Banco Santander SA agreed to purchase highly technical technology resources from Wirecard AG, the collapsed German payment processor that is winding down its operations.
The agreement will help assemble Santander’s international payments platform since the lender grows, the Madrid-based firm said Monday in an emailed statement. Approximately 500 Wirecard workers who handle the technology will stay in their existing locations and connect the acquirer’s international merchant-services staff, according to the announcement.
The purchase marks a decision for the dissolution of all Wirecard”despite adverse states,” Michael Jaffe, the bankruptcy lawyer handling the trades, explained in an announcement. Considering that Wirecard neglected earlier this season, Jaffe has sold its resources in bits.
No Wirecard businesses were comprised in the trade, and terms were not disclosed. When the agreement with all Santander is finished, the remaining part of the company is going to be wrapped down in close collaboration with law enforcement, Jaffe stated.
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