The ADAC’s doubts have grown with every passing day since the financial world became agitated. And as we all know, it is, because of rising interest rates, but also for regulatory reasons. The EU capped the fees that banks receive for credit card transactions, which makes business with so-called bonus cards less attractive for them. Those credit cards that large companies offer their customers. Which brings us full circle to the ADAC. There are 1.3 million credit cards in circulation under the label of Europe’s largest automobile club. The payments made through them have so far been processed via Landesbank Berlin, which is withdrawing from the bonus card business. The fintech company Solaris will be the ADAC’s new partner. But doubts are increasing as to whether the Berliners can handle the task alone.
A report from the Financial Times According to doubts, ADAC SE, the commercial arm of the car club, is looking for a financially strong third party. It is feared that Solarisbank alone will not be able to take on the loans associated with the bonus card business, amounting to around half a billion euros. Apparently around 100 million euros are missing. According to insiders, it is becoming apparent that Solaris, a technology company with a banking license, will only be responsible for the IT implementation of all payments with the ADAC credit card, but not, as originally agreed, the associated financial transactions. According to the wishes of the ADAC, these should take place via a high-performance financial institution. Deutsche Bank, Deutsche Kreditbank AG and Hanseatic Bank are under discussion
A spokesman for ADAC SE neither wanted to confirm nor deny the relevant negotiations. The migration of customer data from Berliner Landesbank to Solaris is continuing smoothly, it said. The 1.3 million holders of ADAC credit cards could continue to use all associated services without restriction, regardless of who the financial transactions were ultimately processed in the background.