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Praxis Tech Unveils AI Smart Routing for Enhanced Payment Performance

Praxis Tech, a prominent player in payment orchestration, has launched a groundbreaking feature called AI Smart Routing. This innovative tool aims to assist merchants in increasing their payment approval rates, making transactions more efficient and effective. By analyzing payment patterns, AI Smart Routing recommends optimized routing strategies to facilitate higher transaction success.

In today’s digital economy, seamless payment processing is crucial. Many businesses employ specific sequences to send the same payment through multiple processors to avoid transaction failures. However, if the initial provider fails, these businesses may find themselves bogged down in inefficiencies, leading to lost sales opportunities. AI Smart Routing addresses this challenge by intelligently analyzing the performance of various Payment Service Providers (PSPs) and suggesting optimal routing adjustments that are tailored to each merchant’s unique context.

How AI Smart Routing Works

The AI Smart Routing feature evaluates the acceptance rates of different payment providers for each merchant, examining real-time transaction data. This capability enables the system to recommend an optimized order for payment processing — for instance, which provider should be prioritized first, second, and so forth, based on their historical success in approving payments.

Guy Karsenti, Chief Technology Officer and Managing Partner at Praxis Tech, highlighted the significance of this feature, stating, "AI Smart Routing reflects our commitment to delivering innovative technology that optimizes payment outcomes for merchants. By intelligently analyzing transaction patterns, we empower businesses to achieve greater first-time approvals while providing measurable performance enhancements."

Moreover, the AI-driven functionality not only analyzes but also dynamically adjusts the payment routing parameters, ensuring that merchants are equipped with the most effective strategies at any given moment. As merchants authorize changes to their payment routing rules, they can simultaneously monitor performance through newly introduced analytical tools.

Cost Efficiency and Performance Improvement

With the introduction of AI Smart Routing, merchants can significantly reduce the necessity of sending the same payment to multiple providers, which in turn minimizes costs associated with transaction attempts. This cost efficiency is particularly beneficial as some processors charge fees for each attempt made, making effective routing strategies critical for maximizing profit margins.

Additionally, the launch of this AI-powered feature emphasizes Praxis Tech’s dedication to integrating sophisticated AI capabilities across its product offerings. The objective is to continuously provide merchants with enhanced opportunities for payment optimization that result in better financial outcomes.

A Bit About Praxis Tech

Praxis Tech is renowned for its pioneering payment orchestration platform that streamlines payment infrastructure for enterprises with global operations. It offers merchants access to over 600 pre-integrated PSPs, global payment methods, and multi-currency capabilities. Their services range from PCI DSS tokenization to integrated fraud and risk management solutions in partnership with Visa’s Cybersource.

In summary, AI Smart Routing is not merely another tool; it represents a significant advancement in payment technology that caters to the modern needs of merchants seeking higher efficiency and reduced transaction failures. The ongoing development of such intelligent solutions underlines Praxis Tech’s role as a leader in the evolution of payment systems. As businesses increasingly rely on technology to enhance customer experiences, solutions like AI Smart Routing will become indispensable in driving success in the digital marketplace.