UK-based Wirecard Card Solutions Ltd announced its plans to wind-down its FCA-regulated business. A significant part of its plan includes selling its card technology and associated assets in the UK and transfering its client relationships and some employees to Banking-as-a-Service platform, Railsbank. The bank runs over 50 card programmes in the UK, EU, US and Singapore.
In a meeting held on 28 August, Wirecard Card Solutions’ programme managers discussed a proposal for an migration of Wirecard Card Solutions’ customers and terms of the asset sale to Railsbank, as well as job security for transferred employees.
The migration of the Wirecard customers is planned to take place between now and November. Wirecard Card Solutions cardholders will be able to continue to operate their cards and access their funds as usual before and after the migration.
Tom Jennings, Managing Director, Wirecard Card Solutions commented:
Tom Jennings
Source: LinkedIn
In planning the future of the company, one of our key priorities continues to be that our valued customers get the best possible outcome. We believe that our solvent wind-down proposal, including the proposed sale of assets to Railsbank, will achieve that key priority. Our hope is that our programme managers will support our proposal and we can move forward in a positive way for all parties. I would like to thank our customers for their ongoing support as well as Mastercard and Visa for their help in making this transition as seamless as possible.
