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Kinesis Virtual Card program temporarily paused

The card program provider for the Kinesis Virtual Card, BAANX, is migrating to a new card issuer. During the migration, the Kinesis Virtual program will be temporarily paused and Kinesis users will be unable to use their cards - with immediate effect.

The new issuer has the capacity to expand the availability of the card globally, including new key target regions, and introduce a physical card option.

Unfortunately, Kinesis was not informed of the migration in advance, however, we are supporting BAANX in expediting the process in any way we possibly can. The migration is already underway, leveraging BAANX’s existing relationship with the new issuer to ensure a smooth transition.

The evolving risk policy of third-party suppliers is an inherent challenge in the industry. To combat this, Kinesis is working with multiple additional solutions for the card program to diversify our provision in the event of future disruptions. These programs involve Kinesis collaborating directly with issuers, providing enhanced control and significantly reducing third-party risk, ensuring uninterrupted provision of the Kinesis card program.

We are temporarily suspending new applications for the Kinesis Virtual Card. Current users are now unable to use their existing virtual cards.

As all funds are held in the Kinesis account, not on the Kinesis Virtual Card itself, there is no possibility of your funds becoming stuck. However, your personal account executive (AE) will be in touch to work through any support issues you may have.

We will update Kinesis users as soon as BAANX have provided a timeline for the completion of the migration.

We apologise for the inconvenience this may cause and appreciate your understanding and patience during this transition.

Thank you,

The Kinesis team
 
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Something about this is off. Baanx is also the provider for Ledger's card, and there's no mention of it not working over on the Ledger subreddit.

Does Baanx use a different card provider to service Ledger than Kinesis? Did Baanx really nuke one of their client's programs without any warning?

I'd give Kinesis the benefit of the doubt if this was the first time a feature was pulled/stopped working suddenly, but it's not. I'm not buying the explanation above.
 
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goodgreen said:
Something about this is off. Baanx is also the provider for Ledger's card, and there's no mention of it not working over on the Ledger subreddit.

Does Baanx use a different card provider to service Ledger than Kinesis? Did Baanx really nuke one of their client's programs without any warning?

I'd give Kinesis the benefit if the doing if this was the first time a feature was pulled/stopped working suddenly, but it's not. I'm not buying the explanation above.
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I'd like to know too. A quick google seems to indicate optimus cards uk is also the card provider for baanx's card programs for Ledger and Tezos
 
Regardless of Kinesis' diplomatic explanation of the problem and the work they're doing on the solution, what Baanx did (didn't do) in not warning Kinesis is absolutely unacceptable.

I think we can read between the lines concerning Kinesis' working with other entities that mgmt feels the same way, despite whatever positive might come from Baanx's changes or upgrades.

This just can't happen. It's a given that changes happen and that those changes might require temporary shutdowns.

But non-communication that does not allow clients to be warned and take necessary steps to avoid potential financial problems can NOT happen.
 
Let's hope they migrate quickly.
The company I work for is doing a server migration this weekend from Amsterdam to Frankfurt.
But we communicated to our clients they won't have access to the services for up to 48 hours over the weekend and it's scheduled on the weekend because it's low traffick days. This went out to them a month ago with reminders and a thing on the website which shows the dates for the scheduled maintenance.
Suffice to say this kind of unannounced unspecified interruption cannot happen again, especially when Kinesis is operating at scale.
This is insanely unprofessional.
Someone did drop the ball on this one.
 
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Hirco said:
There are many hidden hands in the global financial realm and they do not want independent monetary systems escaping their net of control. I feel that Baanx got leaned on and had to pull the plug.
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Sounds like it.. no app? no card?
 
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