The company had to produce a file with 50,000 payments in it for JP Morgan Chase by 1230. It was six minutes late. Not everyone saw the money hit their account on Friday. Some of the banks processed it over the weekend and some at the very latest processed it first thing Monday,. And so people felt more confident about it arriving on Monday.
The Sunday Times’ tech correspondent brings on Parker Conrad, founder and chief executive of Rippling, to talk about getting caught in the collapse of Silicon Valley Bank (3:30), receiving a call at 5:30 am (8:30), how wide the SVB blast radius was (11:00), moving $130m to JP Morgan in three hours (13:45), raising $500m in a day (17:00), why some people still didn’t get paid (23:40), the growing vulnerabilities of regional banks (30:20), the importance of SVB to tech (32:30), Conrad's experience at Zenefits (37:15), why automating things with software is harder than it seems (42:30), and operating in a slowing economy and tighter funding environment (44:40).
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