Dear Patriot Software Customers,
As I mentioned in my March 14th timeline update to you, your payroll and payroll-tax dollars are securely flowing again at Silicon Valley Bank (SVB). Patriot is in good shape, and our Customer Support staff is here to help you. So, you are good to go – meaning that you can run your payrolls now exactly as you had before last week’s SVB collapse (a.k.a., Lights-out-Friday).
Yes, SVB is running again with the full backing and guarantee of the FDIC, and we’re thankful for that. Even so, Patriot is still moving quickly to create more banking redundancy. Although we had bank emergency plans prior to SVB’s collapse, I want to sincerely apologize to those customers and their employees that were impacted by the SVB Bank failure.
During the midst of the SVB collapse last weekend, we immediately engaged with three of the largest banks in the US. We have since narrowed our focus to two of those. Just as these banks are vetting Patriot, we are vetting them for their speed, safety, security, redundancy, etc., with a goal that our customers will never endure another banking debacle. We will share further banking information with you once we finish the two-way vetting (above) and all software systems work is complete.
I just wanted to let you know that for years – I have drilled it into my staff’s heads and hearts – that running a business of any size is hard, really hard. And the last thing you, our Patriot customers, need is for your payroll to stop working. I mean, of all things in your company to break, payroll cannot be one of them!
Yes, payroll needs to be fast, simple, and affordable – but it also needs to be reliable. These are exactly the reasons that I started Patriot Software. You didn’t ask for the headaches that SVB caused, and neither did we – but you deserve an apology. So I again want to express how sorry I am that you and the tens-of-thousands of employees’ families you help support were affected by SVB’s collapse. Please know that Patriot has learned from this experience, and we will continue to build in the reliability that you (and we) demand.
Mike Kappel, CEO of Patriot Software