- What is the status of SVB?
- What is BILL’s relationship with SVB?
- Are BILL’s operations affected by Silicon Valley Bank closure?
- If I don’t have an SVB account, could I be impacted?
- If I do have an SVB account, what should I do?
- What offerings exist from BILL to help us if we have been impacted by SVB events?
What is the status of SVB?
- On March 12th, the Federal government stepped in to protect all depositors. As SVB resumes normal operations and funds move successfully, we will begin resuming transaction processing. For more information you can see this initial and this subsequent update.
What is BILL's relationship with SVB?
- SVB is one of many banks BILL uses to process payments. However, with BILL’s significant scale, we have intentionally built multiple relationships with banks to ensure we can service the scale of our operations. This diversified portfolio of multinational processing banks processes the significant majority of our payments. When we received notice of SVB’s closure, we promptly redirected payments to one of our multinational bank processors. As of 11am PDT on Friday March 10th, all newly initiated transactions began routing through this processor.
Are BILL's operations affected by Silicon Valley Bank closure?
- We want to assure you that the services you count on from BILL are fully operational and that your payments are being processed.
- The BILL team has been working around the clock and I’m pleased to report we have processed all SVB-related outstanding payments and are fully back to business-as-usual for all payment processing.
If I don’t have an SVB account, could I be impacted?
- A small group of customers was affected. All those payments are now fully processed and we are back to business-as-usual
If I do have an SVB account, what should I do?
- We are writing with additional updated guidance from the FDIC. As of March 13, in order to protect SVB customers, the FDIC has transferred all the deposits and substantially all of the assets of Silicon Valley Bank to a new entity, Silicon Valley Bridge Bank, N.A., a full-service bank that will be operated by the FDIC. With this development, the FDIC has said that all deposits with SVB should be protected and safe, and customers can access their deposits, as per usual.
- Therefore, we do not recommend switching banks immediately. If you are able and wish to do so, you may choose to attach an additional bank account. Having multiple bank accounts on file provides additional flexibility. For any questions you have about SVB, we recommend you read the FDIC’s FAQs, and reach out to the contacts provided there for further information.
- There is also no need to contact vendors who bank with SVB to ask them for new bank account information. Vendors’ SVB accounts will continue to operate, receive funds, and be accessible to their owners.
What offerings exist from BILL to help us if we have been impacted by SVB events?
- BILL has announced 4 offerings to enable business continuity for customers who are also SVB customers.
- For more information and links to sign up, see our latest blog post
For additional information, please refer to BILL’s blog which will have regular updates from our CEO and Founder, René Lacerte.