You probably heard the news.
We are moving to a new card issuer - Railsbank.
You might be wondering how this will impact your business and your account with us.
That’s why we created this short article, giving an overview of what the benefits are for your new Payhawk account and how the migration process will take place.
1. New Features
With your new account, we are also introducing new features! 😊 Among them:
Your own IBAN. Your personal account where anyone can send money to.
Brexit proof infrastructure. Your new account will be fully compliant even after Brexit.
No need to lock money on cards. Once you load funds into your account, every card will have access to them depending on its limit (no need for allocation).
In the near future, Railsbank will also allow us to issue multi-currency cards, introduce Direct Debit, Apple Pay, and payments in SEPA, Faster Payments, and SWIFT.
2. Your account
Your brand new account will be set up in the first week of November.
This means that when you go to your FUNDS menu, you will see a new account for every currency that you hold in Payhawk. Each currency account represents your personal bank account that anyone can send money to.
Your GBP funds will be safeguarded with Bank of England, UK, while for EUR this will be safeguarded with LHV Pank, Estonia.
You can still access your current account with Wirecard (displayed in gray below) which will work until November 15th. Any balances left on these accounts will be moved to the new account with up to 4 weeks’ delay.
3. Your cards
The Payhawk card, currently issued by Wirecard Card Solutions Ltd, will be changing to Railsbank and its e-money issuer Payrnet Limited, with its registered office at Kemp House, 152 City Road, London, United Kingdom, EC1V 2NX.
Your new physical cards will be shipped in early November at no additional cost. The new virtual cards will be visible in the portal. That means that once you load funds into your new account, you can start using them straight away.
Your old cards will work until November 15th. Both employees and admins will see labels showing that the cards will be available until that date.
If you have any questions, don’t hesitate to reach out via the live chat on our website or email directly at email@example.com
The Payhawk Team