Led by Daniel Kimerling and Zachary Townsend, the former Standard Treasury team joined Silicon Valley Banks information technology team in support of SVBs expanding digital banking platform. Silicon Valley Bank also acquired certain assets of Standard Treasury. Transaction details related to Standard Treasury will not be disclosed, kcentv.com reports.
Bruce Wallace, Chief Operations Officer, Silicon Valley Bank, has claimed that API banking services constitute an essential component of the product delivery and service platform strategy of teh company. The former Standard Treasury team claimed that theior previous goal was to simplify banking technology for clients and developers.
SVB is planning to release new API banking services, in the near future, that are currently in development by the Standard Treasury team. Standard Treasury was a Y Combinator-backed company and a graduate of the SVB and MasterCard accelerator, Commerce.Innovated.
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