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Payment Orchestration Platforms Explained

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Two women use a payment orchestration platform

Here’s what payment pros need to know and how payment orchestration can benefit you.

Payment orchestration platforms (POPs) provide a single technical framework that triggers, directs and validates all transactions between merchants, customers and payment providers. Payment orchestration covers every step of the payments process from routing through to reconciliation.

3 Common Questions About Payment Orchestration Providers

1. Why Are Businesses Adopting Payment Orchestration?

Merchants with global growth goals need to optimize their business to scale by entering new markets and regions. They also need to grow existing customer bases and create great customer experiences, by introducing innovative processes.

The right payment infrastructure for different markets makes this possible. But merchants need to offer localized payment methods to their customers, comply with rules and regulations, and offer secure and efficient payment acceptance flows.

For this, international merchants integrate with multiple region-specific payment service providers (PSPs). These integrations often require a high level of maintenance to handle a range of complex payment gateways, payment stacks, and payment integrations.

This is where payment orchestration does its job.

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2. Who Are the Industry Leaders in Payment Orchestration?

There are many companies providing payment orchestration platforms. Here are four of the industry leaders:

  • IXOPAY: This PCI-certified POP is designed for white label clients and enterprise-sized merchants. IXOPAY’s POP provides smart routing, risk management, and centralized reconciliation and settlements.
  • ZOOZ: ZOOZ’s PaymentsOS solution helps businesses route payments, A/B test their payment service providers, and enhance performance with data and analytics.
  • Spreedly: More than 500 customers use Spreedly to orchestrate payments across hundreds of gateways and other services with a single API connection.
  • Rebilly: Rebilly’s POP helps merchants plug-and-play multiple integrations, to provide localized and personalized checkout experiences for every market by detecting customers’ country, currency, and favored payment option.

There are a growing number of reasons why merchants work with POPs like those above.

3. What Are the Benefits and Capabilities of Payment Orchestration?

An orchestration platform helps merchants achieve optimized payments flow at the lowest cost. A key benefit is the ability for smart routing, so transactions are routed to the best performing provider. This can help merchants elevate conversion rates. Payment orchestration also provides merchants with the resilience to weather and adapt to any market changes — such as rapid consumer payment preference shifts, or new payments technology.

For example, buy now pay later (BNPL) platforms have become vastly popular in a short space of time. POPs can help merchants deploy these platforms without excessive technical tinkering or development. Crucially, POPs also prevent merchants from being exposed by an overreliance on one payment partner who may fail to deliver. 

Add the Most Comprehensive Solution for Global Payment Acceptance to your POP.

Put Fintech as a Service
to Work for You.

Rapyd Fintech as a Service can – from the same cloud-based platform – enable a simple use case, like helping a merchant collect payments using locally-preferred methods in 100+ countries. It also supports more complex scenarios, like a large consumer brand offering their own international ewallet solution, with ID Verification, AML screening, local cash top-up, integrated FX, disbursement, and loyalty programs.

With Rapyd, getting started offering your own financial services is as easy as embedding our pre-built APIs for a seamless customer-facing, user experience.

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Sources:
“FinLedger.” https://finledger.com/2020/11/11/opinion-why-payment-orchestration-is-about-to-have-its-moment/.

Photo by Nataliya Vaitkevich from Pexels

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