Paysafe Selects AWS for its Strategic Cloud Services to Drive Innovation in Digital Commerce

Rhea-AI Summary

Paysafe (NYSE: PSFE) has entered a global multi-year agreement with Amazon Web Services (AWS) to transition its critical payment solutions, including eCash and digital wallets, to a cloud-based platform. This collaboration aims to enhance customer acquisition, engagement, and product scalability in North America and Europe. The first milestone of migrating eCash solutions is already complete. The partnership will allow for API-based integrations, facilitating a frictionless customer experience. Paysafe plans to leverage AWS for machine learning and customer insights, driving innovation and faster product delivery.

Positive

• Collaboration with AWS to enhance cloud capabilities and drive innovation.
• Successful transition of eCash solutions to the cloud, marking a significant operational milestone.
• Centralized data repository will improve risk assessment and consumer experience.
• Expected faster product development and geographical expansion.

Negative

• None.

Leading specialized payments platform, Paysafe (NYSE: PSFE), announces it has signed a global multi-year agreement with Amazon Web Services (AWS) as part of its strategy to become a fully cloud-based payments provider. Through this collaboration, Paysafe is migrating its broad portfolio of mission critical workloads, including eCash solutions, paysafecard and Paysafecash, and its digital wallets, Skrill and NETELLER, to AWS to develop new cloud-native merchant payment and consumer wallet products for its business and consumer customers. The first milestone of the collaboration has already been completed with the transition of Paysafe’s eCash solutions to the cloud.

The move to AWS supports Paysafe to leverage data to drive customer acquisition and engagement, as well as to run and scale products and applications for its North American and European operations in a highly reliable manner. Collectively, Paysafe’s solutions are actively used by more than 15 million people across more than 120 countries and support thousands of businesses to offer popular alternative payment methods.

Paysafe’s partners will also benefit from its cloud-first approach, making it easier for merchants and other third parties to connect to the Paysafe Network using an API-based integration. The real-time transactional processing powered by AWS will allow merchants to offer a frictionless customer experience at the point of sale.

Roy Aston, Chief Information Officer at Paysafe, commented: “Deploying AWS as one of our major cloud providers will bring wide-ranging benefits to our business, both in terms of scale and innovation. Our focus is to deliver new, innovative products and features into the marketplace twice as fast as before and also to scale, and expand our geographical footprint. We’re excited by the year ahead as we leverage the power of technology across the business, through a combination of our own in-house product development as well as our work with strategic organizations, such as AWS. We are also focused on areas such as machine learning, risk management, and customer insights.”

As part of the agreement with AWS, Paysafe is creating a centralized, curated, and secured repository for all of its consumer and merchant data using Amazon Simple Storage Service (Amazon S3), AWS analytics, and AWS security to build a data lake to store, protect and organize their data. This scalable data lake will use AWS’s analytics services to further enhance the consumer experience, as well as to help Paysafe quickly and cost-effectively identify, prioritize, and evaluate risks in near real-time.

“We are delighted to support Paysafe as they leverage AWS to offer frictionless customer experiences and uncover real-time insights,” said Scott Mullins, Managing Director, Worldwide Financial Services Business Development at Amazon Web Services, Inc. “Paysafe continues to bring innovative payment solutions to market that help merchants rapidly develop and implement new products and meet evolving customer needs, and we look forward to our continued collaboration with them across their digital initiatives.”

About Paysafe
Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of US $92 billion in 2020, and approximately 3,400 employees located in 12+ global locations, Paysafe connects businesses and consumers across 70 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.

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FAQ

What is the recent partnership announced by Paysafe (PSFE)?

Paysafe has signed a multi-year agreement with Amazon Web Services (AWS) to migrate its payment solutions to the cloud.

How will the AWS partnership benefit Paysafe (PSFE)?

The partnership aims to enhance customer acquisition, product scalability, and offer a frictionless customer experience through API integrations.

What milestone has Paysafe (PSFE) already achieved in its AWS partnership?

The successful transition of Paysafe's eCash solutions to the cloud has already been completed.

How does the AWS agreement impact Paysafe's (PSFE) operations in North America and Europe?

The collaboration will allow Paysafe to run and scale its products more reliably across North American and European operations.

What is Paysafe's (PSFE) goal with the AWS cloud transition?

Paysafe aims to deliver innovative products and features to the market more rapidly while expanding its geographical footprint.