As you will have seen in the press, Silicon Valley Bank collapsed earlier this week. In the US, the FDIC announced that it has transferred SVB assets to a new bridge bank called Silicon Valley Bridge Bank, N.A. All SVB clients in the US will become customers of this new bank. In the United Kingdom, HSBC has acquired the UK arm of SVB, Silicon Valley Bank UK Limited (SVB UK).

If you are a UK client using B4B or Bank Reconciliation with SVB, we have you covered. Please contact us to ask about changing to an HSBC UK format.

If you are a US client using B4B or Bank Reconciliation, we also have you covered. It is likely that your current B4B format will still be accepted by the new bank. Please contact us to discuss.

Professional Advantage can also confirm that globally we have had no direct exposure to SVB that could impact our service to our partners and customer base nor, as far as we are aware, through any third parties that we rely on.