Paysafe signs multi-year agreement with Amazon Web Services

By Megha Bhattacharya

Payments platform Paysafe has signed a global multi-year agreement with Amazon Web Services in a bid to become a fully cloud-based payments provider. Paysafe is migrating its broad portfolio of 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.

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.”

The AWS partnership will enable Paysafe to utilise data to drive customer acquisition and engagement, as well as to run and scale products and applications for its North American and European operations. The real-time transactional processing powered by AWS will allow merchants to offer a frictionless customer experience at the point of sale.

Paysafe stated that it 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.”