Since ANNA Money was first launched, our e-Money banking licence and Mastercard issuing licence (which we use to operate your banking and debit card facilities) have been provided by Wirecard Card Solutions Limited (WDCS).
On 28 August 2020 Wirecard Card Solutions Limited announced that it intended to wind-down its FCA-regulated business. (the FCA is the Financial Conduct Authority – that’s the UK regulator). This was in response to events in Germany concerning Wirecard’s parent company, Wirecard AG, and previous action from the FCA to temporarily freeze Wirecard’s regulated activities.
Parts of the Wirecard business, including the ANNA Money accounts, have now been acquired by Railsbank. Before the acquisition was finalised, we were already in the process of moving ANNA accounts to Railsbank, because they have proven experience running over 50 card programs (like ANNA) in the UK and EU, and have all the support and infrastructure you’d expect. We think it’s a good move.
Wirecard will continue to trade while their customers move over Railsbank. They will operate as normal until the end of the year and we expect the migration of accounts to be completed before that. The FCA is monitoring the situation, you can read more about it in this statement.