Financial tech firm Global Payments has agreed a partnership with Amazon Web Services (AWS) to expand its global reach with the development of a cloud-based payment platform for card issuers.

As part of the deal, Global Payments will also tap into AWS services as its preferred cloud provider.

The cloud-based platform is described as a “processing service” for card issuers. It aims to give companies more access to technology-oriented services that could help them to deliver more modern consumer experiences and help accelerate feature improvements.

Global Payments CEO Jeff Sloan told MarketWatch that it could “level the playing field for large financial institutions” suggesting that innovations such as contactless payment options and digital banking services “can all be done better, faster and cheaper in the cloud“.

He added that the arrangement with AWS was about “letting large financial institutions globally access the same technology that startups did.”

“The new platform’s cloud-based architecture will give clients the ability to use the services they need with greater speed-to-market, flexibility and best-in-class experiences for our customers and their cardholders,” said Sloan.

“By strategically partnering with AWS, we can capitalise on the fintech and open banking movement, further expand our role in technology innovation, leapfrog existing distribution models and solidify our position as a leading provider of technology solutions for financial institutions, new market entrants, and retailers across the globe.”

Global Payments will use a range of AWS services, such as storage, compute, database, security, analytics and machine learning to fulfil compliance requirements, enable new cloud-based services, and enhance customer experiences.

The two organisations will also work together to explore additional opportunities for collaboration on innovative payments products and services across all of Global Payments.

The partnership is another big win for AWS in the financial world. The company already works with CapitalOne, CoinBase and the National Bank of Canada, to name a few.