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March 10, 2023
On the web
Silicon Valley Bank is Shut Down by Regulators, FDIC to Protect Insured Deposits
"Silicon Valley Bank has been closed by regulators, which have taken control of the bank’s deposits, the Federal Deposit Insurance Corp. announced Friday. The California Department of Financial Protection and Innovation closed SVB, and named the FDIC as the receiver. The FDIC in turn has created the Deposit Insurance National Bank of Santa Clara, which now holds the insured deposits from SVB."
March 2, 2023
On the web
Modern Treasury Announces Global ACH Capabilities to Provide Customers with Access to Lower Cost Cross-Border Payments
"Modern Treasury, the operating system for the new era of payments, and Silicon Valley Bank, today announced the availability of a new global payment solution, which will allow mutual clients to send cross-border payments more efficiently, predictably, and at a lower cost by leveraging local payment rails. Global ACH will provide mutual customers with more choices for cross-border payments beyond the SWIFT network. With Global ACH, customers can automate international payments using the ACH- and RTP-equivalent payment rails in other countries."
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