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
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
