An employee demonstrates the Wirecard AG online payment smartphone application on Thursday, June 13, 2019 at the company’s exhibition stand at the Noah Technol Conference G Conference in Berlin, Germany.
Christian Boxy | Bloomberg by Getty Images
The UK unit of the notorious German payment company Wirecard, Wirecard Card Solutions, has announced the sale of some assets to British financial technology company G Company Railsbank in an announcement wind down.
The company said it would meet on Friday to present a proposal outlining the terms of sale of its card technology and UK affiliate assets, as well as the transition to the railbank of its customers and employees. Railsbank aims to complete the relocation of customers of Viralcard Card Solutions by November.
“We hope our program managers will support our proposal and we can move forward positively for all parties,” said Tom Jennings, managing director of Wirecard Card Solutions. “I thank our customers for their continued support as well as their help in making MasterCard and Visa as lifeless as possible.”
The Munich-based wirecard applied for insolvency in June, a dramatic collapse for a company once known as one of Germany’s most popular tech industries. Prosecutions were launched after the accounts scam when Wirecard admitted that 1.9 billion euros ($ 2.3 billion) were missing from its balance sheet.
Former virus card executives, including longtime CEO Marcus Brown, have been arrested on suspicion of embezzling ૨ 3.5 billion. Muni’s plaintiff is also investigating the wirecard on suspicion of money laundering. For its part, Wirecard has said it will not make any further statements.
News of Insurance Card’s UK asset sale Thousands of British customers have been temporarily locked out of their accounts with banking online banking applications that rely on wirecards to process payments. This turbulent episode was the result of a temporary halt in the operation of a wirecard enforced by the UK’s Financial Services Watchdog, the Financial Conduct Authority. The regulator said it took such action to ensure consumer funds were safe.
Railsbank, the pay operations company that buys Viralcard’s UK operations, sells banking software to customers who use its technology to develop their own digital financial services products. The company was founded in 2016 and payments are backed by Visa Visa.
Nigel Verdon, co-founder and CEO of Railbank, said: “We came to this agreement with Wirecard Card Solutions and we are delighted to thank you for working positively with us for this process.” “At the end of the day, customer and team needs are our priority.”
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