Introduction

Paysafe is a global payments leader providing digital wallet and online transaction services across various regions and currencies. With over 25 years in business and a mature structure developed through multiple mergers and integrations, Paysafe’s large scale and regulatory demands make its banking operations highly complex. 

Problem

Paysafe faced extensive operational and compliance requirements: 

• A vast network of over 3,000 bank accounts and dozens of local payment methods required careful onboarding and ongoing oversight
• Strict regulatory requirements demanded central tracking of safeguarding letters, approvals, and annual audits  
• Manual work created complexity and risk of human error in processes 
• Visibility for senior stakeholders relied on teams for ad hoc reporting

“We had gone through three or four bank account management tools. Either they were discontinued, too expensive, or just didn’t meet our needs.” – Caroline Gaw, VP Global Payments and Banking Operations, Paysafe Group 

Solution

FinanceKey brought compliance, automation and collaboration together under one platform to handle complexity at scale: 

• Key documents such as safeguarding letters and compliance records are stored in a single secure directory 
• Automated approval workflows set up for processes such as opening and closing bank accounts and issuing payment instructions 
• Built-in audit trails that record approvals and changes, reducing the administrative burden of annual reviews and internal audits 
• A collaborative co-building model, where FinanceKey incorporates Paysafe’s operational and regulatory insights into its roadmap