to help them manage and grow their businesses successfully.
The use of card pattern analysis and reporting provides more control on spending as well as ability to negotiate with the vendors, protects from costly check disbursements to electronic payments.
Silicon Valley Bank provides financial assistance to technology, life science, cleantech, venture capital, private equity and premium wine businesses.