Specialized payments platform Paysafe Limited (NYSE:PSFE) announces migration of its digital wallets, Skrill and NETELLER, and all associated business services to Amazon Web Services (AWS). The completion of the Digital Wallets cloud migration is part of a global multi-year agreement with AWS that supports Paysafe’s cloud strategy.
The move to AWS has enabled Paysafe to scale its Digital Wallet operations 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.
The migration of Paysafe’s Digital Wallets services represents the completion of the transition of the company’s broad portfolio of mission critical workloads to the cloud with AWS. It follows the transition of Paysafe’s eCash solutions earlier this year.
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.
Paysafe’s Digital Wallets portfolio offers a popular alternative payment method for consumers, with the ability to send and spend money online from a Skrill or NETELLER account. It allows customers to upload funds from credit and debit cards, bank accounts and a variety of alternative payment methods and use those funds to send money to friends and family or spend online. Customers can also use a prepaid card.
For merchants, it provides a platform that supports multiple payment methods including credit cards, prepaid cards and real-time banking solutions. Merchants using Skrill and NETELLER are able to promote their services to millions of users 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 cloud platform now positions the company to power its growth strategy in 2022 by offering additional products and bolt-on services with its partner ecosystem.