UK-based payments firm Paysafe has expanded its alliance with fintech firm Fiserv, focusing on delivering enhanced financial services to small and medium-sized businesses (SMBs).

The collaboration includes the integration of Fiserv's Clover Capital solution, aimed at providing SMBs with improved access to capital for growth and scaling.

Additionally, Paysafe will implement Fiserv's Data-as-a-Service solution to enhance its risk and fraud protection measures.

In the US, the partnership will see the launch of a digital wallet within Fiserv’s Clover merchant base.

The wallet is designed to facilitate faster settlements for businesses and provide access to a full suite of banking services, while also aiming to improve the customer experience.

Paysafe CEO Bruce Lowthers said: “These strategic initiatives reflect the strength and momentum of our partnership with Fiserv. Together, we are creating innovative, growth-oriented solutions that unlock new opportunities for SMBs while accelerating our product expansion strategies.”

Fiserv head of Merchant Solutions Jennifer LaClair stated: “Our expanded collaboration with Paysafe reflects our shared commitment to empowering small and mid-sized businesses with the tools they need to thrive in today’s digital economy.”

In February, Paysafe agreed to sell the assets of its direct marketing payment processing unit, Paysafe Direct, to KORT Payments.

Paysafe has over 29-year history in online payments and a workforce of nearly 3,300 across more than 12 countries.

The company facilitates connections between businesses and consumers across 260 payment types in 48 currencies around the world.

Last month, Fiserv signed an agreement to acquire Brazilian fintech company Money Money Servicos Financeiros, aiming to support SMBs.

"Paysafe expands tie-up with Fiserv to support SMBs " was originally created and published by Electronic Payments International, a GlobalData owned brand.

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