Paynetics UK has agreed to acquire certain assets of Wirecard UK & Ireland.

The UK division of the Bulgarian e-money institution will provide its new customers with "a seamless transition" and strategic product roadmap for the future development of these programmes, which had faced the prospect of termination.

Corporate customers which previously relied on Wirecard for card issuing and payment services will now adopt Paynetics for the continuation of their existing card programmes.

Paynetics will power a range of programmes, including employee benefits, sales incentives, corporate expenses and social welfare for these organisations. The company has begun engaging with and novating its new customers in order to manage their transition.

Wirecard acquired the corporate card portfolio from Citi three years ago, but has been forced to sell off parts of its business after the recent accounting scandal pushed the group into administration.

Alongside the deal, Paynetics has boosted its UK market strategy with the appointment of Mike Peplow as chief executive in this country. Formerly chief operating officer at Omnio Group and president of BancTec EMEA, he brings over 20 years’ experience within the banking and payments industries.

Peplow commented: “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.

"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.”

Laura McCracken, executive vice president of Wirecard Global Sales and chairman of Wirecard UK & Ireland, stated: “When faced with the difficult decision of sun-setting Wirecard’s corporate payout card business, Paynetics showed up as the white knight."

Neil McKenna, vice president of global strategic partnerships and business development at Wirecard, added: “We have been very pleased by the positive reaction from our corporate clients in the face of this unique situation - Paynetics will no doubt bring fresh life to this valuable portfolio and we are confident this deal will result in a win-win-win for all involved.”

Share Story: