To transition a number of its global B2B payment platforms and services to the cloud, FinTech service provider WEX has grown its relationship with Amazon Web Services (AWS), according to a Monday (April 19) announcement emailed to PYMNTS.
WEX can develop connectivity and interpretation layers between the company’s cloud-based card-issuing and merchant-payment services by harnessing AWS services. As a result, invoices that accounts payable (AP) creates are provided to account receivable (AR) infrastructure, the announcement stated.
“AWS helps us achieve rapid time to market with new features, and we’re able to focus our time on enhancing solutions versus supporting the underlying infrastructure,” said WEX’s Mark Aquilina, senior vice president of Product and Strategy, Corporate Payment Solutions, in the announcement. “We can now facilitate data-rich payments from buyers to suppliers with ease, and scale those services up quickly on AWS, and that creates a leading position for WEX in the marketplace — one that we believe is completely unmatched by any other provider.”
WEX began harnessing AWS in 2014 and started on a roadmap to move “critical” processing environments to the cloud, according to the announcement. Since then, the company worked with AWS to raise the count of payments processed and decrease the time to handle payments as it added a number of large virtual card portfolios, financial institutions, FinTechs and digital travel agencies to its customer base.
WEX has been able to cut the time it takes to create cards and facilitate card payments to a “sub-second” workflow from two to three seconds by moving workload from a datacenter-based architecture to an AWS-native offering, the announcement stated. In addition, WEX has had the ability to move different business payment services to AWS, letting it make new functionalities for clients and build out new insights tools for itself, the announcement stated.
“We’re proud to work with a leading global financial technology provider like WEX to bring the scalability, agility and proven security of AWS to develop new cloud-based payment systems that provide real-time insights to help organizations make better business decisions,” said AWS’s Mark Smith, head of Business Development for Payments, in the announcement. “Together with WEX, we can help create an environment of rapid experimentation, deploying new analytics tools for WEX, while also building new features for its global customers.”