Modern Treasury unveils Global ACH payment tool with Silicon Valley Bank
By Gloria Methri
Modern Treasury and Silicon Valley Bank have joined forces to launch a new global payment solution that will allow mutual clients to send cross-border payments more efficiently and at a lower cost by leveraging local payment rails.
Global ACH will provide customers with more choices for cross-border payments beyond the SWIFT network. With the new tool, customers can automate international payments using the ACH-and RTP-equivalent payment rails in other countries. This helps companies expand international capabilities with less upfront investment while driving efficiency into their global operations.
“Payments are in the midst of a massive transformation, and it’s critical that we support our customers with an international footprint in the same way we support them domestically,” said Dimitri Dadiomov, Modern Treasury CEO and Co-Founder. “Global ACH means providing customers with more choice, greater efficiency, and lower costs. We are happy to work with Silicon Valley Bank to bring this capability to our mutual clients to help them scale.”
With Modern Treasury’s solution, companies can work with a bank, like Silicon Valley Bank, once and then expand globally without having to choose and integrate different payment rails in each country.
Modern Treasury and Silicon Valley Bank expect growth in Global ACH in a wide range of industries and use cases. Modern Treasury’s Global ACH product augments its existing international payment capabilities with Silicon Valley Bank, which includes the SWIFT network. Global ACH is expected to be more popular for companies with recurring international payment flows and smaller value payouts that are not time critical.
Kathleen Pierce-Gilmore, Head of Payments at Silicon Valley Bank said, “By bringing together the power of SVB’s Global ACH capabilities and the strength of Modern Treasury’s platform, we will enable more of our mutual clients to move money faster, with real-time data visibility and more efficient workflows.”
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