Updates on returning funds from UAB PayrNet

11 September, 2023

Dear Customer,

This is a further update on UAB PayrNet’s progress in returning safeguarded funds to customers and end-users.

As of the end of last week (ending 8 September, 2023) the business was able to return another 8% of the safeguarded funds which were held by us as at the date of licence revocation. This brings the total percentage returned or paid on behalf of end-users to 78%. 

We continue to achieve the greatest efficiency in this process through the migration of whole programmes to new service providers.  The company is preparing for a number of migrations of programme managers which will involve a large proportion of remaining safeguarded funds, whilst attempting to return funds to much smaller customers where possible to do so.

We currently forecast that UAB PayrNet will have achieved the return of 95% of safeguarded funds by early to mid-October 2023.

We appreciate how very important it is for all customers to have their funds returned at the very earliest moment and apologise again to those for whom this return has yet to be concluded.

As we have mentioned in previous updates, if you have not yet had your funds returned the best point of contact for you in the first instance is your service provider.

Once again, thank you for your understanding and continued support. We will continue to provide regular updates on our progress on returning funds and the above matter. 

Directors, UAB PayrNet

Previous updates

  • 4th September update

    We wanted to provide a further update on our programme of returning safeguarded funds to customers. As anticipated on our last update, we have managed to return the majority of e-money funds to customers by the end of August 2023, principally by means of migrating whole programmes to new service providers. By the end of…

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  • 22 August Update

    We wanted to provide you with an important update regarding the return of your funds from UAB PayrNet. As you may be aware, we recently announced our wind-down plans, including the intention to refund all customer balances by August 22nd. Although we have made good progress, a more complex reconciliation process than anticipated has taken…

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  • 25 June Regulatory Update

    Important notice to our customers, partners, and endusers in the EU/EEA UAB PayrNet: We regret to inform you that, on 22 June 2023, the Bank of Lithuania made the decision to revoke the electronic money institution license of UAB PayrNet. This means we are no longer able to provide electronic money and payment services to…

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