We are providing an important update in light of the recent news regarding Silicon Valley Bank (SVB), to assure our customers that we do not expect disruptions in our service. You may continue using Melio as usual for your business payments, across Melio.com and our partners.
On Friday, March 10th, 2023, SVB was closed by the California Department of Financial Protection and Innovation (DFPI) and put under receivership status, with the Federal Deposit Insurance Corporation (FDIC) appointed as receiver.
SVB is one of several bank providers Melio utilizes for our services. We maintain redundancy across our payments capabilities to be able to control transaction routing as needed. As initial concerns about SVB rose, we took measures to route all new transactions via our other bank providers, including JPMorgan Chase, in order to ensure business continuity for our customers. Melio is no longer using SVB to process payment transactions for our customers.
In addition, Melio will make sure that pending transactions initially processed through SVB will be paid in full and is working diligently to ensure they are completed promptly, regardless of the FDIC SVB recovery process. We will be working with the FDIC separately to assess the situation as it develops.
We at Melio remain committed to the success of our small business customers and thank you for your continued trust. We are standing by for any questions you may have at support@melio.com.
Matan Bar
Co-Founder & CEO
Melio
*This blog post is intended for informational purposes only and is not intended as financial advice.
**Melio does not provide legal, tax or accounting advice, and you should consult with a professional advisor before making any financial decisions.
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