At PaymentEvolution, we understand the importance of delivering reliable payroll processing services to our customers. As such, we wanted to take a moment to address the recent news regarding Silicon Valley Bank’s (SVB) current situation and its potential impact on our operations.
PayEvo does not rely on SVB to fund our customer payroll services and operations. Therefore, we want to assure our customers that the current situation at SVB will not affect our ability to provide payroll and payment services. We have always taken a strategic approach to ensure that our payroll processing system is robust and redundant so that we can continue to deliver the highest level of service to our customers.
This means we utilize a network of leading banking partners to facilitate our payroll processing and services, providing our customers with peace of mind in the face of the unexpected. This also means funds entrusted to PayEvo are held in CDIC and FDIC insured accounts (coverage is per client not in aggregate).
At PayEvo, we have spent years solving the technical and regulatory complexities that come with processing payroll and operating across all of Canada. We are proud to serve thousands of companies, big and small, and to be their trusted partner by providing them with reliable tools and services that enable them to build great places to work.
Our commitment to delivering reliable payroll processing services will never waver. We will continue to prioritize the needs of our customers and invest in the technology and systems necessary to ensure that we can deliver on our promises. We believe this is the difference we can make for entrepreneurs and their employees across Canada.