Connect with us

News

PAYSAFE USING AWS TO DELIVER FAST AND INNOVATIVE SERVICES FOR DIGITAL WALLET CUSTOMERS

Published

on

Leading specialized payments platform announces migration of its Digital Wallet services to the AWS Cloud

 

Paysafe (NYSE: PSFE), a leading specialized payments platform, today announces the latest milestone in its strategy to become a fully cloud-based payments provider with the 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.

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.”

“Paysafe’s dedication to modernizing 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.”

 

News

NutreeLife triples production with finance from Siemens Financial Services

Published

on

By

Plant-based snack manufacturer NutreeLife has massively increased its production capacity with the help of a hire purchase solution from Siemens Financial Services (SFS).

Founded in 2017, NutreeLife is a rapidly growing company which produces vegan protein bars, snacks and other healthy vegan products. Following a significant increase in demand, the manufacturer wanted to invest in a new production line.

As Patrick Mroczak, MD and CEO at NutreeLife Ltd explains, “We were ready to invest in the next stage of business development. We needed new equipment to meet demand but we also wanted to preserve our cash flow to deal with the volatility of the pandemic.”

To protect the business’ working capital, SFS suggested a hire purchase arrangement. Under the agreement, NutreeLife could acquire the equipment immediately and with no upfront costs. Instead, SFS tailored the arrangement so that the company could spread the cost over 5 years in regular payments and at the end of the arrangement NutreeLife will automatically own the equipment outright.

Under the hire purchase solution, the manufacturer also met the conditions for the UK government’s super-deduction tax initiative, whereby a company investing in qualifying new plant and machinery assets is able to claim 130% of the equipment’s value in year one.

“As a relatively new business, it’s not always easy to gain access to the right finance at a good price but SFS were incredibly accommodating. They really understood the benefit of the technology for our business and helped us unlock the investment,” adds Mroczak.

With the new equipment and technology installed, NutreeLife has been able to triple its production and turnover, and expand operations in tow.

“Despite the ups and downs of the pandemic, the new production line has helped us to keep things moving. As demand rises we’ve been able to take on much more staff and use our working capital towards stockpiling raw materials when needed.”

And the business’ success has not gone unnoticed. NutreeLife was awarded Small Business of the Year at the 2021 Lancashire’s Be Inspired Business Awards (BIBAs).

“Working with SFS has truly opened up news avenues of business for us. The team is so fast and responsive and clearly dedicated to finding the best solution for our machinery needs,” comments Mroczak.

Kirsty Talmage-Rostron, Business Development Manager – UK South at Siemens Financial Services comments, “It’s always exciting to work with an innovative award-winning manufacturer like NutreeLife. Despite the challenges of COVID-19, we’ve been able to help the business rapidly develop and look forward to continuing to support this growth strategy as the business expands into new markets.”

 

Continue Reading

News

HYDR DEVELOPS INVOICE FINANCE PLATFORM TO INTEGRATE WITH MAJOR CLOUD ACCOUNTING SOFTWARE PROVIDERS

Published

on

MANCHESTER – UK – 17th January 2022 – Fintech start-up, Hydr has developed its proprietary invoice finance platform to integrate with more major cloud accounting software providers including Sage and QuickBooks.

After launching exclusively with Xero in May, the Hydr platform can now be accessed by millions more SMEs in the UK who want to leverage their unpaid invoices to optimise cash flow and help fuel their growth.

Users of Sage, FreeAgent, KashFlow, QuickBooks and Xero who sign up with Hydr can get paid almost immediately for the work they have completed and invoiced, rather than having to wait out long payment terms and even having to consider extending their borrowings to maintain working capital.

Customers who link their account to the Hydr platform can expect a class-leading, seamless integration. No duplication of data is needed, they simply continue to raise their invoices with their cloud accounting provider as normal and Hydr will do the rest, funding approved invoices within 24 hours.

Hydr co-founder, Nicola Weedall said, “We’re so pleased to have achieved this product milestone. The impact of long payment terms and late payments is affecting millions of small businesses in the UK; many are navigating CBILS repayments and ramping up post-Covid trading which can put a strain on working capital. We feel so strongly that getting paid early is the best way of optimising cash flow, far better than extending borrowings.”

Hydr co-founder, Hector Macandrew said, “Invoice finance in years gone by has often been complicated and time consuming to apply for, complex to manage and opaque in pricing. It is absolutely ripe for disruption and cloud accounting and open banking has made this reinvention achievable. With our simple, transparent and fairly priced proposition, it is now more accessible and attractive to small businesses than ever. We encourage more businesses to consider it.”

Hydr helps small businesses optimise their cash flow with fully digital onboarding that takes just 15 minutes. Hydr’s platform connects with a company’s data and financial information creating a seamless digital experience without the need for the company to submit any additional paperwork. Funding decisions are given in real time and Hydr pays 100% of the value of an invoice (rather than the traditional 70-90%) within 24 hours, minus a transparent, fairly priced fixed fee. Once quoted, the fee never, ever changes and includes credit insurance.

Hydr works with small businesses registered in England in Wales that sell products or services to other businesses (B2B).

 

Continue Reading

Magazine

Trending

Business6 hours ago

Mitigating the insurance risks of climate change through geospatial data visualisation

Richard Toomey, Senior Manager, Commercial Insurance at LexisNexis Risk Solutions UK and Ireland   In the lead up to the...

Top 106 hours ago

From compliance to the metaverse: Investment trends to look out for during the year ahead

By Rami Cassis, Founder and CEO of Parabellum Investments   In the investment world, the old saying, knowledge is power,...

News6 hours ago

NutreeLife triples production with finance from Siemens Financial Services

Plant-based snack manufacturer NutreeLife has massively increased its production capacity with the help of a hire purchase solution from Siemens...

News1 day ago

HYDR DEVELOPS INVOICE FINANCE PLATFORM TO INTEGRATE WITH MAJOR CLOUD ACCOUNTING SOFTWARE PROVIDERS

MANCHESTER – UK – 17th January 2022 – Fintech start-up, Hydr has developed its proprietary invoice finance platform to integrate...

Business1 day ago

What should you be know about PAN data in PCI DSS?

Narendra Sahoo (PCI QSA, PCI QPA, CISSP, CISA, CRISC) is the Founder and Director of VISTA InfoSec   Introduction PAN...

Finance2 days ago

GET READY FOR A LARGER-THAN-EXPECTED INTEREST RATE SPIKE IN 2022

By Nicholas Sargen As investors assess what is in store for 2022, they should not lose sight of what has transpired...

Banking2 days ago

MYTH BUSTING THE ROLE OF OPEN SOURCE IN FINANCIAL SERVICES

Nigel Abbott, Regional Director North EMEA, GitHub   There is no denying the financial services (FS) industry is under pressure to...

Business2 days ago

How Crypto Traders Can Avoid Unexpected Expenses

Have you been dabbling in cryptocurrency in 2021? Are you still relatively new to the world of crypto and feeling...

Finance2 days ago

Looking Ahead: 2022 Fintech Predictions and Reflections

Will Marwick, CEO of IFX Payments   2021 was the year of recovery and opportunity for many, following months of...

Business2 days ago

A systematic approach to stock selection finnCap’s Slide Rule

Raymond Greaves, Head of Research at finnCap   As an engineer by background, I love data and using it to...

News2 days ago

The UK’s Crypto and Digital Assets Group will be welcomed, but it needs to reach out to the industry

by Jennifer Clarke of regtech CUBE   The advent of the Crypto and Digital Assets Group will be welcomed with...

Finance2 days ago

EMBEDDED FINANCE EXPERIENCES, THE BIG MOVE IN 2022

By Louisa Murray, Chief Operating Officer UK & Europe at Railsbank Over the past year, we have seen some fundamental...

News2 days ago

FINANCIAL SERVICES INDUSTRY CRIPPLED BY RAPID RATE OF DIGITAL TRANSFORMATION

Latest findings from ITRS Group highlight urgent need for investment in strong operational resilience in post-pandemic landscape   A new...

Business7 days ago

SMART WEARABLES IN HEALTH TECHNOLOGY

Gavin Bashar, UK managing director at Tunstall Healthcare, discusses smart wearables in health and social care, the benefits, and what...

Finance1 week ago

THREE REASONS TO BE OPTIMISTIC ABOUT FINTECH IN 2022

by Stephen Lemon, Co-Founder and Vice President, Strategic Partnerships & Corporate Development at Currencycloud   It’s become cliched to point out...

Finance1 week ago

FINANCIAL SERVICES – KEY TRENDS FOR 2022

By Jason Aird, Partner, Airwalk Reply   For financial service organisations, the COVID-19 pandemic has led to a company-wide shift...

Top 101 week ago

HOW THE SECOND WAVE OF EMBEDDED LENDING WILL SHAPE 2022

Fuelled by the power of embedded finance, embedded lending is pushing the boundaries of SME funding to new frontiers. Mikkel Velin,...

Top 101 week ago

A CHANGE FOR NOW AND THE FUTURE – WHY THERE’S NO NEED TO LOOK BACK

Warwick Haycock, Accounting Software Specialist at The Access Group     Since March 2020, many organisations have dramatically changed the...

Banking1 week ago

2022: THE YEAR THAT BANKS FINALLY CHANGE FOR GOOD?

Toine van Beusekom, Strategy Director, Icon Solutions   The more things change, the more they stay the same. Looking back...

Finance1 week ago

TRENDS IN FINTECH IN 2022: FROM ARTIFICIAL INTELLIGENCE TO FINANCIAL WELLNESS

By Jayne Zhang, Lead Digital Transformation and Commercialisation consultant, FPT Software   The financial services industry has been pivoting towards...

Trending