Paysafe and Endava Team to Meld Payments And AI-Powered Engineering

Core Insights - Paysafe has partnered with Endava to enhance payment solutions and community engagement through advanced technology [2][4] - The collaboration aims to leverage Paysafe's payment expertise and Endava's AI-driven engineering to improve transaction experiences [4][5] Company Overview - Paysafe specializes in facilitating secure transactions globally, offering services like digital wallets, prepaid solutions, and online payment processing [2] - Endava provides a variety of tech and business services, including engineering optimization and AI solutions, with experience in the payments sector [3] Partnership Goals - The partnership seeks to establish a new standard for payments and community experiences, focusing on quicker rollouts and richer digital experiences [4] - The collaboration combines world-class payment infrastructure with next-generation engineering to simplify and enhance transaction processes [5] Recent Performance and Challenges - Paysafe recently lowered its quarterly earnings guidance, citing challenges with digital wallet products [5] - The CEO noted that while digital wallets are still developing, consumer engagement in eCash has been strong, with over 500,000 registrations for account and card offerings [6] Market Dynamics - Digital banking partnerships are increasing in Europe, but traditional wallets are not meeting growth expectations due to global weaknesses [7] - The complexity of the regulatory and banking ecosystem has delayed the execution of product roadmaps, although the customer pipeline remains strong [7]