The deal will see Paynetics work with corporate customers, who have previously relied on Wirecard infrastructure and technology for card issuing and payment services, to adopt Paynetics for the continuation of their existing card programmes, which otherwised faced termination, according to finextra.com.
The sale gives Paynetics a bigger foothold in the UK and European markets. To oversee the business, the company has appointed the former chief operating officer of Omnio and president of BanTech Emea, Mike Peplow as UK CEO.
Says Peplow: “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 organisations.”
Wirecard originally acquired the corporate card portfolio from Citi three years ago.
Laura McCracken, EVP, Wirecard global sales and chairman, Wirecard UK & Ireland, says: “When faced with the difficult decision of sun-setting Wirecard’s corporate payout card business, Paynetics showed up as the white knight. Their speed and agility enabled us to preserve numerous programs for our corporate clients and ensure minimal disruption to thousands of end users.”
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”