Driving growth with cloud cost optimization
SurePay offers real-time payment verification services, also known as Confirmation or Verification of Payee, providing an extra layer of security for financial institutions and organizations making payments or collecting funds across the UK and Europe. Some 1.5 billion checks are performed every year, and this number is constantly growing. 175k “no match” warnings are shown every day, preventing many payment frauds. Their mission is to protect people against the growing threat of fraud worldwide.
Transforming challenges into business value
SurePay, which deploys its services on Amazon Web Services (AWS), encountered various challenges with its cloud infrastructure, notably rising costs and a lack of visibility into their cloud usage. If these issues remained unaddressed, Surepay risked uncontrolled expenses and inefficiencies that could hinder their growth and operational efficiency.
Thoughtworks stepped in to conduct a comprehensive assessment to identify opportunities for savings and propose methods to better manage costs through a platform-centric approach. We conducted a six-week assessment of SurePay’s cloud infrastructure. This approach included:
Stakeholder interviews with their product owners and engineers
Analyzing their cloud costs, infrastructure utilization and performance
Collaborative workshops to align their business and technical objectives
As part of the assessment, we also helped design a cloud financial management ‘FinOps’ platform enabling SurePay to continuously control costs through resource optimization and waste management.
This engagement with Thoughtworks has helped us identify cloud cost-saving opportunities and enhanced our visibility over cloud usage. Optimizing our cloud infrastructure will enable us to focus more on driving growth and innovation, strengthening our mission to provide secure payment verification services worldwide, and that is of enormous importance as we stand on the eve of further European expansion.
Less cloud spending, more visibility and control
The assessment revealed significant opportunities for cost reduction, greater visibility and optimization, including:
Immediate savings
SurePay could cut their annual cloud bill by 10% in the short term, with further opportunities to optimize their costs long-term by investing in a FinOps platform.
Enhanced visibility
The FinOps platform’s analytics and reporting capabilities empowers product teams with detailed insights into cloud costs and usage, enabling the teams to make better data-driven decisions.
Strategic cost management
The FinOps platform also empowers the business to measure cloud costs in meaningful units like cost per transaction and cost per platform.
Through a comprehensive assessment and implementation of FinOps best practices, this engagement has helped the client uncover newfound efficiencies and cost savings through a more strategic approach to cloud cost management.
By partnering with SurePay, we've provided the client with actionable insights to achieve sustained cloud cost optimization. This engagement will deliver tangible short-term and long-term benefits through FinOps best practices.
