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Frequently asked questions concerning impacts of recent bank closures
Frequently asked questions concerning impacts of recent bank closures
Product Team avatar
Written by Product Team
Updated over a week ago

Ignition’s payment solution and operations have not been impacted by the closures of Silicon Valley Bank (SVB), Silicon Valley Bank UK (SVB UK) or Signature Bank. However, we understand that there may still be some questions concerning the management of this situation with your clients.

Please see the frequently asked questions below and get in touch with our Support team if you have any further questions.

I currently get my client payments disbursed by Ignition into a Silicon Valley Bank/Signature Bank account. What should I do?

Our payments partner, Stripe, has suspended payouts to SVB accounts.

If your payouts are currently configured to route to an SVB or Signature Bank account, you will be required to nominate a new account before disbursals can resume.

Please be aware that by nominating a new account, you may be required to complete our standard KYC verification check which takes up to 4 business days. We will do everything we can to complete verification as quickly as possible.

What should I do if some of my clients pay me via a Silicon Valley Bank/Signature Bank account?

If you’re expecting future collections from clients paying with SVB or Signature Bank accounts, it would be prudent to request a new payment method to ensure they are able to pay you. Please see guidance on updating client payment method in Ignition here.

Ignition has already emailed customers a list of their clients paying via an SVB ACH account. These lists were sent to admin users in each customer account, based on SVB’s published routing numbers: 122242555, 121140399, 122240492, 121145145, 121137797, 011002343.

Please note the lists provided are not exhaustive. We are not able to identify customers with credit cards issued via SVB or Signature Bank due to PCI regulations that ensure credit card details are encrypted.

My Ignition subscription is paid via a Silicon Valley Bank/Signature Bank credit card. How do I update my payment details?

To update the card details you use to pay your Ignition subscription, please refer to this support article.

If you are a customer of SVB or Signature Bank and you are concerned about your Ignition subscription, please contact support and we’ll be happy to work with you to ensure your account remains active.

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