The Payabl Group, founded by former Wirecard executives Ruediger Trautmann and Dietmar Knoechelmann and his wife Ayelet Fruchtlander Knoechelmann in or around 2010, is the resulting company from the merger of former Wirecard satellites. The high-risk payment processor regulated by the Central Bank of Cyprus, is evidently focused on the adult and gambling sector. FinTelegram exposed how Payabl processes payments for offshore gambling websites from German clients.
Online gambling providers need a German license to operate in Germany. Offshore-licensed providers operate illegally and their revenues from German players are to be qualified as illicit proceeds.
According to the information whistleblowers provided to FinTelegram, Payabl is processing large volumes of the German payment processor and merchant service provider Sofort and its online gambling merchants operating with offshore licenses. To oncoard offshore gambling merchants, they use EUlicensed companies (usually inEstonia or Malta) and process the offshore-licensed gambling URLs underneath it. Moreover, they reques a letter of intent from these merchants stating that they intend to apply for the German license just in case. However, they do not really intend to apply for a German gambling license.
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