The goal was to increase the security and transparency of cross-border payments. Log in to your Wirecard Web Console. Debit order collection: Hassle-free payments for everyone involved The Wirecard end-to-end debit order solution enables clients to seamlessly take payment from customers on a recurring basis. Given that Wirecard collapsed in the first place because money claimed to be in accounts simply didn’t exist, I asked the FCA whether it can guarantee that customers’ money is still in those safeguarded accounts, but a spokesperson said the FCA was offering no comment beyond what was issued in Friday’s statement. U Account made a similar statement, telling customers that: “We would like to reiterate to all customers that your money is safe, and remains ring-fenced in a secure Barclays Bank account.”Meanwhile, a customer of CardOneMoney reported that his “card was refused several times yesterday” before he later received an email from the company telling him his card had been suspended. Click on My Account and your Wirecard account number will be displayed at … Now customers are beginning to worry … It did add that: “Customers who are in financial distress as a result of the payment freeze may be eligible for a hardship payment from their local authority [in the U.K.]. Details can be found on our website.”The FCA Q&A does go on to reference the safeguarded accounts that Pockit, Anna and others mentioned earlier. “Effective safeguarding arrangements are critical to help ensure that customers’ money is protected and returned if a firm fails,” the FCA states. Although the account was officially attributed to Wirecard Card Solutions, Anna had visibility of the Barclays account prior to the FCA suspension, and we saw no unusual activity.” Note the use of the past tense.Hit me up if you’ve got a tech story that needs breaking at barry@mediabc.co.uk.More concerning for customers is that funds held in their accounts are not protected by the Financial Services Compensation Scheme, which is designed to reimburse customers when financial institutions fail.The immediate suspension of WCS on Friday has already caused immense difficulties for some customers who have contacted me.Money held in millions of bank accounts has been frozenIn a statement sent to the press, Pockit said that its customers’ money was “safeguarded in a ring-fenced designated client account with Barclays”. Millions of bank and payment accounts have been frozen since Friday, following the collapse of Wirecard. When he went to pay for petrol using his card on Friday afternoon, the card was declined and the police were called as the customer had no alternative means to pay.
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