June 07, 2011

Silicon Valley Bank, a Santa Clara-based bank focusing on clients in science, technology, venture capital and premium wine, will be the first domestic bank to offer chip-enabled credit cards.

Its World Elite MasterCard for Business with EMV chip technology is a microchip-embedded smart card which adds a layer of security by storing additional information in the chip. Known widely as "chip and pin," the technology is standard in Europe and Asia. W "Providing our clients innovative products and services that they need to expand their business globally is a critical priority for us," said Bruce Wallace, chief operations officer, SVB Financial Group. "Chip-enabled cards provide a new level of security and convenience for our clients with international operations that need a holistic card program as a strategic component of their payables strategies."

The new cards are part of a complete corporate credit card program.

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