Melio update following the recent Silicon Valley Bank events
We want to share an update regarding our payment processing systems. As we previously communicated, Silicon Valley Bank (SVB) was one of several bank providers we used to process payments for our customers. As initial concerns about SVB arose, we took measures to route all new transactions via our other bank providers. We monitored the operations and status of SVB to ensure no disruption to our business, customers, and partners.
On March 27, 2023, First Citizens Bank & Trust Company acquired SVB. Given that SVB is now a division of First Citizens Bank, we will resume working with them as one of several banking providers, including JP Morgan Chase, that we use to process payment transactions for our customers.
We will continue to maintain and enhance redundancy across our payments capabilities and are standing by for any questions you may have at support@melio.com.
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