Paxum Issues Statement Regarding Wirecard Crisis

MONTREAL—Payment processing service Paxum issued a statement Friday in relation to the fallout regarding German-based digital payment firm Wirecard, of which Paxum is a processing partner, and whose CEO, Markus Braun, resigned today after over $2 billion of the company's holdings went missing.

“We feel it is important to publicly address the Wirecard situation to avoid unnecessary speculation and apprehension from our clients,” Paxum CEO Octav Moise said.

“We would like to reassure our clients that Paxum, as a regulated financial entity, holds accounts with numerous banks and financial institutions worldwide," Moise continued.

"Should we ever feel that Wirecard or any other bank is not an appropriate processing partner, Paxum will utilize an alternative bank to process your payments, and we will provide you with that bank’s EUR funding instructions. Your incoming funding and outgoing payments will continue arriving as usual and without any interruptions."

Added the company statement, "Paxum has always had strong risk mitigation policies in place, along with safeguards that ensure our clients’ funds are secure. This is why we are not dependent on our banking partners’ financial viability, and why Paxum has always weathered similar situations and continued to conduct business without interruption. You can rest assured that no Paxum clients’ funds are at risk should Wirecard suffer any difficulties.

"We remain confident that Wirecard’s issues will be resolved soon, and are prepared to continue our relationship with them long into the future. They have always conducted their business with us in a fair and professional manner. In the meantime for Paxum, we will continue to operate business as usual, and we sincerely value and appreciate our many business partners, clients, and supporters.

"Paxum is an industry leader, and has been successfully offering a secure instant payment platform since 2007 to hundreds of thousands of clients that actively use our service. Our award-winning payment company provides a cost-effective, user-friendly interface fortified with stringent security measures and multiple ways for clients to access their account funds, including an optional prepaid credit card. Paxum account users can easily send and receive money instantly all over the world."