Paysafe Forges Multi-Year Agreement With AWS To Become A Cloud-Based Provider

Paysafe Ltd PSFE inked a global multi-year agreement with Amazon.Com Inc AMZN Amazon Web Services (AWS) to become a fully cloud-based payments provider.
Paysafe is migrating its workload portfolio, 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.
The first milestone of the collaboration has been accomplished by shifting Paysafe's eCash solutions to the cloud.
The arrangement supports Paysafe to leverage data to drive customer acquisition and engagement and reliably run, scale products and applications for its North American and European operations.
Paysafe's partners will also gain from its cloud-first approach.
Paysafe is creating a centralized, curated, and secured repository using Amazon Simple Storage Service (Amazon S3), AWS analytics, and AWS security to build a data lake to store, protect, and organize consumer merchant data.
Price action: PSFE shares traded higher by 0.8% at $13.9, and AMZN shares traded higher by 1.29% at $3,503.03 in the premarket session on the last check Thursday.