Link Financial Technologies, Inc. (dba Link Money), a US-based open banking payment platform, and Silicon Valley Bank (SVB), a division of First Citizens Bank, today announced a strategic collaboration. Going forward, SVB will handle ACH processing and money movement on behalf of Link Money’s merchants, enabling Link Money to enhance its capabilities, scale faster, and further improve its Pay by Bank solution.

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

SVB offers the ability to scale, ACH expertise, and 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.”

“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.”