It also appears Tymit use Wirecard as the issuer of their cards.
How will today’s news regarding Wirecard affect the function of the card?
You may have seen the news today, that Wirecard AG Group has filed for insolvency in Germany.
As our card issuer and payment processor the situation Wirecard is facing is a prime concern for us and we can assure you that we’re taking every possible measure to ensure our level of service is not impacted by any of these issues.
We have been assured by our counterparts at Wirecard that the business units Tymit has relationships with are independent business units of the Wirecard AG group and remain financially healthy and unrelated to the cases of fraud made public.
The operations of the businesses at Wirecard that provide services to Tymit, have not been affected so far. Furthermore, we have every reason to believe that their operations will not be significantly impacted, regardless of the outcome that the Wirecard AG group faces including insolvency.
We have nevertheless a contingency plan in place and are prepared to take any quick mitigation measures that will ensure the continuation of our services in any event.
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Yeah not at all it’s a separate company the one they use with it’s own balance sheet and is based in Newcastle and also FCA regulated, think the separate entity confirmed they’ve got a large balance sheet of available money to keep them going
Curve has just suspended their cards due to the FCA has suspended its permissions for Wirecard Card Solutions Ltd to operate.
I guess this will impact Tymit also as the cards are issued by Wirecard Card Solutions
Anna is advising customers to withdraw all their money too.
Anyone had anything from Tymit yet? Still all silence from this end!
I got an email from them yesterday (I think it was yesterday and not today) with an update.
From Tymit today:
Unfortunately, as a result of the Financial Conduct Authorities decision to stop our card issuer Wirecard Card Solutions Limited from undertaking regulated activity, you will be temporarily unable to make new purchases with your Tymit card.
We are now working hard to transition our card program to a new provider, so that we can resume activity as soon as possible. We’ll update you as soon as we have a timeline.
We would like to reassure you that in the meantime your ability to access the app, manage your bill and make payments to your Tymit account remain unaffected and our team are on hand to provide any advice or support needed.
We sincerely apologise for the inconvenience this has caused and would like to thank you for your support and understanding during this challenging time.
Thanks,
Martin, Founder & CEO
But didn’t everyone use Wirecard? I.e. monzo, starling, tandem, revolut?
Monzo years ago so not really relevant to today’s news
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I haven’t got much of a clue who used them historically. All that you mention, I believe, but historic customers aren’t going to be affected by current actions.
A lot of startups use them, then (like Monzo/Starling) they move in house when they acquire the relevant licences and knowledge from what I’ve seen.
It’s all getting a bit james bond…
Previously phillipines authorities were confused they couldn’t find the missing COO on CCTV boarding the plane to china… now it turns out there was no plane to china on that day, and the immigration records were falsified…
3 part tv mini series at some stage
Might be a film if this keeps going
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Season 1 - Ghosn with the wind, the Tokyo escape
Season 2 - From Philippines to Berlin, the Wirefraud
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The Mondo Beta prepaid card used Wirecard, but everyone was migrated across to a proper bank account ages ago.
It’s scary the sheer amount of fintech startups who are using the same vendors for some of this stuff. Admittedly I’m not that aware of how many options there are for the services that Wirecard offer…
But just crazy how many companies have been affected.
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It’s not uncommon for small companies to buy in things from other companies it’s not cost effective to do. Without wirecard (or something like it) many of these startups wouldn’t exist because of the cost of setting up all the card handling.
Over on the dozens forum, AC suggests bringing processing in-house is only financially reasonable above 1 million customers.
How many customers does Tymit have?
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