After Wirecard’s insolvency, there is great uncertainty among International customers such as Payoneer. To what extent the money is protected and what threatens the supervisory authorities – here is an overview
What happens to the Wirecard Bank?
Wirecard Bank, with which many private individuals are customers, is a subsidiary of Wirecard AG, which has filed for bankruptcy. The bank is to be protected from being dragged into the bankruptcy of the parent company.
“Wirecard Bank AG is not part of Wirecard AG’s insolvency proceedings,” said the payment service provider. The financial regulator BaFin has appointed a special representative for the bank who monitors the cash flows and the Wirecard board no longer has anything to say there.
However, the bank is closely intertwined with the insolvent parent company – for example in sales and marketing of Prepaid cards. It may therefore be difficult to keep the bank out of bankruptcy as a large number of funds are held in Euro by Fintech and Payment providers such as Payoneer, Curve and as well Crypto.com’s MCO stablecoin.
Clients of Payoneer might have a good chance of recovering their funds if payments have been send to the IBAN accounts at Wirecard Bank and as well Barclays Bank in the United Kingdom as the deposits are protected.
Wirecard Bank has a full banking license and can offer all financial services. According to the 2018 annual report, savings deposits of EUR 1.4 billion were in Wirecard Bank at the end of 2018.
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