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Payoneer update

Wirecard in the news: Update regarding your Payoneer EUR receiving account

Payoneer CommunityPayoneer Community
June 27, 2020

Editor’s Note: This post was updated on June 27th, 2020. 

You may have seen reports that Wirecard AG has filed for insolvency and are wondering what this means to you as a Payoneer customer using our EUR receiving account to get paid. One of our core values at Payoneer is transparency, which is why we’re addressing the issue directly. We hope that in sharing the details, you will be reassured that your funds are securely held in segregated bank accounts and you have no cause for concern. (Segregated accounts are bank accounts used for holding customer’s money only, and are held separately from the accounts that hold money belonging to Payoneer.)

Payoneer works with many banks and financial service providers around the world, both in developed and emerging markets. Our global infrastructure is built in a way that empowers you to do business globally as easily as you can locally. We currently work with Wirecard Bank AG in Germany as the provider for the EUR receiving account. Wirecard Bank AG, a regulated subsidiary of Wirecard AG, is a fully licensed bank overseen by the German supervisor BaFin. Wirecard Bank AG has been specifically excluded from the Wirecard AG bankruptcy proceedings and BaFin has appointed a special representative to oversee daily bank operations. Banking services provided by Wirecard Bank AG continue to operate normally and we expect this to continue to be the case. However we are taking proactive measures to offer an alternative that ensures continuity of service and will provide this additional capability to Payoneer customers very soon.

As a regulated institution, Payoneer is responsible for ensuring that any funds we hold on your behalf are safe and protected from the time we receive it. We keep customer funds in a manner designed to maintain their safety and liquidity. We can confirm that funds we receive on your behalf at Wirecard Bank AG are held on your behalf in segregated Payoneer accounts at other banks, not at Wirecard Bank AG. The funds held on your behalf by Payoneer will remain secure and will not be adversely affected by Wirecard’s situation.

We hope this explanation gives you peace of mind. Safety and security are at the core of everything we do, and all our engagements with banks and other financial service providers are built on a foundation of providing total protection for our customers. As you know, Payoneer is regulated and the provisions mentioned above are central requirements to which we are bound.  In the event that you have any further questions, our customer care team are available.  We are monitoring the situation closely and will update you as things develop and in the event that any action is required. Thank you for your continued support.

FAQ

1. In light of the news about Wirecard, does my EUR receiving account still work?

Yes. Your receiving account works exactly as it did prior to this news, and we expect this to continue to be the case. You can use it to get paid by European companies including Amazon Europe.

2. Can Payoneer offer me an alternative EUR receiving account, not with Wirecard Bank AG?

We are currently working on it with a major global bank and expect to go live very soon. We will update you as soon as it is available.

3. Now that Wirecard has filed for insolvency, what happens to payments I have received through my EUR receiving account?

You have nothing to worry about. Wirecard Bank AG is excluded from the proceedings and they continue to operate normally.  Once your funds arrive in your Payoneer balance, they are yours and held by Payoneer. You can withdraw them to your bank account, make a payment or use them as normal.

4. Now that Wirecard has filed for insolvency, what happens to payments being processed via my EUR receiving account prior to arriving into my Payoneer balance?

Wirecard Bank AG is excluded from the proceedings and they continue to operate normally. Payoneer takes full responsibility from the time the payment is received in the Wirecard Bank account, and we will complete the transfer of these funds into your Payoneer balance.

5. Now that Wirecard has filed for insolvency, what happens to payments that are about to be processed via my EUR receiving account?

Wirecard Bank AG is excluded from the proceedings and they continue to operate normally. If there were issues with Wirecard Bank, your funds will never get to Wirecard Bank, and will go back to whoever sent it. If it does reach Wirecard Bank, it will be in Payoneer’s account and we will take full responsibility to complete the transfer of these funds into your Payoneer balance.

 

The content provided in this article including any information relating to pricing, fees, and other charges is accurate and valid only as of the date it was published. In addition, changes in applicable regulations, policies, market conditions, or other relevant factors may impact the accuracy of the mentioned pricing and fees and other associated details. Accordingly, it is further clarified that any information regarding pricing, fees and other charges is subject to changes, and it is your responsibility to ensure you are viewing the most up to date content applicable to you. Payoneer will provide the most up to date and accurate information relating to pricing and fees as part of the account registration process. Registered customers can view this information via their online account.

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