Curve and Wirecard

DPA reported that Wirecard is still investigating how subsidiary’s are affected and if it is necessary to declare Insolvency there too. We will see…

This is nothing special. Basically you tell Mastercard to which Processor (internally to which Server) the Transaction request should be send to be approved or declined based on the IIN.

And apparently our sentiment was proven today correct, @city_tom.

Hopefully the switch will be seamless away from Wirecard and it will be ASAP. At least I assume the next maintenance outage is due to that change.

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Rash reactions? Well, we’re just being realistic.

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Rbs defrauded businesses Halifax Reading branch was a major fraud and Tesco cooked the books but people still use them I wouldn’t write off things just yet

Two examples there I wouldn’t argue (though I think your first is contentious / libellous based on recent court findings).

The hole wirecard has dug itself is entirely because of the way it has gone after anyone who has dared challenge them. EY took their side. BaFin took their side. May they suffer the consequence.

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Curve made a big announcement over email in April that they would be switching away from Wirecard on June 28th.

All users like I have done is said given wirecard will probably go to the wall before then, it would be worth getting an update on that transition over email. In response you had said they weren’t using wirecard (not the case), and others have said wirecard was still a massive institution and would survive.

Dismissing the points we have made is one thing, turning round and accusing us of glee when it comes to fruition is another.

And for the record the UK company will not survive. The parent company is insolvent (edit: multiple times over even before the lawsuits come in). The CEO halved his shareholding just before EY’s announcement, and the COO has fled to China via the Philippines. Nothing is right about it.

@curve_marie has already implied the transition will still take weeks - meaning the June 28th deadline is implicitly in doubt. At that stage, sending an email update to the customers is warranted. Rather than letting their more loyal customers and investors dismiss customer challenges on their behalf.

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I await what happens with the change over is it a case of curve cards issued by wirecard are only dealt with by curve and MasterCard and not wire card going forward

The bankruptcy proceedings only refer to “Wirecard AG”.
The German Federal Financial Supervisory Authority would like to protect “Wirecard Bank AG” which is owned by “Wirecard AG”.

AG and GmbH are only liable with company assets.

GBMH owns 100% of the UK entity - it is an asset.

Won’t say anymore as seem to be offending the flaggers on the community…

There is also Wirecard Global Sales GmbH and Technologies GmbH, right now they haven’t filed for insolvency yet but most likely only a matter of time. The bank looks like will survive, BaFin has put a supervisor in charge that made sure no payments from the bank went to suspicious recipients.

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Appreciate the well reasoned response @YetAnotherMagnate - I might have been a little spirited in one point after repeated dismissal though the flagging seems to extend to anything that might be critical of wirecard.

I haven’t invested in Curve and don’t have to use the card so can happily avoid it in the lack of any clarity.

Community Forums will always attract fans, I’m by no means a detractor - the situation might be fluid but this ‘everything will probably be okay’ attitude is only going to end one way in this instance.

The idea that because Wirecard have rapidly liquidated the parent entity that carries the debt obligations, it’s wholly owned subsidiaries are safe, is madness. Wirecard are still mid-legal-action against the FT - doesn’t mean that lawsuit will continue.

As you say @YetAnotherMagnate, a competitor may buy elements of the technology, but given it’s unclear whether Wirecard have ever operated profitably / honestly, I can’t see that happening.

I also doubt Visa and Mastercard will want to continue with cards in circulation carrying their logo and the Wirecard name.

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Wirecard: Updates