16 October Updates

Dear Customer,

This is a further update on UAB PayrNet’s (the “Company”) progress in returning safeguarded funds to customers and end-users.

As at Monday 16 October 2023 the business has returned over 92% of the safeguarded funds which were held by the Company as at the date of licence revocation, meaning over EUR 107M of safeguarded funds have been returned to customers or settled with card schemes on behalf of customers.  

To achieve this, the Company has completed the migration of almost all whole programmes comprising safeguarding funds in excess of EUR 1M, with the exception of a few programmes where the parties are in discussion regarding the reconciliation of amounts to be returned or are awaiting migration documents to be concluded.

There remain a number of smaller customer programmes where return of client funds has been delayed due to service providers owing material levels of fees to UAB PayrNet.   

UAB PayrNet recognises how important it is for all customers to have funds returned as soon as possible. If you have not yet had your funds returned, we would encourage you to contact your service provider for an update from them as to progress of discussions regarding the return of funds.

Thank you for your understanding and continued support. 

Directors, UAB PayrNet