Tagged: payments

US Justice Department Said to be Investigating Wirecard in Alleged $100 Million Bank Fraud in Cahoots with Marijuana Firm

At a minimum, Wirecard AG (WDI:DE) has generated a good amount of fascinating, yet disappointing news, as the once high-profile Fintech plunged into bankruptcy. Today, according to WSJ.com, the US Department of Justice is investigating allegations of bank fraud surrounding a cannabis-focused company. While details… Read More

Wirecard Insolvency Administrator Says there are Over 100 Interested Parties for Core Business and Associated Companies

Last week it was announced that Dr. Michael Jaffé had been appointed to oversee the bankruptcy process of Wirecard AG (WDI:DE). The once prominent Fintech dove into ignominy following the revelation of €1.9 billion in missing funds. The financial scandal saw the CEO, Markus Braun,… Read More

InstaReM Launches “BizPay” Solution for SMEs in Australia

InstaReM, a payments Fintech that is part of Nium, has launched BizPay in Australia. The service is designed to assist SMEs by converting credit cards into working capital. The announcement comes soon after the same product launched in Singapore in June. InstaReM believes that SMEs… Read More

Dubai based Wirecard Executive Arrested, More May Follow

Multiple reports indicate that Wirecard’s (WDI:DE) top person in Dubai has been arrested. According to Reuters, the Munich prosecutor “questioned the chief executive of Cardsystems Middle East FZ-LLC earlier in the day and arrested him on the basis of a warrant.” The unnamed executive reportedly… Read More

Alternative Banking, Payments, & Processing Provider Contis Launches “Quick Migration” to Support Wirecard Customers

Contis Group, an alternative banking, payments, and processing provider, announced on Friday it has launched “quick migration” in order to support Wirecard customers. The launch of the quick migration processing comes less than a month after Wirecard filed for bankruptcy last week following the announcement… Read More

Jan Marsalek, Wirecard Former COO, May Have Not Gone to Philippines, Still on the Lam

Jan Marsalek, the former COO of Wirecard AG (WDI:DE) who was fired from his job when €1.9 billion went missing, may have never traveled to the Philippines in late June as records he entered the country were apparently faked, according to a report by Reuters. Marsalek pulled… Read More

Singapore Investigates Two Firms for Falsification of Accounts in Regards to Wirecard Fraud

Wirecard AG (WDI:DE), once a prominent payments Fintech and now a financial debacle due to allegations of massive fraud, continues to try and find a way to survive. Meanwhile, shares in the firm have tanked dropping from over €100/share to now around €3/share as the… Read More

Crypto Industry Slams Wirecard and Misplaced Funds: “You don’t get what you expect. You get what you inspect.” 

Wirecard AG (WPI:DE)  has emerged as one of the most embarrassing financial debacles in years in Germany. The implosion of the Fintech has demolished the reputation of the former CEO Markus Braun who was subsequently arrested following the revelation of €1.9 billion in missing funds…. Read More

7-Eleven Is Piloting Voice Commands For Payments at the Pump

Global retail chain 7-Eleven recently announced it is piloting its Fuel Loyalty program, which is designed to provide contactless payment options to reduce touch and drive instantaneous savings at the pump. According to 7-Eleven, the voice command pilot is taking place in 7-Eleven locations in… Read More

Currencycloud Teams Up With Ripple to Process Cross-Border Payments on RippleNet

  Cross-border payment platform Currencycloud announced on Thursday it has formed a partnership Ripple, an enterprise blockchain solution for global payments. CurrencyCloud reported that RippleNet, Ripple’s global financial payments network, makes it easy for its network of financial institutions worldwide to enable faster, lower-cost payments… Read More

German Financial Reporting Enforcement Panel Defends Actions in Wirecard Collapse

The German Financial Reporting Enforcement Panel or Deutsche Prüfstelle für Rechnungslegung (DPR) has issued a statement defending its actions in the ongoing Wirecard (WPI:DE) scandal. It was recently reported that the German government had terminated its contract with the DRP, private entity contracted by the… Read More

Royal Bank of Scotland Announces New Payment Service Tyl

The Royal Bank of Scotland has announced a new payment platform “Tyl.” The system is said to make it easier for small businesses to receive payments and manage cash flow. RBS says this new payment platform should aid small businesses during a challenging time due… Read More

Monetary Authority of Singapore Says Wirecard Customer Funds Parked in Singapore Banks

The Monetary Authority of Singapore (MAS), the top financial regulator in Singapore, has issued a statement indicating Wirecard AG (WDI:DE) customer funds have been parked in Singapore banks thus segregating the funds from the Wirecard implosion. Wirecard is not currently licensed by MAS as there is… Read More

i2c Announces Migration Package to Assist Wirecard Client Transition

Online banking and payments company i2c announced on Tuesday it is now assisting clients of Wirecard or any other insolvent bank. As previously reported, Wirecard filed for bankruptcy last week following the announcement the German fintech had misplaced €1.9 billion. The aftershocks of the announcement… Read More

Who Benefits from Wirecard’s Collapse? Short Sellers and Hedgies that Bet Against the Firm

Investors who bet against Wirecard AG (WDI:DE) are poised to collect on their bets. Wirecard filed for bankruptcy last week following the announcement the Fintech had misplaced €1.9 billion. The aftershocks of the announcement saw the CEO resign and then arrested. The former COO is on… Read More

Canadian Payments Platform VoPay Teams Up With Inverite to Expand Open Banking Payments Coverage

VoPay, a Canada-based payments platform, announced on Monday it has formed a partnership with real-time bank certification service Inverite to deliver its open banking payment solution to more than 285 Canadian financial institutions. VoPay reported that through the partnership, businesses may now offer more consumers… Read More

Calgary based Fintech Helcim Introduces Comprehensive Payments Platform to Help SMEs Process Digital Transactions

Calgary-based Fintech firm Helcim has developed and introduced a comprehensive platform to help companies accept payments and conduct business online. Helcim claims that there has been a significant increase in sales. The Canadian Fintech also noted that it will waive monthly fees for using the… Read More

Collateral Damage: German Government Terminates Relationship with the Financial Reporting Enforcement Panel

The German government has terminated a relationship with the Financial Reporting Enforcement Panel or “Deutsche Prüfstelle für Rechnungslegung” (DPR) in the wake of the fallout of the Wirecard (WDI:DE) scandal, according to a report in the Suddeutsche Zeitung. The DPR is an entity that has… Read More

How Low Can it Go? Shares in Wirecard Hover Around €1, Board States Business Activities Will Continue

  The Wirecard AG (WDI:DE) saga has gone from bad to worse as allegations of profound fraud cratered the company when its auditor, EY, uncovered a misplaced €1.9 billion in funds. Since the clear operational failure, the former CEO, Markus Braun, has been arrested and… Read More

Wirecard Bankrupt – Once High Flying Fintech Files for Insolvency Over Missing €1.9 Billion

Wirecard (WDI.DE) has filed for insolvency following a report €1.9 Billion had gone missing. Shares in Wirecard collapsed on the news trading at around €2.50 a share. It was only last week that shares in Wirecard traded at over €100 a share. Wirecard joined the… Read More

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