Latest news with #WilfriedVerstraete
Local France
02-07-2025
- Business
- Local France
Audit of French payments firm after dubious payments
Director general Pierre-Antoine Vacheron told financial daily Les Echos the company would 'scan its entire portfolio of riskiest activities by the end of July'. Board chairman Wilfried Verstraete said the key findings of an external audit of merchants engaged in risky activities will be unveiled on July 30th, along with the presentation of the firm's half-year results. The company has entrusted the audit to financial consulting firm Accuracy. Another consulting firm, Oliver Wyman, has been brought in to evaluate Worldline's overall control system. Worldline, a key link in the global payments chain, earns commissions on the flow of payments made both to physical and online customers. Some clients, such as online casinos, crypto-asset platforms and porn sites, are considered high-risk. An investigation published last week by a media consortium accused Worldline of processing billions of euros in fraudulent transactions in such sectors, as well as with suspected money laundering networks. French new website Mediapart accused Worldline of having 'knowingly closed its eyes, in violation of its regulatory obligations, to fraudulent practices by 'high-risk' clients.' The media investigation presaged an investigation by the Brussels prosecutor's office into the group's Belgian subsidiary over potential money laundering. The firm is also under investigation by Germany's financial supervisor, BaFin. Advertisement As the story emerged, Worldline said it had beefed up its merchant risk management framework since 2023 to ensure full compliance with legal requirements. In a statement last Wednesday it added it had 'terminated commercial relationships deemed non-compliant'. 'The cleanup has been largely completed,' Vacheron told Les Echos , saying high-risk transactions represented some '1.5 percent of Worldline's acquisition volume out of approximately €500 billion in transactions in 2024.' He said the audit, 'should make it possible to verify there are no black sheep within this 1.5 percent'. Shares in Worldline, a former subsidiary of Atos but independent since 2019, slumped to a record low of 2.70 euros last Wednesday, a having peaked at 85 euros in 2021. They were trading Wednesday at 3.89 euros.
Yahoo
02-07-2025
- Business
- Yahoo
Worldline initiates independent reviews following fraud claims
French payments processor Worldline has enlisted external specialists to scrutinise its client base and internal controls after media allegations of overlooking fraud led to a steep drop in its stock value. In an interview with Les Echos, the company's chairman Wilfried Verstraete confirmed that Accuracy, an auditing firm, will evaluate the company's portfolio of high-risk merchants. Additionally, consultancy Oliver Wyman has been appointed to examine Worldline's compliance mechanisms. Worldline intends to disclose preliminary results from these reviews alongside its half-year financial results on 30 July, Verstraete told Les Echos, aiming to restore confidence among investors and stakeholders. The audits follow reports by the European Investigative Collaborations, a network of 21 European media outlets, which alleged that Worldline disregarded regulatory warnings and maintained relationships with clients linked to high fraud rates. In response, Worldline stated that it has enhanced its merchant risk controls since 2023 and terminated non-compliant client relationships. These claims caused Worldline's market value to fall from a high of €24bn ($28.1bn) four years ago to under €1bn, Bloomberg reported. Last week, Belgian prosecutors have initiated an investigation into Worldline's Belgian operations following the media reports. Sweden's Financial Supervisory Authority has requested a meeting with the company. The European Central Bank (ECB) continues to hold two Worldline bonds—a €500m note due in 2027 and a €600m note maturing in 2028—as part of its quantitative easing programme, reported Bloomberg. According to data released, these bonds, acquired years ago, remain on the ECB's holdings list. The ECB does not disclose the size of its individual corporate bond holdings and is not obligated to sell bonds if their ratings are downgraded to non-investment grade. These securities are generally available for lending, enabling investors to borrow them and speculate on price declines. "Worldline initiates independent reviews following fraud claims " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
02-07-2025
- Business
- Bloomberg
Worldline Hires Auditor to Assess Risky Clients, Chairman Says
Worldline SA hired an external firm to go through its portfolio of risky clients as the payments firm seeks to restore trust following media allegations that it turned a blind eye to fraud pummeled its share price. The audit has been assigned to a firm called Accuracy and Worldline plans to publish the findings along with earnings on July 30, Chairman Wilfried Verstraete told the newspaper Les Echos in an interview. The company is also hiring Oliver Wyman to review its control systems, he said.
Yahoo
05-06-2025
- Business
- Yahoo
Worldline : 2025 General meeting - Approval of all resolutions
Worldline's Shareholders Meeting and Board of Directors of June 5, 2025 Paris La Défense, June 5, 2025 - Worldline [Euronext: WLN], a global leader in payment services held today its Shareholders' Meeting chaired by Mr. Wilfried Verstraete, Chairman of the Board of Directors. Shareholders' Meeting held on June 5, 2025 At today's meeting, shareholders adopted all the resolutions submitted by the Board of Directors, in particular: the Company and consolidated accounts for the financial year ended on December 31st, 2024; the renewal of the term of office as director of Mrs. Mette Kamsvåg and Mr. Michael Stollarz for a period of three years; the ratification of the co-optation of Mr. Jérôme Grivet as director, for the remainder of Olivier Gavalda's term of office, i.e. until the 2027 Shareholders' Meeting; and the appointment of Mr. Rodolfo J. Savitzky as a director for a period of three years. Following the Shareholders' Meeting, the Board of Directors is now composed of 14 directors, including two employee directors. The Board of Directors comprises 67% independent directors, 42% women and 67% directors of foreign nationality (other than the employee directors). The Shareholders' Meeting also approved the components of compensation and benefits granted to: Mr. Georges Pauget, Interim Chairman of the Board of Directors until June 13, 2024; Mr. Wilfried Verstraete, Chairman of the Board of Directors since June 13, 2024; Mr. Gilles Grapinet, Chief Executive Officer until September 30, 2024; and Mr. Marc-Henri Desportes, Deputy Chief Executive Officer until September 30, 2024 and Interim Chief Executive Officer from October 1st, 2024 to February 28, 2025. The Shareholders' Meeting also approved the 2025 compensation policies of the corporate officers. The voting results of the Shareholders' Meeting and the full broadcast are available on the Company's website: After the Shareholders' Meeting, upon recommendation of the Nomination Committee, the Board of Directors approved the new composition of its Committees: Audit and Risks Committee: Aldo Cardoso (Chairman), Mette Kamsvåg, Rodolfo J. Savitzky, Nazan Somer Özelgin, Sylvia Steinmann and Daniel Schmucki Nomination Committee: Giulia Fitzpatrick (Chairwoman), Wilfried Verstraete (Vice-Chairman), Agnès Park and Thierry Sommelet Remuneration Committee: Wilfried Verstraete (Chairman), Giulia Fitzpatrick (Vice-Chairwoman), Agnès Park, Thierry Sommelet and Marie-Christine Lebert Investment Committee: Daniel Schmucki (Chairman), Aldo Cardoso, Jérôme Grivet, Mette Kamsvåg, Thierry Sommelet and Wilfried Verstraete CSR Committee: Agnès Park (Chairwoman), Giulia Fitzpatrick (Vice-Chairwoman), Sylvia Steinmann and Stephan Van Hellemont Wilfried Verstraete, Chairman of Worldline's Board of Directors, said 'Our shareholders have supported our renewed governance at today's Annual General Meeting, approving all proposed resolutions. We are strengthening our Board by welcoming Jérôme Grivet and Rodolfo Savitzky, whose exceptional leadership and strategic acumen will be pivotal in driving Worldline into its next transformative phase. In just 100 days, our CEO, Pierre-Antoine Vacheron, has delivered tangible progress thanks to his unwavering focus on technological innovation, customer excellence and operational efficiency. With our renewed governance and decisive actions, we have launched the next chapter of Worldline's story, with the aim of regenerating our growth profile and creating value for all our stakeholders.' Contacts Investor Relations Laurent Peter Communication Sandrine van der Hélène About Worldline Worldline [Euronext: WLN] helps businesses of all shapes and sizes to accelerate their growth journey – quickly, simply, and securely. With advanced payments technology, local expertise and solutions customised for hundreds of markets and industries, Worldline powers the growth of over one million businesses around the world. Worldline generated a 4.6 billion euros revenue in 2024. Worldline's corporate purpose ('raison d'être') is to design and operate leading digital payment and transactional solutions that enable sustainable economic growth and reinforce trust and security in our societies. Worldline makes them environmentally friendly, widely accessible, and supports social transformation. Attachment Worldline - 2025 General meeting - Approval of all resolutions - Press releaseSign in to access your portfolio
