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Worldline hires a new auditor to assess clients at high risk

Worldline, a French payment company, has announced that it has hired Accuracy as an auditing firm to evaluate its remaining merchant portfolio for risky activity.

A group of 21 European news outlets claimed last month that Worldline covered-up client fraud in order to protect its revenue. Last week, Belgian prosecutors announced that they had launched an investigation into possible money laundering activities within its Belgian division.

Worldline responded to media reports by stating that it has strengthened merchant risk control since 2023 and terminated client relationships with non-compliant clients.

The group announced that in addition to the hiring of Accuracy, Oliver Wyman would also be hired to review Worldline’s control systems.

The initial findings will be released on July 30, along with the first-half results. However, the main conclusions are to be revealed when Worldline announces its quarterly earnings in October.

The company stated that it expects to identify any weaknesses or improvement areas by the end of the month. In such cases, the necessary action plans for ensuring optimal operational integrity will be implemented.

Worldline, Europe's largest payments processor by transaction handled, saw its value drop by more than 500 million euros (590 million dollars) following the allegations.

The shares of the Paris-listed firm have recovered in part since then, with a price of 3.93 euros per share at 1347 GMT. They had hit a record low price on June 25, when they were 2.69 euros.

The yield on Worldline’s 2030 bond that it issued in June for a total of 550 million euro has increased by 40.8% within seven days. This shows the investors' anxiety.

(source: Reuters)