Global Payments teams up with AWS to deliver the future of payments

Global Payments today announced in a company press release that its signed a multi-year collaboration agreement with Amazon Web Services (AWS) to provide a cloud-based issuer processing platform to financial institutions around the world.

As part of this agreement, Global Payments and AWS said each of them will strategically collaborate to transform Global Payments’ core issuing platform to deliver secure innovative solutions for the payment industry at scale.

Jeff Sloan, Chief Executive Officer at Global Payments commented on the companies excitement and what value it will bring Global Payments customers by saying: “We are excited to enter into this collaboration with AWS, which enables us to offer our solutions to institutions regardless of size, location or processing preference. The new platform’s cloud-based architecture will give clients the ability to use the services they need with greater speed-to-market, flexibility, and best-in-class experiences for our customers and their cardholders. By strategically partnering with AWS, we can capitalize on the fintech and open banking movement, further expand our role in technology innovation, leapfrog existing distribution models and solidify our position as a leading provider of technology solutions for financial institutions, new market entrants, and retailers across the globe.”

Payments have received an increase in attention since COVID-19 lockdowns were announced with businesses and people having to adapt to remote work and make an increasing amount of transactions online both for business and personal matters.

As a result, businesses are investing in digital transformation to optimise its processes, with payments being an example, to suit a digital customer and streamline the distribution models that accompanies the selected product or service.

Recent examples of this are Tech Data announcing it plans to invest $750m to accelerate digital transformation capabilities over the next five years and BOB Financial Solutions last week announced its decision to use Fiserv to assist in enabling the digital transformation of their end-to-end card issuance and processing cycle.

Global Payments said it will work with AWS to build on AWS’s customer relationships, making innovative technologies available to institutions of all sizes worldwide and expand the customer base for Global Payments’ issuer processing services.

The payments provider noted that the cloud-based issuer processing platform built on AWS will allow financial institutions of all sizes to more seamlessly operate the entire lifecycle of card issuance and management while increasing the speed to a global market.

Global Payments explained it will use AWS to leverage the proven scalability of its global infrastructure to support the rapid adoption of the payment providers issuer processing platform around the world, which they claim processes around 27 billion transactions annually.

Andy Jassy, CEO of AWS explained what the company has to offer Global Payments and what it can expect from the partnership by saying: “Global Payments is a leader in the payments technology industry, and working together, we will provide solutions to organizations—from traditional financial institutions to emerging payment players—to simplify commerce, so they can focus on innovation and growth. We look forward to working with Global Payments to bring payment issuer solutions to new geographic regions and more customers throughout the world. By leveraging the proven scalability and reliability of the world’s leading cloud, Global Payments is providing the tools for businesses to manage the card issuance lifecycle and transform the way that the payments industry operates.”

Global Payments said it will rely on AWS, who claims to have millions of customers ranging from startups to globally recognised brands across numerous industries, as its preferred cloud provider for issuer processing.

Physical card issuance is a contributor of plastic waste on the planet and finance providers are joining the fight to combat plastic pollution by enabling digital transformation. EML Payments recently announced its change for good initiative which plans to remove 25 million pieces of plastic from the financial industry by 2023.

The payments provider is expecting to use a range of AWS’s 175 available services which include storage, compute, database, security, and analytics.

Global Payments noted that it plans to use AWS’s machine learning capabilities to fulfil compliance requirements, enable new cloud-based services, and enhance customer experiences for its clients and their cardholders.

The press release wrote that Global Payments will also be working with Amazon and its wider service and product offerings to explore additional opportunities for potential collaborations across all of Global Payments current suite of products and services.