Praxis Tech, a Payment Orchestration company, has introduced AI Smart Routing. This feature aims to enhance merchants’ payment success rates.

What Praxis Tech Offers

Praxis Tech provides a global platform for enterprise merchants, offering integration with over 600 pre-integrated Payment Service Providers (PSPs). The platform supports various payment methods and multicurrency transactions. Additionally, it offers PCI DSS tokenisation, integrated fraud and risk management tools through Visa’s Cybersource, and checkout optimisations to improve approval rates via advanced routing and decline recovery techniques.

How AI Smart Routing Works

AI Smart Routing evaluates the performance of different PSPs and provides tailored suggestions to boost first-time approval rates. Many businesses already reroute payments through multiple processors as a safeguard against transaction failures. However, if an initial provider is unable to process a payment, it is sent to alternative providers in sequence to maximise approval chances.

AI Smart Routing analyses performance data and recommends changes to the order of prioritising providers based on their specific approval rates for each merchant’s unique situation. This feature leverages live transaction data to provide optimisation suggestions directly to merchants, who can then decide whether to authorise adjustments to their card payment routing rules.

This optimization not only improves payment outcomes and success rates but also helps reduce costs for merchants whose processors charge fees for each transaction attempt. By streamlining the routing process, AI Smart Routing reflects Praxis Tech’s commitment to developing advanced technologies that benefit businesses.