Tuesday 16th March, 2021
In 2020 Railsbank signed an agreement with Wirecard Card Solutions Limited (WDCS) to acquire its client relationships, card technology and certain employees.
Some end users of WDCS programmes that were not transferred to Railsbank’s subsidiary PayrNet Ltd as part of the agreement, have requested payment for outstanding balances. As these funds were not transferred to PayrNet Ltd, the obligation to refund these balances remains with Wirecard.
It is the policy of Railsbank's regulated subsidiary, PayrNet Ltd, to return all dormant balances from discontinued programs transferred from WDCS to end-users as soon as possible. If you are part of these transferred relationships any return will be dependent on the supply of new account details (to transfer funds to), and the absence of any regulatory constraints to prevent this from happening.
However, PayrNet will work with Wirecard to help facilitate a resolution to this matter and will provide whatever help it can. PayrNet Ltd has kept the Financial Conduct Authority (FCA) apprised of the situation.
For more information please contact: support@railsbank.com.