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When will Payoneer customers access their accounts?

Photo: Payoneer Blog

The situation with Wirecard has shocked the fintech community around the world. But it turned out that the company’s bankruptcy is not the end. Last week, it became known that money on Payoneer cards was frozen due to the fact that the British Regulatory Financial Conduct Authority (FCA) suspended the activities of Wirecard Card Solutions due to the situation with Wirecard. And subsequently issued cards and invoices to Payoneer customers. Read what is known today on this situation.

Financial Conduct Authority Status

Tomorrow, June 29, FCA Officially He agreed to define Wirecard’s activities, that is, the issuance of electronic funds and providing payment services. The ban was lifted today at 00:01 on 30 June 2020. Thus, customers will be able to use their cards and accounts as before. At the same time, the regulator continues to monitor the situation with parent company Wirecard AG.

Financial Conduct Authority

What if you still have difficulty accessing your account? In this case, the Financial Conduct Authority advises you to contact the card provider directly, and you can also call the FCA Consumer Support Hotline for more information.

Will the restrictions apply?

According to the FCA, the requirements for wirecards, where the company stores customers’ funds, as well as restrictions on the transfer of its assets, are in force. This should not worry the users.

What do they say on payoneer

The company sent a letter to all customers stating that it would not wait for the FCA’s decision and even in case of shortage of funds, it intends to return 100% of the funds to its customers.

Payoneer published an update after news from the British regulator Press release online. According to him, since the FCA lifted the card freeze, users would be able to use the money in the next 24 hours. As stated in Payoneer, this delay is due to the fact that the company is working with Wirecard and MasterCard to remove technical restrictions. Users will be able to withdraw funds from the card from ATMs and spend them online.

And from 6 July, users will again be able to withdraw funds to local banks, as well as use the functions of Make a Payment and management currencies. By this date, Payoneer will cancel the fee to withdraw money through ATMs.

All future payments will be transferred to the current payee balance, not the card. Payoneer will also soon provide users with a new issuer of bank cards.

What happened to wirecard

Recall that during the audit in June of this year, the audit company EY announced a loss of 1.9 billion euros from the accounts of renowned payment services provider Wirecard. During the investigation, the prosecutor’s office said the amount was not initially present and was indicated in statements to make investors and clients look more attractive. Later, former Wirecard CEO Marcus Brown was detained in Munich on suspicion of reporting the company and manipulating the market.

And on June 25, Wirecard sued to declare the company insolvent. All company accounts were frozen. The next day, the British regulator Financial Conduct Authority also freezed the activities of Wirecard AG – the British subsidiary of Wirecard Card Solutions. Later issued cards, including the famous payment system Payoneer. For several days, Payoneer customers could not access the funds in their accounts.

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