March 10th, 2023
To our valued customers,
As you may have heard, today the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver to protect customer funds. Let me start by assuring you that the services you count on from BILL are fully operational and that your payments are being processed.
To provide a bit more context, with BILL’s significant scale, we have intentionally built multiple relationships with banks to ensure we can service the scale of our operations. This diversified portfolio of multinational processing banks processes the significant majority of our payments. BILL also processes payments with SVB, and when we received notice of SVB’s closure, we promptly redirected payments to one of our multinational bank processors. As of today, any new BILL payment scheduled by our customers will be processed by this multinational bank.
We are committing that for any pending transactions BILL processed through SVB, we will stand behind them to ensure they are processed successfully.
In addition to your business with BILL, we recognize that you may have been impacted by this situation and we are here to support you. All of us at BILL care deeply about our customers and partners. We are dedicated to your success and you can count on us for your business payments.
Thank you for your trust in us and we appreciate the opportunity to serve you.