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 the UK-head quartered global Banking-as-a-Service platform, Railsbank. Railsbank has proven production experience of running over 50 card programmes in the UK, EU, US and Singapore and has all the supporting operational and license infrastructure
A meeting today with Wirecard Card Solutions’ programme managers will 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.
Tom Jennings, Managing Director, Wirecard Card Solutions said: “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.”
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.