WCS is the UK arm of the scandal-hit German payment processor, which filed for insolvency in June after failing to account for
on its books. Visa-backed Railsbank's API platform enables fintechs to access a range of banking and payments capabilities, including debit cards, issuing IBANs, and a Credit-Card-as-a-Service offering., the acquisition will likely boost Railsbank's European expansion. The suspension paralyzed WCS' clients' operations. In a bid to protect the electronic money funds of consumers in safeguarded accounts, the Financial Conduct Authority suspended Wirecard's UK operations over one weekend. Fintechs that relied on WCS were
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