Wirecard

The scandal over the collapse of Wirecard AG expanded as German financial regulator BaFin faces a criminal probe into how it oversaw the payment processor and whether some of the agency’s staff illegally traded the stock.

In a boost to its battle with non-bank digital platforms, Spain's Banco Santander has acquired technology assets from scandal-ridden German payments processor Wirecard.

Germany has presented plans to strengthen financial regulator BaFin’s powers and tighten accounting rules, one day before the start of a parliamentary probe into one of the country’s biggest corporate failures.

Wirecard AG’s administrator is facing declining interest in the disgraced payment company’s German assets after another potential buyer followed Deutsche Bank AG’s lead and pulled out of the bidding.

The Philippines’ anti-money laundering authority has identified 57 “people of interest,” including foreigners and local bank officers and government officials, whose links to Wirecard AG are being scrutinized.

Wirecard, which is trying to sell pieces of its embattled company while rivals pick up its clients, has struck a deal to sell its U.K. division, Wirecard Card Solutions, to Railsbank, an open banking and payments technology firm.

Wirecard AG’s spectacular collapse is leaving a gaping hole in the income statements of its European banks.

Eric Grover, principal at Intrepid Ventures, talks to PaymentsSource senior editor Kate Fitzgerald about how the high-flying German fintech fell to scandal — and whether it could happen again.

German Finance Minister Olaf Scholz was aware of potential market manipulation at Wirecard AG almost a year and a half before the company collapsed, putting pressure on a key figure in Angela Merkel’s government.

The bank is expected to report a small net profit for the second quarter next week; shareholders are challenging the government's 2012 decision to appropriate nearly all of the agencies' profits.

But Boston Fed chief sees more interest among banks and borrowers if the economy worsens; the failed payments company is being investigated for its alleged role in a $100 million caper.

Restaurants, medical offices and car dealerships were the top recipients of large loans; increased usage of the drive-ups is putting a strain on the low-tech lanes.

There's a need for a multi-stakeholder approach and knowing that the best decisions are made when all stakeholders are considered and catered for.

Deutsche Bank says it’s on track to meet its financial targets while Commerzbank's top two executives resign; recent Fed stress test results show European banks' poor performance in U.S. continues.

Deutsche Bank AG is weighing the acquisition of all or part of disgraced Wirecard AG’s bank, potentially throwing the business a lifeline after one of the biggest corporate scandals in recent years.

The Main Street Lending Program is off to a slow start, while the PPP is extended five weeks to distribute the remaining $130 billion in loans; the European regulator is softening its stance to allow more deals.

The company seeks to help funnel more loans to minority businesses and consumers; the regulator says short-staffed banks are having trouble handling new government programs.

Wirecard North America is seeking a buyer, an otherwise routine corporate move that requires a large number of assurances, given its parent company's descent into scandal.

The agency wants more timely information on the banks it supervises; investors filed a criminal complaint against Ernst & Young, calling their work “a disaster” for failing to expose the scandal.

Visa Inc. and Mastercard Inc. are considering revoking Wirecard AG’s ability to process payments on their networks in a move that would cause further pain for the firm after it started insolvency proceedings.