Paymentology picks up a team from Wirecard

Source: IBS Intelligence 2020-07-21

Payments processor Paymentology has recruited a team of Wirecard employees. What the firm described as a ‘double digit’ number of hires are joining Paymentology with immediate effect and includes card issuance experts and implementation specialists.

Paymentology CEO, Shane O’Hara said: “We were dismayed to see the demise of Wirecard. The ripples are being felt far and wide. It was good to be able to help out to ensure continued employment for a significant number of people in the industry. This helps them, their families and, clearly also benefits Paymentology as it grows. It also helps, in some small way, to restore market stability.

“The current hires will enable us to accelerate specific areas of our business development and implement client set ups promptly, which has become one of the key performance measures that Paymentology has become recognised for.”

The news that Wirecard employees are looking elsewhere may put further pressure on for a resolution over the future of the business. Earlier this month, on 5 July, it was revealed that the company and its preliminary insolvency administrator had given their agreement for the management of Acquiring & Issuing GmbH to commission US investment bank Moelis & Company to oversee the sales process of Wirecard North America.

In 2016, Pennsylvania-based Wirecard North America had been created out of the purchase by Wirecard of Citi Prepaid Card Services and has operated mainly as an autonomous unit.

Sales processes are also currently being prepared for other subsidiaries of Wirecard but the departure of staff is likely to undermine the potential returns available for such disposals.

Paymentology

Wirecard

Paymentology picks up a team from Wirecard

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