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Link Money & Silicon Valley Bank to expand pay by bank solution

By Delisha Fernandes

March 22, 2024

  • Banking Platform
  • Fintech news
  • fraud costs
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Link Money, Silicon Valley BankLink Financial Technologies, Inc. (dba Link Money), a US-based open banking payment platform, has partnered with Silicon Valley Bank (SVB), a division of First Citizens Bank.

Going forward, SVB will handle ACH processing and money movement on behalf of the open banking payment platform’s merchants, enabling the open banking payment platform to enhance its capabilities, scale faster and further improve its Pay by Bank product.

“SVB offers the ability to scale, ACH expertise, and a closer integration with the Nacha ecosystem,” said Eric Shoykhet, Link Money CEO. “SVB’s tech-forward banking platform enables us to provide a higher quality product offering for merchants utilizing our Pay by Bank solution.”

As credit card fees and fraud continue to rise, merchants are seeking alternatives for a less expensive payment option. The open banking payment platform’s Pay by Bank solution enables merchants to save up to 80% on payment processing fees, reduce fraud costs, and lower churn.

“SVB is excited to work with Link Money and support its payment solutions and capabilities,” said Nick Christian, head of SVB’s National Fintech group. “By leveraging SVB’s ACH platform and expertise, Link Money will be able to enhance its pay by bank product and help more merchants process payments safely and securely from its customers paying directly with their bank accounts.”

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