As you may be aware, on March 10, 2023, State of California financial regulators closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC), as receiver to protect customer funds.
This has created waves of concern among companies of all sizes about the safety of their money as well as their bank’s ability to make AP payments on their behalf.
Finexio can confidently share that we have no exposure nor business relationship with SVB. Our operations as a company remain unaffected by this event and our Payment Delivery and Operations services are running smoothly.
With the events surrounding SVB, the confidence in banking in the tech industry has been shaken, with several venture capitalists advising their portfolio companies to move money out of Silicon Valley Bank to other banks such as J.P. Morgan so they could pay employees on time.
Luckily the FDIC shared on March 12th that depositors will have access to their funds, but it opens up the question for many companies to evaluate the the stability of their banking situation and to ensure that they will have access to funds, and continue to make the payments to the services that support the ongoing operations of their businesses.
The next step we see financial executives taking to secure their company’s financial future is looking to trusted partners in banking, and payments technology, with an emphasis on safety, security, service, and redundancy in order to deliver confidence to their boards and investors.
Finexio’s AP Payments as a Service platform has been built with those exact points in mind, utilizing relationships with multiple banks to ensure redundancy in case any one single financial institution is adversely affected. This includes J.P. Morgan, the largest bank in the United States, who are both an investor and partner to Finexio.
Whether you are considering a move to a new bank like J.P. Morgan, or another financial institution, Finexio is well-equipped to handle any potential disruptions and continue to provide you with the reliable payment services you and your valued suppliers depend on.
I’m proud that security, quality, and integrity are core to Finexio’s culture and services, and will refer to Finexio customer Stephen Krieger, CFO at ViCon Construction, LLC, who said:
"We chose Finexio not just for the revenue share, but for the ease of making payments and the security of those payments.”
Finexio is proud to support all of our customers, managing payment operations, and delivering billions in AP spend on their behalf, along with our banking partners like J.P. Morgan.
If you need help with your payments as a result of the SVB closure, Finexio and our experienced team of payments operations professionals are standing by to support friend or new friends in the software, payments, accounts payable, and procurement sectors who might be affected or evaluating a long-term partner for payments. We are here to support our fellow businesses in any way we can.
We at Finexio are proud to partner with and power payments for some of the world's largest accounts payable and procurement software in the world and are happy to make introductions there for businesses also evaluating solutions.
If you’d like to learn more please click here to contact us for more information on how we can help.
To our existing customers and partners, thank you for your continued trust and support.
Please don't hesitate to reach out to your account manager if you have any questions or contact [email protected] with any specific concerns.