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 customers and end users within the EU/EEA, including through agents, distributors or other associated partners.
Consequently, UAB PayrNet will cease all business operations indefinitely.
We wish to assure you that we are working hard on a resolution to the cessation in services and are committed to return client funds as soon as feasible. Given the number of customers impacted, and volume of funds held, this will take some time and we ask for your patience. We apologise for the disruption caused by these unfortunate circumstances.
Please be aware that UAB PayrNet has obtained a two-month extension in which to return enduser funds under the Description of Requirements for Electronic Money Institutions and Payment Institutions whose Operating Licence has been Revoked or Suspended (Bank of Lithuania Resolution No. 03-71).
If you are an end-user of card programmes and banking as a service (BaaS) products whose services have been impacted
Please contact your service provider for updates in connection with any proposed migration of services to a new service provider, or any return of customer funds. Your service provider is the party best placed to respond to any questions you may have.
Your service provider may require further documentation from you to progress this process. Any delays in providing this information may delay services or the receipt of funds.
Importantly, your customer funds are held in properly designated accounts at EU credit institutions at this time.
If you are a customer (agent/distributor) of UAB PayrNet
We have commenced a process of returning client funds to new service providers for endusers, and to date have returned a substantial portion of enduser funds in this way. We are also developing a process for returning funds to endusers directly.
However, to ensure all funds are properly returned, UAB PayrNet must carry out a complete reconciliation of our records with each customer (and any associated card program managers and card schemes) before returning enduser funds. We also must carefully consider any disputes raised by customers over the enduser funds being held by us. This process is taking time.
We have made the Bank of Lithuania aware of our progress and are keeping them informed.
If you have not yet contacted us regarding how you wish to proceed regarding the return of enduser funds, please do so by contacting us by email on fundsreturn-support@payr.net.
You can expect to receive an acknowledgment of your query within 24 hours. However, depending on the query, we may not be in a position to provide you with an estimated date of return of enduser funds for the reasons mentioned above.
If we have requested information from you or from your endusers, we ask that you provide this information promptly so as not to delay matters further.
Embedded Finance Ltd: In March 2023, Railsr announced its sale to Embedded Finance and at this time, any potential option to purchase UAB PayrNet and its EU EMI license remained subject to approval by Bank of Lithuania. This ruling removes that option. The Bank of Lithuania decision was not unexpected as it is the outcome of a lengthy process that started before Railsr’s new investors and management team at Embedded Finance came on board.
The Bank of Lithuania’s ruling does not impact Embedded Finance’s UK Railsr customers.
Embedded Finance is progressing alternative EU license solutions and expects to be able to offer continuity of service to European customers in due course.
This solution is being put in place as part of the new team’s strategy to rebuild the business by bolstering governance and compliance while continuing to deliver world-class embedded finance solutions and seamless service to European customers