SANTA CLARA, Calif., Sept. 18, 2012 /PRNewswire/ -- Silicon Valley Bank, financial partner to technology and life science companies worldwide, released SVB PayAbility, a new, online and mobile payments service. Co-developed by Silicon Valley Bank and MineralTree®, SVB PayAbility integrates easily with accounting systems like QuickBooks® and allows businesses to save time, streamline processes and enhance the security of their payments function.
SVB PayAbility addresses a gap in payments services available for small and medium-sized businesses today. Most bill pay services are designed for individuals or companies with low payment volumes and do not meet the needs of growing organizations. At the same time, payment services designed for corporations are typically too expensive and complex for businesses that process between 50 and 500 payments per month.
"SVB PayAbility helped us streamline our payment processes and easily integrate with QuickBooks," said Theresa Scavone, Controller of OpenMile, which has been testing SVB PayAbility for several months. "We would readily recommend the service. It has helped us increase our payment production by nearly three-fold without having to add headcount."OpenMile, an innovative, growing company that is automating the freight industry, implemented SVB PayAbility in March of 2012 and experienced significant cost and time savings over its former paper-based payments process. The simple workflow also improved OpenMile's audit trail, reducing opportunities for fraud. "Our dynamic clients grow quickly, and look for services that drive efficiency," said Megan Minich, head of online banking for Silicon Valley Bank. "We were thrilled to collaborate with MineralTree in the development of SVB PayAbility. It complements our full payments platform, and enhances our ability to give our clients plenty of options and make it easy and safe for them to manage their financial activity while they grow." SVB PayAbility streamlines communication and offers multiple payment options, such as ACH and checks, and innovative documentation management capabilities. In addition, the SVB PayAbility iPad app enables payment review and approval, bringing secure payment capabilities to mobile users.