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It’s been a challenging week for the banking industry. As most of us are aware, Silicon Valley Bank was taken into receivership by the Federal Deposit Insurance Corporation (FDIC) earlier today. And Silvergate Bank announced its wind down and liquidation on Wednesday.
Our first priority is to support our customers through times like these. We are working with our network of 20+ bank partners to help our customers—and other impacted companies who wish to transition their banking—to help minimize disruption to their operations.
Modern Treasury exists to help companies move their businesses forward, and do so independently, with multiple banks. Today’s news is a reminder that payment operations, while not always top of mind, is the lifeblood of any business. And modern software and a diverse banking network can help reduce risk for companies, small and large.
A lot has happened this week, and we expect the ripple effects of these events to continue. If there’s anything we can do to advise or help with banking and payments systems, please reach out to me, our team, or firstname.lastname@example.org. We are here today, this weekend, and as things evolve next week.
Lastly, just a personal note about Silicon Valley Bank. They have been a partner to the tech ecosystem for decades. And they’ve been partners to Modern Treasury since our early days. Many friends there are going through a lot today, and we’re thinking of them.