This latest announcement aligns with the company’s strategy to become a fully cloud-based payments provider, and is also part of a global multi-year agreement with AWS that supports Paysafe’s cloud strategy.
Migrating to the cloud
Moving its Digital Wallet operations has enabled Paysafe to drive increased efficiency and innovation behind its consumer solutions and reduce the deployment time of its merchant integrations by approximately 80%, accelerating time to market for its business customers. By moving its mission-critical workloads to the cloud, Paysafe now has the ability to open up new revenue streams by combining numerous business lines to create innovative and frictionless services based on real-time insights. At the same time, the company is poised to make considerable savings in hardware investment costs by operating in the cloud.
Roy Aston, Chief Information Officer at Paysafe, said: “We began our relationship with AWS at the onset of the pandemic, and we have developed a deep collaboration between our two companies over the last 18 months. By moving the majority of our critical workloads to the cloud, we have been able to rapidly respond to new market conditions and changing consumer needs. We are excited to continue our strategic collaboration with AWS and further solidify our commitment to developing new cloud-native consumer wallet products for our business and consumer customers.”
Increasing efficiencies to improve customer experience
With over 20 years of online payment experience, an annualized transactional volume of US $100 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.
Paysafe believes it will increase efficiencies and reduce its liabilities in merchant underwriting by using AWS’s global infrastructure and data modelling solutions, including its risk analytics services. Paysafe has also transitioned its disaster recovery completely to AWS as part of its move to develop and deploy next-generation capabilities using AWS’s comprehensive portfolio of cloud services.
“Paysafe’s dedication to modernising its infrastructure using AWS is a testimony to the company’s commitment to deliver innovative payment solutions for its consumer and business clients,” said Scott Mullins, Managing Director, Worldwide Financial Services Business Development at Amazon Web Services. “We look forward to our continued collaboration with Paysafe, and we are excited to support the company’s mission to become a fully cloud-based payments provider.”
Paysafe’s cloud platform will now enable the company to power its growth strategy in 2022 by offering additional products and bolt-on services with its partner ecosystem.