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Message from our CEO

2 min. read

Mar 13, 2023

It’s been a busy and difficult few days for the entire banking industry. As many are aware, Silicon Valley Bank was taken into receivership by the Federal Deposit Insurance Corporation (FDIC) on Friday.

As news broke we were already on the search for new banking partners. I am happy to report that we secured a new processing partner and our incredible team has been working around the clock to reduce any further disruptions to our service. This change is live and already processing payments.

At the same time, we recognize that this news may be causing some concern among our customers. I want to assure you that your funds and transactions are safe with us, and that we have taken every precaution to protect your assets in the event of any disruption.

Through continued communication with senior staff at Silicon Valley Bank and our contacts with the FDIC, we have been assured that all payments in transit are safe and will settle without issue. So for all of our customers that have trusted us with your payments, they are 100% secure and on their way to your vendors.

Leaving on a personal note regarding Silicon Valley Bank. They have been a trusted partner to not only Plastiq, but the entire tech ecosystem for decades. To my many friends and peers that are going through this process, my thoughts are with you in this difficult time.

Thank you for your continued trust, support, and patience. As always Plastiq is absolutely dedicated to the success of our customers — we’re standing by with any questions or concerns you may have.

– Eliot

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