Wirecard Card Solutions has announced 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.
At a meeting scheduled for August 28, 2020, 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.
Wirecard Card Solutions is a wholly owned subsidiary of Wirecard Acquiring & Issuing and part of the Wirecard group. The parent company will continue to hold ownership of Wirecard Card Solution’s shares.
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