The Wirecard scandal was a series of corrupt business practices and fraudulent financial reporting that led to the insolvency of Wirecard, a payment processor and financial services provider, headquartered in Munich, Germany. The company was part of the DAX index. They offered customers electronic payment transaction and risk management services, as well as the issuance and processing of physical cards. The subsidiary, Wirecard Bank AG, held a banking license and had contracts with multiple international financial services companies.