An Introduction to our Speakers
We sat down with Savit Pirl, Managing Director overseeing Digital Payments, Lending, and Automation for Silicon Valley Bank (SVB), and Lisa Shields, CEO and Founder of FISPAN Services, to delve into their collaborative journey in redefining the future of banking and financial technology. The partnership between SVB and FISPAN enables SVB to embed its payments and treasury services seamlessly into its clients' ERP systems. In this revealing case study, we discuss how the two organizations crossed paths, and why SVB decided to collaborate with FISPAN to offer an integrated financial experience for their innovation-driven clientele.
The Changing Landscape: The ERP Connector, SVB Go Link
As startups grow, their financial management needs evolve. Savit emphasized that early-stage companies often have little experience with treasury management. But as they expand, they move from web-based tools like SVB Go (SVB’s digital banking platform that helps innovative companies streamline their financial operations) to more sophisticated software like QuickBooks and eventually to ERPs like Oracle NetSuite or Sage Intacct. That's where SVB Go Link, powered by FISPAN, becomes a game-changer. It is an easy-to-install plugin that integrates directly with a client's ERP or accounting system, optimizing money movement and reducing the need for costly consultants.
The turn-key partnership between SVB and FISPAN seeks to liberate clients from cumbersome treasury processes, without the need to set up host-to-host connectivity.
Managing Director of Digital Payments, Lending, and Automation for SVB
Client Expectations: Digital Transformation and Innovation
High growth companies in SVB's portfolio are often on the cutting edge of innovation, and they expect their banking services to be no different. Recognizing this, SVB has revamped its digital offerings, of which SVB Go Link is a part. This tool fits into the larger digital transformation journey of SVB, which aims to prioritize the client’s needs first and focuses on solving real-world challenges like payment reconciliation.
The current economic landscape has shifted, affecting how businesses view their finances. The availability of venture capital funding has slowed, leading clients to lean more on traditional banking services and cash flow optimization techniques. This trend has driven the growing interest in tools like SVB Go Link, which offer enhanced financial visibility and control.
The SVB and First Citizens Relationship: Continuity and Innovation
Going forward, SVB intends to blend robust payment services with value-added data services. By connecting with ERP systems through tools like SVB Go Link, SVB aims to offer deeper financial insights to clients. This approach reflects SVB's belief in collaboration and partnerships with their innovative clients to provide industry-leading services, rather than developing every capability in-house.
“The key message we want to convey, especially now under the ownership of First Citizens, is unequivocal: Silicon Valley Bank isn't going anywhere. We're here today, and we'll be here tomorrow to serve you." - Savit Pirl
With SVB now a part of First Citizens, the focus on innovation and customer service will continue. SVB will be leveraging its capabilities with First Citizens and will remain open to new opportunities and partnerships.
Future Direction: A Blend of Payments and Data Services
SVB Go Link is one example of enriching a payment service with ERP vendor data. Other services SVB provides to fast growing clients, like cash forecasting, liquidity management, and covenant tracking can be enriched with client data.
SVB Go is SVB’s digital banking platform designed to meet the unique needs of the innovation sector. It offers a seamless, integrated banking experience, allowing users to manage their finances efficiently with features like real-time account balances, transaction tracking, and payment initiation, all underpinned by robust security measures.
Read more about SVB Go here.