AI-driven Routing by Praxis Tech to Enhance Payment Success Efficiency
AI Smart Routing: Revolutionizing Payment Strategies for Businesses
AI Smart Routing, a groundbreaking feature by Praxis Tech, is transforming the way businesses manage their payment routing strategies. This artificial intelligence-driven tool is designed to optimize the processing of transactions through multiple Payment Service Providers (PSPs), thereby increasing the likelihood of payment approval on the first attempt.
The platform analyses historical and live transaction performance data from various PSPs used by a merchant, and intelligently suggests changes to the order in which payment providers are contacted for processing a transaction. This prioritization is based on which providers are most likely to approve payments successfully for that specific merchant’s patterns and use cases.
This optimization brings several benefits to merchants. Firstly, it increases first-time payment approval rates, reducing the number of attempts needed per transaction. Secondly, it lowers costs associated with multiple payment processor attempts, since merchants often pay fees per transaction attempt. Thirdly, it provides actionable insights and analytical tools that merchants can use to authorize routing changes and monitor performance improvements in real-time. Lastly, it adapts dynamically to live transaction data to continually improve routing strategies for better payment outcomes.
By smartly adjusting the priority sequence of payment routing, AI Smart Routing helps merchants reduce transaction failures, enhance conversion rates, and lower payment processing expenses in an automated, data-driven way. The feature embodies Praxis Tech’s focus on leveraging AI to deliver measurable improvements in payment orchestration for businesses.
AI Smart Routing supports multiple currencies and offers services such as PCI DSS Tokenization, fraud and risk management solutions, and checkout enhancements. Merchants can approve changes to their rules for routing card payments based on the suggestions provided by AI Smart Routing.
If the first provider can't process the payment, it's forwarded to alternative providers in sequence to maximize approval chances. AI Smart Routing recommends changes to the priority order in which providers should be selected, based on which providers actually approve the most payments for each merchant's specific situation.
The new AI feature, Smart Routing, is designed to analyze payment patterns. It uses the performance data of various payment service providers to intelligently suggest better options for routing transactions, helping merchants get more payments approved on the first attempt.
Praxis Tech offers a payment orchestration platform with access to over 600 pre-integrated PSPs and global payment methods. Guy Karsenti, the Chief Technology Officer and Managing Partner at Praxis Tech, leads the development of these innovative technologies that enable merchants to achieve better payment outcomes. AI Smart Routing aims to help businesses achieve consistently better payment outcomes and higher success rates.
The finance business can significantly benefit from AI Smart Routing, as it increases first-time payment approval rates, reducing costs associated with multiple attempts. Further, this technology provides actionable insights and analytical tools that merchants can use to optimize their routing strategies in real-time.
Artificial intelligence in the form of AI Smart Routing has the potential to lower costs for businesses by prioritizing payment providers most likely to approve payments successfully, thereby reducing the number of attempts per transaction.
