Here is some more information regarding WireCard
I signed up to see if they might be usable for my payment processing, glad I went with Stripe instead.
Important Communication from Wirecard Dear Customer
You will have seen the recent press regarding Wirecard AG filing for administration in Germany. In light of this we wanted to update you urgently with respect to the current situation regarding Wirecard Card Solutions Limited (WDCS) in the UK.
The FCA has, today, imposed restrictions on WDCS's licence. Those restrictions can be found on the FCA Register, but we have included them at the end of this communication for you to see. Please be aware that some of these suspensions also apply to our agents and distributors. For the avoidance of doubt and for the time being, you must not accept money in relation to creating e-money under WDCS’ permissions
The impact of these requirements is that WDCS has temporarily suspended its electronic money issuing, card issuing and acquiring business with immediate effect and until further notice. In practical terms what this means for card programmes is that customers will not be able to use their cards and accounts while the suspension continues and, specifically, it will not be possible for customers to load funds, redeem funds, make card transactions or make any other account-based transactions. The practical impact for the merchant acquiring business, is that there will be no authorisation or processing of transactions and no payouts to merchants while the suspension is in place.
WDCS appreciates this will have an impact on you and your customers. WDCS is working hard to have the steps in place which will enable the suspension to be lifted so business can resume as usual.
We will provide further updates to you as soon as we can. Please note, we will also be updating our website so further developments can also be found there.
1) Wirecard must not, without the written consent of the Authority, issue any electronic money or accept any funds in consideration for the issue of electronic money;
2) Any monies received by Wirecard in contravention of requirement 1) must be immediately returned to the customer.
3) Wirecard must not, without the written consent of the Authority or in order to comply with these requirements, carry out any payment services (as defined in regulation 2(1) of the Payment Services Regulations 2017);
4) By 12pm on 26 June 2020, Wirecard must display, in a prominent place on its website, a notice that it is no longer permitted to issue electronic money or to conduct any regulated payment services. The wording and format of this notice is to be approved by the Authority prior to its being placed on the website.
5) Wirecard must secure all books and records and preserve all information and systems relating to electronic money and regulated payment services, and must retain these in a form and at a location, within the United Kingdom, to be notified to the Authority in writing by 12pm on 29 June 2020, such that they can be provided to the Authority, or to a person named by the Authority, promptly on its request.
6) Wirecard must take all necessary steps to ensure that all Relevant Funds are appropriately safeguarded in designated accounts held at credit institutions authorised by the Prudential Regulation Authority in the United Kingdom.
7) By 12pm on 26 June 2020, Wirecard must provide the Authority with details of all safeguarding accounts in which Relevant Funds are held and evidence of the steps taken to comply with sub-paragraph 6) above. 😎 Wirecard must take all necessary steps to ensure that all other monies held in banks by it overseas are transferred to accounts held at credit institutions authorised by the Prudential Regulation Authority in the United Kingdom.
9) Wirecard must not, without the written consent of the Authority and save as is necessary to comply with these requirements, in any way dispose of, withdraw, transfer, deal with or diminish the value of any of its own assets, and any funds it holds for, or to the order of its clients (whether in the United Kingdom or elsewhere).