Aug. 2, 2021 – Today, Netspend announced a collaboration with Amazon Web Services (AWS) to make Netspend’s innovative product offerings available to a broader base of neobanks, fintech startups, VCs and other ecommerce players in a cloud-based environment at scale.
In this unique co-selling agreement, AWS will serve as a distribution partner for Netspend’s B2C and B2B digital payment products and solutions, which provide key capabilities such as program management and banking as a service (BaaS) solutions. The collaboration also enables a major expansion of Netspend’s strategy of digitization, internationalization and B2B investments, while driving margin enhancement in the business.
“This collaboration will help expand our geographic and industry reach by allowing us to provide integrated, cloud-based solutions to more markets and more buyers, at scale,” said Kelley Knutson, Netspend’s president. “We’re looking forward to developing more cutting-edge technologies, accelerating speed to market and delivering these benefits seamlessly to innovative digital commerce players across the globe.”
“We’re enthusiastic about the value our jointly created capabilities from our collaboration with Netspend will bring to our customers in areas such as program management and BaaS solutions,” said AWS Vice President of Financial Services, Frank Fallon. “We’re looking forward to working with Netspend to provide banking and payment solutions that help simplify how businesses and consumers access payments and financial services.”
As part of the collaboration, Netspend will migrate its entire processing platform, including its API suite and user interfaces, to the AWS Cloud. With cloud-based integration, Netspend can power innovation for customers with the total end-to-end package, from processing to program management, and deliver its payment solutions with the speed, reliability, and scalability that is expected with the cloud. Utilizing the powerful AWS cloud technology, coupled with Netspend’s open APIs, will enable B2B customers to quickly scale their platforms and significantly increase speed to market.