Payrnet, has just had its Electronic Money licence revoked

[Forester]

Kasper said:
in the case of license revocation Payrnet must go through bankruptcy
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Yes, in this case it is very expectable. But, fortunately, it is not linked in any way with the accessibility of clients' cash. These money are safeguarded at ring-fenced accounts with Central Bank of Lithuania, which is a relevant regulator, too; and it is on the sole discretion of Central Bank of Lithuania, when the money will be accessible ”“ with no formal correlation with the bankruptcy process. Creditors of Payrnet and/or Railsr cannot touch these funds in any way.
Having said that, I think that Central Bank of Lithuania has no deadline for unfreezing the money ”“ but I am not well informed re: this.

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[Kasper]

Forester said:
But, fortunately, it is not linked in any way with the accessibility of clients' cash.
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Found info on the official Central Bank of Lithuania website:

In addition, the Bank of Lithuania restricted the right of UAB PAYRNET to dispose of the funds allocated to its activities with certain reservations. According to the information provided to the Bank of Lithuania, the institution is aware of the amount of its current liabilities to clients, and its client funds are safeguarded in separate dedicated accounts. These funds will not be restricted, therefore clients who hold funds in the accounts of this institution must apply for their refund directly to UAB PAYRNET. The institution must inform clients about the applicable settlement procedure with clients no later than within 5 working days. The funds must be returned to the account specified by a client opened with a credit or other electronic money or payment institution.

 

[meze99]

Advcash EU cards stopped working on June 27, looks like their card supplier used Payrnet.

 

[KDX]

@fintechexpert Hey man, where did you get your list from?

I'm thinking maybe it could be useful to make a system for checking the reliability of EMIs and checking their exposure to what/who, especially to avoid situations like these

 

[fintechwizard]

KDX said:
@fintechexpert Hey man, where did you get your list from?

I'm thinking maybe it could be useful to make a system for checking the reliability of EMIs and checking their exposure to what/who, especially to avoid situations like these
Click to expand...

On the official register of the licence (FCA for the UK, Lithuanian Central Bank for Lithuania)

 

[newNomad]

Guys I am getting some news that bitsafe (yoursafe) cards have gone bust
at least those issued some years ago and thus under PAYRNET UK.
Seems also PAYRNET UK has been suspended, confirmed? Thanks

 

[SirGRA]

Hello, fellow forum members,

I hope this message finds you well. I am writing to share my current predicament and seek advice from anyone who might have faced a similar situation.
Recently, due to the bankruptcy and subsequent license issues of UAB Payrnet EMI, I found myself in a challenging position trying to recover funds held by the company belonging to my business.

I have initially attempted to contact Payrnet through the provided channels on their website (https://www.payrnet.lt), but regrettably, I have not received any response so far.
Additionally, I escalated the matter by involving the Central Bank of Lithuania in my communication with them. However, their response provided little to no assistance, merely suggesting that I pursue legal action to recover my funds. (My trust in Lithuanian financial institutions is at a record low)

To further complicate matters, Wamo, which was their agent, although helpful, communicative and friendly, is not having success in resolving this issue.

In light of these challenges, I am reaching out to the community here for advice and insights.
Has anyone else found themselves in a similar situation or is facing the same issue?
If so, I would greatly appreciate any advice or recommendations you could share based on your experiences.

While I understand that legal action might eventually be necessary, I hope to explore other avenues before taking that step.
Your valuable input could potentially shed light on alternative strategies or resources that I might not be aware of.

Thank you in advance for your time and assistance.

Best regards,

 

[EliasIT]

Whish you all the best to find someone that is able to help you with your situation which is very bad.

How much money do you have on the table here?

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[SirGRA]

Thank you @EliasIT for your supportive words.
As a rule of thumb when dealing with EMIs we never keep high balances, although is not pocket money either, it's around 50k.

 

[linucs]

SirGRA said:
Hello, fellow forum members,

I hope this message finds you well. I am writing to share my current predicament and seek advice from anyone who might have faced a similar situation.
Recently, due to the bankruptcy and subsequent license issues of UAB Payrnet EMI, I found myself in a challenging position trying to recover funds held by the company belonging to my business.

I have initially attempted to contact Payrnet through the provided channels on their website (https://www.payrnet.lt), but regrettably, I have not received any response so far.
Additionally, I escalated the matter by involving the Central Bank of Lithuania in my communication with them. However, their response provided little to no assistance, merely suggesting that I pursue legal action to recover my funds. (My trust in Lithuanian financial institutions is at a record low)

To further complicate matters, Wamo, which was their agent, although helpful, communicative and friendly, is not having success in resolving this issue.

In light of these challenges, I am reaching out to the community here for advice and insights.
Has anyone else found themselves in a similar situation or is facing the same issue?
If so, I would greatly appreciate any advice or recommendations you could share based on your experiences.

While I understand that legal action might eventually be necessary, I hope to explore other avenues before taking that step.
Your valuable input could potentially shed light on alternative strategies or resources that I might not be aware of.

Thank you in advance for your time and assistance.

Best regards,
Click to expand...

Hello,
I'm actually in the same exact situation with Wamo and Payrnet.
I went yesterday at Wamo's office in St. Julian, since I needed an explanation on why I should refer to Payrnet, while T&C stated clearly that the agreement was between Wamo and my companies, being Payrnet the provider of the service.
They told me that I implicitly agreed to Payrnet T6C, but did not explicitly show where is states that, in case of disputies, I had to refer to Payrnet and not Wamo.

I'm actually thinking that Wamo themselves could have also been one of the companies that did not comply with regulations; should it be true, Payrnet would have surely sued back Wamo, blocking Wamo's owned funds on purpose. In such a situation, Wamo would not be willing to act proactively to recover its customers' funds.

I'm saying this because when I asked Wamo to give me any evidence of the efforts they're making to recover my funds, the answer was "We cannot comment at this time".
I found it also very suspicious, in such a situation, that Wamo also shared with customers the letter received from their lithuanian lawyer yesterday, offering support to apply in court.
Wamo is claiming to be on the same side of their customers, and played the role of the "good guy", but:
- Was not transparent at all
- Did not safeguard its customers, switching to anoither partner bank on time (as they did with the previous Estonian partner bank)

What verifiable proofs do we, as customers, have that Wamo is playing fairly in all this mess?
I personally also found them friendly, but there also have to facts supporting their claims.

That said, I'm seeking for a maltese lawyer, and started a Google Group where to share ideas on how to address this situation: UAB Payrnet - Release of customer funds - Google Groups

Let's keep in contact and join forces.

Best,
Lino

Attachments​

• 
  Terms and Conditions - Europe (Wamo) CA.pdf
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[SirGRA]

Dear @linucs,

Thank you for your reply.
Indeed Wamo could have warned us since the Payrnet mess started in February 2023.
I've joined the Google group to brainstorm and organize ourselves.

Best regards

 

[Forester]

@SirGRA, @linucs, my sympathies are with you. Good luck!

And just my 2 cents: IIRC, once upon a time there was a discussion about engaging a competent lawyer in Lithuania here; and someone, I think that perhaps @JohnnyDoe, mentioned that he had had a good experience with somebody. @JohnnyDoe, am I correct or is it just a product of my bad memory? 🙂

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[JohnnyDoe]

Forester said:
@SirGRA, @linucs, my sympathies are with you. Good luck!

And just my 2 cents: IIRC, once upon a time there was a discussion about engaging a competent lawyer in Lithuania here; and someone, I think that perhaps @JohnnyDoe, mentioned that he had had a good experience with somebody. @JohnnyDoe, am I correct or is it just a product of my bad memory? 🙂
Click to expand...

Correct! Very nice guy, former prosecutor, he knows his stuff.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[SirGRA]

Hello everyone,

I wanted to take a moment to express my sincere gratitude for the overwhelming support and the kind words that I've received from all of you. This community truly showcases the power of empathy and solidarity.
Through careful perseverance and invaluable assistance from Wamo, I am thrilled to share that my situation has been successfully resolved. I am delighted to announce that I have received a full refund, bringing this ordeal to a positive conclusion.

Your unwavering support and the collaborative spirit of this forum have been instrumental in helping me navigate through this challenge. It's heartwarming to be part of such an exceptional group of individuals who genuinely care and stand by each other.
Once again, thank you from the bottom of my heart.

With heartfelt appreciation.

 

[Forester]

SirGRA said:
Hello everyone,

I wanted to take a moment to express my sincere gratitude for the overwhelming support and the kind words that I've received from all of you. This community truly showcases the power of empathy and solidarity.
Through careful perseverance and invaluable assistance from Wamo, I am thrilled to share that my situation has been successfully resolved. I am delighted to announce that I have received a full refund, bringing this ordeal to a positive conclusion.

Your unwavering support and the collaborative spirit of this forum have been instrumental in helping me navigate through this challenge. It's heartwarming to be part of such an exceptional group of individuals who genuinely care and stand by each other.
Once again, thank you from the bottom of my heart.

With heartfelt appreciation.
Click to expand...

Really nice to read all of this, @SirGRA. Thanks for sharing.
Hopefully all Wamo customers will reach the same result.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...