Wirecard Card Solutions announces plans for wind-down

Maria Nikolova

A key part of the plan is the entrance into a term sheet agreement to sell its card technology and associated assets in the UK.

Wirecard Card Solutions Ltd today announces its plans for reaching a solvent wind-down of the business. A key part of the plan is the entrance into a term sheet agreement to sell its card technology and associated assets in the UK and to effect the transfer of client relationships and certain employees to Railsbank.

A meeting today with Wirecard Card Solutions’ program managers is set to present a proposal for an orderly migration of Wirecard Card Solutions’ customers, including the terms of the asset sale to Railsbank and job security for transferred employees.

If, as is hoped, the orderly and solvent wind-down proposal proceeds, including the asset sale to Railsbank, it is anticipated that the migration of Wirecard Card Solutions’ customers will take place between now and November 2020. Both before and after the migration, Wirecard Card Solutions’ cardholders will be able to continue to operate their cards and access their funds as usual.

Nigel Verdon, CEO and co-founder of, Railsbank, said: “We are delighted to have come to this agreement with Wirecard Card Solutions and thank its team for working positively with us during the process. At the end of the day, customer and team needs are our priority. The Railsbank team will conscientiously work on ensuring customers, programme managers and team members have a seamless transfer to their new home”.

Wirecard Card Solutions Ltd is a wholly owned subsidiary of Wirecard Acquiring & Issuing GmbH and part of the Wirecard AG group. The parent company will continue to hold ownership of Wirecard Card Solution’s shares.

Read this next

blockdag

Top Crypto Highlights for Q2 2024: BlockDAG’s Astonishing 1120% Growth Compared to Solana’s Surge and Toncoin’s Market Triumph

Explore the latest highlights in cryptocurrency: Solana’s recovery, Toncoin’s record levels, and the rise of BlockDAG’s innovative technology.

Digital Assets

Ripple seeks $10 million penalty citing Terraform fine in SEC case

Ripple Labs wants to reduce the financial penalties proposed by the U.S. Securities and Exchange Commission (SEC) by leveraging recent fines imposed on Terraform Labs.

Digital Assets

Swiss regulator shuts down CoinShares’ partially-owned FlowBank

Switzerland’s financial regulator, FINMA, has closed FlowBank SA and placed it into bankruptcy due to severe breaches of capital requirements and other supervisory laws. This follows a series of enforcement actions against the bank that began in October 2021.

blockdag

Presale Power Players: 5 Crypto Presales Primed for Success in 2024 According to Experts

Unlock the potential of the best presale cryptos available now. See why experts recommend BlockDAG, Bitbot, eTukTuk, 99Bitcoins Token, and ButtChain.

Executive Moves

Paxos axes 65 jobs, cuts headcount to below 300

Stablecoin issuer Paxos has laid off 65 employees, equating to 20% of its staff, despite maintaining a robust financial standing.

Institutional FX

US sanctions trigger major shifts in Russian FX market, says Sergey Romanchuk

The U.S. sanctions imposed on June 12 against the Moscow Exchange and its clearing entity, the National Clearing Center (NCC), are set to cause massive disruptions in the Russian currency market, according to FX industry veteran Sergey Romanchuk.

blockdag

BlockDAG’s X1 Miner App Beta Sparks $49.2M Presale Rise; Uniswap & XRP Whales Getting Involved?

Experience BlockDAG’s meteoric 1120% presale rise, Uniswap’s UNI climbing 18%, and Ripple’s XRP anticipating ETF approval. Explore their latest breakthroughs!

Market News, Tech and Fundamental, Technical Analysis

GBPUSD Technical Analysis Report 13 June, 2024

GBPUSD currency pair can be expected to fall further toward the next support level 1.2700, which has been reversing the price from last month.

Institutional FX

U.S. sanctions halt dollar and euro trading on Moscow Exchange

New U.S. sanctions against Russia have led to the immediate suspension of trading in dollars and euros on the Moscow Exchange (MOEX), the country’s largest exchange group.

<