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Praxis Tech Launches AI Smart Routing

In a significant development for the payment processing industry, Praxis Tech, a cutting-edge Payment Orchestration company, has unveiled a powerful new feature called AI Smart Routing. This innovative tool is designed to help merchants enhance their payment success rates by intelligently analyzing transaction patterns and suggesting optimal ways to route payments.

What is AI Smart Routing?

AI Smart Routing is a sophisticated feature that carefully examines how different Payment Service Providers (PSPs) perform with specific transactions. Traditionally, many businesses implement a straightforward sequence to send payments through multiple processors in case the initial attempt fails. This setup ensures that if the first provider cannot process the transaction, the payment is routed to alternate providers to maximize the chances of approval.

However, this method can often lead to inefficiencies and increased costs, especially if the processors charge per transaction attempt. AI Smart Routing addresses these challenges by analyzing real-time performance data from various providers and recommending strategic changes to the order in which payments are processed.

Efficiency Through Data Analysis

The essence of AI Smart Routing lies in its ability to analyze transaction performance across different providers for each merchant. By assessing past acceptance rates, the system identifies which providers are more likely to approve transactions based on specific merchant conditions. This insight allows merchants to adjust the priority of payment routings dynamically, ensuring that they always start with the provider that has the highest approval rate for their unique situation.

Guy Karsenti, the Chief Technology Officer and Managing Partner at Praxis Tech, stated, "AI Smart Routing exemplifies our commitment to delivering innovative technology that drives better payment outcomes for merchants. By intelligently analyzing transaction patterns, we empower businesses to secure higher first-time approvals and achieve significant performance enhancements."

Real-Time Adaptability and Cost Reduction

One of the most notable features of AI Smart Routing is its ability to respond to live transaction data. As merchants process transactions, the system continuously collects and analyzes data, providing actionable optimization suggestions. Merchants can author changes to their payment routing rules in real-time based on this data, allowing for a dynamic response to the ever-changing payment landscape.

This adaptability not only helps in increasing approval rates but also aids in minimizing costs by reducing the frequency of transactions that need to go through multiple processors. Ultimately, this translates to better financial outcomes for businesses, particularly for those using multiple payment processors.

A Step Towards Enhanced AI Capabilities

The introduction of AI Smart Routing is a testament to Praxis Tech's ongoing commitment to engineering advanced AI capabilities into its product offerings. The feature represents a robust step forward in enhancing payment processes for businesses around the globe, allowing merchants to capture more sales and improve customer satisfaction through a streamlined payment experience.

As Praxis Tech continues to innovate, businesses can look forward to additional optimization opportunities that leverage AI to address challenges within payment processing. The company's leading Payment Orchestration Platform already provides extensive solutions, including PCI DSS tokenization and integrated fraud management tools, now supercharged by AI Smart Routing.

About Praxis Tech

Founded with the mission to revolutionize payment processes, Praxis Tech stands as a leader in the Payment Orchestration industry. The company delivers unmatched services, including access to over 600 pre-integrated PSPs, multi-currency support, and enhanced checkout solutions. With a firm belief in the efficacy of technology, they are dedicated to helping businesses achieve optimal payment infrastructures across various regions.

As the landscape of payment processing continues to evolve, innovations like AI Smart Routing are crucial for merchants aiming to stay competitive in today's fast-paced market.

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