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Netchex Not Impacted by Silicon Valley Bank or Signature Bank Closures


News provided by

Netchex

Mar 14, 2023, 10:00 ET

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Neither the Silicon Valley Bank nor Signature Bank closures have any effect on Netchex's ability to provide payroll services to any clients or prospective customers.
Neither the Silicon Valley Bank nor Signature Bank closures have any effect on Netchex's ability to provide payroll services to any clients or prospective customers.

Over the course of three days, financial regulators shutdown both Silicon Valley Bank and Signature Bank. Netchex does not use Silicon Valley Bank or Signature Bank to fund our clients' payroll services or our internal operations.

COVINGTON, La., March 14, 2023 /PRNewswire-PRWeb/ -- Netchex, a leading provider of payroll and human capital management (HCM) software, announced today that there has been no impact on the company's payroll processing service as a result of the recent Silicon Valley Bank or Signature Bank closures.

Last week, financial regulators shutdown both Silicon Valley Bank (Friday, March 10) and Signature Bank (Sunday, March 12). These consecutive closures are said to be the second and third largest bank failures in U.S. history. The impact on their customers is expected to be far-reaching.

“We pride ourselves on the lengths we’ve gone to in order to protect our clients’ funds,” added Netchex CFO Louis Dubuc. “We collaborate with teams of experts and professionals to ensure we’re using the most updated, most secure procedures for handling our clients’ hard-earned money.”

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Netchex does not use Silicon Valley Bank or Signature Bank to fund internal operations or client payroll services. Neither the Silicon Valley Bank nor Signature Bank closures have any effect on Netchex's ability to provide payroll services to clients or prospective customers.

Netchex has set up an easy way for clients who fund their end of payroll via Silicon Valley Bank or Signature Bank to update their banking information and provide little to no disruption of services provided by Netchex.

"Trust is a major component in our relationship with clients," states Will Boudreaux, co-founder and CEO of Netchex. "With payroll processing, clients entrust us not only with their business' finances, but also their employees' well-being. That is why we have numerous checks and balances, as well as various audits and oversight to ensure our clients' funds are protected."

Netchex goes to great lengths to ensure our clients' payrolls are processed quickly, safely, and accurately—while following ALL local, federal, and industry mandates.

"We pride ourselves on the lengths we've gone to in order to protect our clients' funds," added Netchex CFO Louis Dubuc. "We collaborate with teams of experts and professionals to ensure we're using the most updated, most secure procedures for handling our clients' hard-earned money."

Netchex Resources

  • Security Check: A Note from Netchex's CFO on the Security of Our Clients' Funds
  • Safe and Secure: How to Find a Trustworthy Payroll Company
  • Making Netchex Safe & Secure: What Does it Mean to be Cyber Ready?
  • Payroll You Can Trust: What the IOI Lawsuit and MyPayrollHR Scandal Means For Payroll Outsourcing

About Netchex:
Founded in 2003, Netchex has become one of the industry's fastest-growing payroll and HR service providers. Netchex's single-source solution is a cloud-based, end-to-end platform for managing the employee lifecycle from hire to retire. With powerful, yet easy-to-use technology and award-winning customer support, Netchex currently services over 4,000 clients. Headquartered in Covington, LA, Netchex has offices in Atlanta and Dallas with representatives nationwide. Please visit https://netchex.com for more information.

Media Contact

Katie Kennedy, Netchex, (985) 220-1410, [email protected]

Twitter, LinkedIn, Facebook

SOURCE Netchex

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