Railsbank set to buy Wirecard's UK arm

Railsbank has confirmed its intent to acquire the UK arm of German payments processor Wirecard.

Sifted reported that the London-based banking platform will now acquire the remaining assets of Wirecard Card Services (WCS), along with its clients and some employees. The deal is set to be finalised in November, but no financial specifics were given.

WCS once settled card payments for around 70 UK clients, many of which have terminated agreements since its parent company was revealed to have misappropriated €1.9 billion in funds.

In the wake of the scandal, Railsbank co-founder and chief executive Nigel Verdon called on the industry and regulators to introduce new provisions for material outsourcers to help safeguard client money.

Railsbank is one of around 140 reported potential buyers for the various divisions of Wirecard's payment empire.

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