APIs and open banking – however that term is defined – are set to transform financial services by empowering consumers to share data with third parties.

This means new businesses will develop that will orbit banks, and the consumer experience may be forever changed. Furthermore, APIs allow banks a measure of control and security screen-scraping did not – so why aren’t more banks embracing this new reality?

Silicon Valley Bank is, said head of APIs and open banking Dan Kimerling.

Silicon Valley now has two broad classes of APIs, Kimerling said. The first is transactional, focusing on payment services. Integrations that used to take months can now be done in minutes or hours. The second refers to “open platform” capabilities, and the most significant of these is currently the account-opening tool, which is used in conjunction with Stripe Atlas.

Kimerling said during a newly released episode of the INV Unfiltered podcast that these are SVB’s API offerings, for now.

Check out the full episode below.

Kimerling founded two startups with successful exits, Giftly and Standard Treasury, and now works at a bank and co-runs a venture capital firm. In the podcast, he also shares some views on cryptocurrency and blockchain, as well as Apple’s foray into P2P payments and the state of mobile payments generally.

INV Unfiltered is presented by INV Fintech, the global accelerator that seeks startups that target any and all facets of the fintech ecosystem.