Paynetics Agrees To Acquire Some Wirecard UK, Ireland Assets
Bulgaria's Paynetics said it has agreed to acquire “some of” the England and Ireland assets of disgraced Wirecard, according to an announcement on its website.
“The deal will see Paynetics work with corporate customers,
who have previously relied on Wirecard for card issuing and payment services,
to adopt Paynetics for the continuation of their existing card programs,” the
announcement states.
Terms were not disclosed in the announcement.
The announcement further states: “As part of the
acquisition, Paynetics will provide its new customers with a fast, secure and
seamless transition, together with a strategic product roadmap for the future
development of these programs, which until now faced the prospect of
termination.”
“Paynetics is a regulated e-money institution, licensed
across the European Union and a principal member of Mastercard, Visa, SWIFT,
and SEPA,” the FinTech states in the announcement.
The company says it provides “next-generation payment
technology solutions with an all-encompassing technology stack under one roof,
including issuing, acquiring, state-of-the-art payment services, IBANs, money
transfers, eWallets, mobile payments and software POS.”
Paynetics also said it has appointed Mike Peplow chief
executive of its U.K. business. He previously was chief operating officer at
Omnio Group and President of BancTec EMEA, according to Paynetics.
“Through this acquisition, we’ve not only proven our
technological competence and the industry’s confidence in our proposition, but
also that our products and services are fit for purpose for large, corporate
organizations,” Peplow said in a prepared statement. “We’re operating within
the most sophisticated financial services market in the world, and we’re proud
to bring something different to the table.”
“We’re a young, innovative company who can keep up with the
high standards that our industry demands, but we also care deeply about our
customers and will work with each of them on an individual basis to ensure that
they are getting the best solution for their business,” he added.
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