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

 

[Sim]

https://forum.kinesis.money/threads/your-upgraded-web-experience-is-almost-here.2959/

Thx Uchiki !

 

[Franz]

More than 3 months of „pause“ now (without prior warning) - when will the ability to spend KMS assets be resumed? Yes a new program has been communicated and is open to pre-registration: but when will it actually start ?

 

[Lozion]

More than 3 months of „pause“ now (without prior warning) - when will the ability to spend KMS assets be resumed? Yes a new program has been communicated and is open to pre-registration: but when will it actually start ?

At least give us the promised timeline..

@Bryan ?

 

[Bryan]

At least give us the promised timeline..

@Bryan ?

Hi @Lozion, we don't have a precise timeline yet for the virtual card program launch as we're still in a pre-registration/pre-order phase. We're also have a pending clearance with our new issuer.

Our best estimated timeline for the virtual card launch could be weeks away or during the early months of 2025. Rest assured, our team is working on to launch the virtual card program as soon as possible. So please bear with us and continue to keep a close eye out. We'll let you know once we have any new development on the official launch date.

 

[Lozion]

@Bryan
Txs, I appreciate the reply though I'm a bit alarmed at the prospect of Kinesis missing the holiday season spending, if not for its impact on the MFP..

 

[Franz]

@Bryan
Txs, I appreciate the reply though I'm a bit alarmed at the prospect of Kinesis missing the holiday season spending, if not for its impact on the MFP..

I‘d second that - plus that it‘s still subject to at least one clearance step. Why even launch pre-registration until it’s fully approved and no more than 4 week from launch. Weeks to months into 2025 is honestly depressing given the abrupt cut off on July of the prior scheme. Could the previous virtual scheme not be re-activated until the improved version is fully ready to go.

 

[Trigger]

I‘d second that - plus that it‘s still subject to at least one clearance step. Why even launch pre-registration until it’s fully approved and no more than 4 week from launch. Weeks to months into 2025 is honestly depressing given the abrupt cut off on July of the prior scheme. Could the previous virtual scheme not be re-activated until the improved version is fully ready to go.

There was so much positivity from vaultside of all that was about to happen in q3. I cannot think of any time when conditions haven't been better to unleash all of them.

 

[dehsur]

There was so much positivity from vaultside of all that was about to happen in q3. I cannot think of any time when conditions haven't been better to unleash all of them.

Failure to launch

 

[TomL]

Failure to launch

Or maybe just plain failure

 

[Cliff]

There was so much positivity from vaultside of all that was about to happen in q3. I cannot think of any time when conditions haven't been better to unleash all of them.

Looking more like 2025, before the vaultside timelines are actually start to come into effect.
Baanx must have been aware of the approaching card debacle prior to the major effect it caused Kinesis.
Certainly when it was supposed to be 2 steps forward, it was 1 big step back.