Payrnet, has just had its Electronic Money licence revoked

[kriyazen]

This will effect 50+ EMI who used Payrnet as their provider. e. g, Wamo. At the moment funds are safeguarded in properly designated accounts at the Bank of Lithuania.

The Bank of Lithuania website has published more information about this decision here:



https://www.lb.lt/en/news/licence-of-uab-payrnet-revoked-for-serious-violations-bankruptcy-proceedings-to-be-initiated

 

[deepspeculator]

Is there a list of other affected EMIs, except Wamo?

 

[JohnnyDoe]

Cryptopay is one of the EMIs affected

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[fintechwizard]

See below, i extracted the list of AGENTS from the licence register :
Full list‌ of agents using PayrNet licence in Lithuania :

BigeDirect S.A., BPS CYP LIMITED,Clear Currency Europe‍ Limited,CPS Solutions OÜ,Digital Fiat OU,DLTify UAB,Easy Pay Educa Limited,Ela Expeditions IE Limited,ELYPS SA,Fintech Operations OÜ,FirePay⁠ Merchant Services,Foris MT Limited,IFX Payments Europe sp. z o.o.,LinkCy Payment Service Provider UAB,Luxon EU ApS,Metallicus⁤ UAB,MF TEL,Oktopay Connect LTD,Opt1mize Technologies Limited,ORO PAY LTD,Oval Money (Europe) Limited,Paygoo AS,PaygooAB,Paymium Financial Services France,PAYSME⁣ EUROPE LIMITED,Paywho, UAB,Penrose Digital Ltd,PL Gutscheinsysteme GmbH,Plum Fintech CY Limited,Q-Express Online Oy,Rational Foreign Exchange EU,⁢ UAB,Regent EU UAB,Revuto OÜ,RG Financial Ltd,Simpled Card Exploitatie B.V.,SimpledCard GmbH,Sync.Money Lithuania, UAB,To,Streamflow EAD,Sureswipe E.M.I. Plc,The︀ Gift Card Company Ltd.,Trustshare UAB,UAB 'Creditco',UAB 'deVere E-Money',UAB Juni Technology,UAB MIR Lithuania,UAB Wirex,UAB Zeply LT,Wamo︁ Solutions Limited,wyer B.V.,Woli Services Ltd

Full list of agents using PayrNet licence in UK :︂
A&B General (UK) Ltd,Acquired Limited,BeAccount Ltd,Blockthree Payments Limited,Chipper Technologies (UK) Limited,Cledara Limited,EGALITI LTD,ELA EXPEDITIONS UK︃ LTD,Elyps S.A,FAST PAYE LTD,Finadvant Limited,Flutterwave UK limited,FTFT UK LTD,Gosolo Financial Limited,HI55 Ventures Limited,Incendia Card Solutions︄ Limited,KIXY LTD,MASLIFE LTD,MYTALU LTD,NASH EXCHANGE LTD,Neat Global Limited,Niyah Ltd,Novus World LTD,Nufin GMBH,OKTOPAY UK LIMITED,Opt1mize Technologies︅ Limited,PAYAABLE LTD,Paycaptain Payroll Solutions Limited,Payhawk Financial Services Ltd,Payrow Payment Systems Limited,Payscanner Ltd,Paytriot Ltd,Penrose Digital Limited,Plum︆ Fintech Limited,Pockit Limited,Rational Foreign Exchange Limited,Regent Foreign Exchange Limited,Rewire EU B.V.,ROOTSPACE AI LTD,Sonovate Ltd,Statrys UK︇ Limited,Streamflow EEOOD,Tallymoney Ltd,Trustshare Limited,Wagestream Ltd,Wamo.Io Ltd,XCEL INC Limited,ZAZUU HQ LTD,ZEN DIGITAL PAYMENTS LTD

Real question︈ is : how long before FCA takes the same decision for their UK license !︉

 

[Wellington]

Never heard of any of these listed companies.

 

[deepspeculator]

Thanks for the list, fortunately I'm safe, as no of my EMIs is there. I‌ had account in Wamo (since the time when I applied to multiple EMIs when forming‍ some company), but kept it nearly empty, as they seemed shady (nearly zero KYC, lacking⁠ features [e.g. did not provide dedicated details to accept swift, only their common account for⁤ many wamo users] and general problems with uptime).
BTW:
This is the message that Wamo⁣ sent around an hour ago:

 

[Forester]

Thanks for sharing.
Really helpful, thanks for︌ sharing.
Well, sometimes they are perhaps known under their trading name, as CPS Solutions OÜ aka Cryptopay.︍

FMPOV, especially at the FCA list I see some notable members:
Gosolo Financial Limited
Neat Global Limited
Statrys UK Limited (!)
(+ Wamo)
Fortunately, ZEN DIGITAL PAYMENTS LTD has nothing︎ common with ZEN.COM (ZEN.COM possess the own licence in LT as well as in the️ UK).

From what I see,⁢ guys from Wamo act accordingly; respect.

And last but not least, this https://www.lb.lt/en/news/licence-o...ations-bankruptcy-proceedings-to-be-initiated is really︀ an interesting reading. Recommendable 😉 .
(Hint: Payrnet UAB is a wholly owned subsidiary of Railsr,︁ formerly Railsbank. And for Railsr – e.g. here African payments giant Flutterwave vies to buy︂ British fintech Railsr and here Railsr, the UK embedded fintech once valued at nearly $1B,︃ goes into bankruptcy protection under new consortium owner.)

 

[Martin Everson]

Yikes....whats a mess.

 

[NicolasMaduro]

Neat is a part of Rapyd now, so I guess former Neat customers wont be‌ affected

I dont know about Statrys? Will it only be some balances that is affected‍ like Eur?

 

[Martin Everson]

Good question. Seems ok for now nai¤%

https://register.fca.org.uk/s/firm?id=001b000003JiNqpAAF
But accounts are overdue according to companies house.

https://find-and-update.company-information.service.gov.uk/company/09883437

 

[Sols]

A lot of Payrnet agents have already moved on to other providers. The damage from‌ this is severe but don't take the list of Payrnet agents as a list of‍ companies no longer operational. Check their websites and you'll see several don't say they are⁠ agents of Payrnet anymore but of someone else instead.

 

[Martin Everson]

This update relates to our planned change from Payrnet (current EEA card issuer) to Transact‌ Payments Malta Limited (new EEA card issuer)​ Hi Wirexer, As we communicated previously, Wirex is‍ planning improvements to our debit card functionality including Apple Pay and Google Pay. As part⁠ of these improvements we have already begun the process changing the current card partner. Recently our current card partner has experienced problems and this is causing an interruption in the⁤ debit card service for EEA customers. All other services of Wirex are unaffected. As a⁣ result of UAB Payrnet removing its service: only your debit cards may not function for⁢ a period of time – no other Wirex services are impacted. What do I need︀ to do? Nothing right now, but we are notifying you in case there may be︁ issues when you try and use your card. We are aware of the issues and︂ are working hard to resolve them. The issues are caused by UAB Payrnet, as our︃ card partner, and are not due to any problems within Wirex. Will I be able︄ to access my funds? Yes. This has no impact on your ability to access your︅ funds through any other Wirex means, such as or our IBAN service, or via transfer︆ and purchase of cryptocurrencies on the Wirex app. Your funds are not affected, and they︇ are not at risk by these issues. The issues are caused by our card partner︈ and are not due to any problems within Wirex. Is the change to new debit︉ card partner affected? No, this does not change our plan to move to Transact Payments︊ Malta Limited as our new partner, and unlocking new features for our card service. However,︋ we are speeding up our plans and are moving to this new card partner as︌ fast as possible to return and enhance your debit card functionality. When will this be︍ fixed? We are working hard with the existing card partner and with Transact Payments Malta︎ Limited, as our new card partner, to get this fixed as soon as possible. We️ appreciate your patience while we do this and will update you again as soon as‌ it gets back to normal.

Thank you, The Wirex Team

 

[Forester]

Yes, probably.
Yes, may be. (I must admit I do⁣ not understand well how the transition from Neat service under Rapyd umbrella was performed; I⁢ have not checked it.)
Definitely it concerns some balances︁ only, thein main business is HK-licensed. Nevertheless, Statrys UK did not change the provider; I︂ checked it last week and they still claimed they were with Parnet.

 

[Martin Everson]

From what I understand of wirex situation only EU Card customers are affected.

------------------------

Investigating - Affected service: Card operations

Affected region: EEA

Description: We're currently experiencing degraded performance with‌ card processing in the European Economic Area (EEA). Card processing in the UK, APAC, and‍ USA are unaffected and operating normally. Our team is actively working to resolve this issue.⁠ Updates to follow. Thank you for your patience.
Jun 23, 2023 - 08:54 UTC
--------------------------------

 

[Simon4466]

The reasons for revoking the license seem rather extreme 😱 never would have expected a company‌ such as railsr to operate in such a manner.

Here are some quotes:

And possibly the most interesting:

How could such a company operate in this manner while︋ being one of the most used BAAS suppliers in the industry? It really blows my︌ mind.

 

[Forester]

Yes, I agree. It is communicated clearly even in the previous‍ message that you quoted. (To be exact, they speak about EEA, not about EU; but⁠ I understand what you – extremely probably – mean 😉 )

Well... The first answer that comes to my mind is:︁ “It happened in one of post-USSR countries. There always was everything possible and it has︂ not changed very much, regardless of 30 years. (So I really do not trust the︃ environment there very much and I am really careful when doing any business there.)”. Nevertheless,︄ however I consider the previous adequate, rememeber such cases like Enron or Lehman Brothers or︅ Boeing 737 Max or ...
Make your own conclusion.

BTW, Statrys seems to face some serious problem︊ now – maybe related and maybe not; see here Singapore and Hong Kong corporate incorporation︋ providers and further.

 

[expatasia]

WAMO`s GB EURO accounts don`t work from today......what a f...... mess.

 

[Forester]

Totally understandable. They were definitely handled by Payrnet. (Of course this is a huge‍ problem.)

 

[Kasper]

Wamo said they would transfer money to another bank. But as I know, in‍ the case of license revocation Payrnet must go through bankruptcy and their customers (in this⁠ case wamo) will not soon be able to transfer money to another bank or payment⁤ system. How soon will they transfer the funds and will we have access to them⁣ again?

 

[expatasia]

THEY WROTE THIS TODAY:

We are taking steps to migrate⁣ the transfer of your funds to a carefully selected partner (Modulr, a European Electronic Money⁢ Institution) as fast as possible, to minimise disruption to you and your customers. We will︀ provide a further update as soon as we get information about these steps.

BUT NO︁ TIMELINE....SO YOUR GUESS IS AS GOOD AS MINE.