Paysafe operates in the highly competitive payments industry, which has seen considerable venture capital funding, the rise of “digital-born” fintech companies, and growing global competition.
Additionally, new regulations such the General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) have increased data privacy requirements and fines for privacy violations. Consequently, companies like Paysafe have taken a fresh look at their security and compliance standards.
Early on, Paysafe leaders realized that transforming the company’s business with cloud services would increase its competitiveness and strengthen security and compliance.
Cloudreach worked with Paysafe to move the iPayments business to Microsoft Azure and ensure that key security and regulatory standards were met on an ongoing basis, including the Sarbanes-Oxley Act (SOX), the National Institute of Standards and Technology (NIST), PCI Security Standards, GDPR, CCPA, and more. Azure simplifies compliance by consolidating relevant data, integrating policies, and setting guardrails on self-provisioning.
Azure provides companies like Paysafe with a comprehensive compliance view of all resources, real-time policy enforcement and evaluation, automated remediation of existing resources, and cloud policy management and security at scale.
Paysafe worked with Cloudreach to develop a cloud transformation strategy, business case, roadmap, and implement best practices for managing cloud governance and compliance. The company has moved SQL databases to Azure, stood up an Azure landing zone to empower businesses to develop new products, and uses integrated capabilities to manage compliance and security efficiently.
Paysafe expects to achieve further cost savings as it continues its migration to a serverless model. In addition, IT teams can focus on new business initiatives, rather than just installing and patching servers.
“Paysafe wanted to work with a partner who had expertise in migrating to the cloud, could demonstrate global reach, and had done it many times for many partners. Cloudreach helped us use the right strategy, guidelines, and tools, so that we moved fast and didn’t make mistakes along the way.”
— Sev Kelian – Director of Cloud Services, Paysafe
Paysafe is a multinational fintech company headquartered in London, England, which provides diverse payment services to European and North American companies in industries such as retail, the lottery, and iGaming.