MONTREALIn response to Thursday’s news that Wirecard AG has filed for insolvency in a Munich court, payment processing firm Paxum Inc. has announced some minor changes to its services. Paxum’s announcement follows: As a regulated financial entity, Paxum holds accounts with numerous banks and financial institutions worldwide. This diversity enables Paxum to switch EUR funding instructions to an alternative bank to process clients’ incoming and outgoing EUR payments. Paxum EUR funding instruction is being actively updated at the time of writing, and any client that needs assistance should contact Paxum directly for more information. It is important to note that USD funding is not affected and remains fully available for Paxum clients. Part of our strategy is to always have backups in place so we can weather any potential financial storm, said Paxum CEO Octav Moise. If any business client is having a hard time with the new EUR wire information, please reach out to me directly via email for assistance. The Paxum SEPA Mastercard issued by Wirecard Card Solutions in the UK is currently operating normally without any interruptions. Wirecard Card Solutions Limited is a separate entity from Wirecard Bank AG and settlements do not go through Wirecard Germany but through a bank in the United Kingdom. In the unlikely event that Mastercard revokes Wirecard Card Solutions’ license, or if Wirecard Card Solutions goes out of business, all clients will have reasonable time to empty their card balance, plus a Paxum Unionpay card would be issued free of charge, with activation fees waived in order not to cause any inconvenience to Paxum account holders. We continue to operate business as usual, and we sincerely value and appreciate the support we’ve received from our many global business partners and clients. Paxum is an industry leader, and has been successfully offering a secure instant payment platform since 2007 to hundreds of thousands of clients that actively use its service. The award-winning payment company provides a cost-effective, user-friendly interface fortified with stringent security measures and multiple ways for clients to access their account funds, including an optional prepaid credit card. Paxum account users can easily send and receive money instantly all over the world.
written by: Allen Smithberg