Due to the current situation with Silicon Valley Bank, Sekure wants to assure you that Sekure Payment Experts remains financially safe, sound, and responsible. As your business allies, we want to be a good steward of your business which means taking proactive steps to ensure your funds are where you need them to be. We also want to assure you that Sekure Payment Experts has strong capital and liquidity and no exposure to high-risk lending or investment activities as the two failed banks engaged in. As always, please don’t hesitate to reach out to your dedicated Payment Expert with any questions.
On March 10th, 2023, Silicon Valley Bank (SVB) experienced a technical glitch that is now being described as a complete collapse, which caused a significant impact on some of its customers' transactions. SVB is a popular financial institution that provides merchant services to a vast number of companies, including some of the biggest players in the tech industry. As a result of this, some of SVB's clients experienced delayed or failed transactions, which caused a massive disruption in their operations.
One of the most significant impacts was felt by companies that rely on SVB for their payment processing solutions. Circle, a popular payment processing company, was one of the first to report issues. According to a statement released by payment processing servicesCircle, the SVB glitch caused delays in its payment processing, which resulted in a backlog of transactions. The company stated that it was working closely with SVB to resolve the issue and that it expected the backlog to be cleared within the next few hours.
Another company that was affected by the SVB crash was Stripe. According to a support article on Stripe's website, the company experienced issues with its Automated Clearing House (ACH) transactions. These transactions are used to transfer money between bank accounts, and the ongoing situation with Silicon Valley Bank caused delays and failures in some of these transactions.
Etsy, the artisan-focused ecommerce platform that enables independent sellers to sell their products online, was also affected. The company sent out a warning to its sellers, informing them that there could be a delay in processing their payments due to the SVB issue.
Despite the widespread impact of the SVB glitch on some of Sekure's competitors, Sekure's customers were not affected by the issue. As a leading provider of payment processing rates, Sekure relies on a network of banks to process its customers' transactions. However, internal systems are designed to ensure that our merchant’s transactions are not impacted by issues like the SVB collapse. Sekure's robust infrastructure and advanced fraud prevention measures ensure that our merchant’s transactions are always secure and reliable.
Sekure's stability in the face of the SVB collapse is a testament to our commitment to providing our merchants with the best possible service. Our systems are designed to be resilient and to mitigate the impact of any issues that may arise with partner banks. Moreover, Sekure's team of dedicated Payment Experts is always monitoring our systems to ensure that any potential issues are identified and addressed before they can potentially impact our merchants.
Merchants of Sekure can rest assured that their transactions are always safe and reliable. As the payment processing landscape continues to evolve, Sekure will remain at the forefront of innovation, providing our customers with the best possible payment processing solutions.