Artificial Intelligence Technology Company, Praxis Tech, Introduces AI-Powered Smart Routing to Enhance Payment Success Efficiency
Praxis Tech, a leading Payment Orchestration company, has announced the launch of a new feature - AI Smart Routing. This innovative technology is designed to improve payment success rates for merchants by optimizing the routing of transactions through different Payment Service Providers (PSPs).
The AI Smart Routing feature works by analyzing transaction patterns to understand how different PSPs perform for each merchant. It assesses the acceptance rates of each provider to identify the most successful ones. Based on this analysis, it recommends changes to the order in which PSPs are used to process payments. This ensures that the most effective providers are prioritized first, maximizing the chances of successful transactions.
One of the key benefits of AI Smart Routing is its adaptability. The system responds to live transaction data, allowing for real-time adjustments to routing strategies. This dynamic adjustment helps merchants keep up with changing payment dynamics and improve long-term approval rates.
Another advantage of AI Smart Routing is cost reduction. By reducing the need to send payments through multiple providers in sequence, the feature helps lower costs for merchants who are charged per attempt.
Guy Karsenti, Chief Technology Officer and Managing Partner at Praxis Tech, stated that AI Smart Routing demonstrates their focus on delivering innovative technology that drives better payment outcomes for merchants. He added that the feature offers merchants even greater optimization opportunities.
AI Smart Routing recommends changes to the priority order of which provider should go first, second, and so on, based on which ones actually approve the most payments for each merchant's specific situation. The tool studies the performance data of businesses that set up specific sequences to send the same payment through multiple processors.
Praxis Tech AI Smart Routing also offers merchants new analytical tools to track performance. The feature provides merchants with smarter payment orchestration that boosts performance. Moreover, it is designed to cut unnecessary costs for merchants.
In conclusion, the launch of AI Smart Routing is a reflection of Praxis Tech's ongoing approach of engineering sophisticated AI capabilities into more products and features. The feature is aimed at helping businesses achieve higher first-time approvals and deliver measurable performance improvements. Merchants can authorize changes to their card payment routing rules based on AI Smart Routing's suggestions, further enhancing their payment success rates.
Ffnews.com reported that Praxis Tech's AI Smart Routing feature, designed to improve payment success rates, analyzes transaction patterns to prioritize the most effective Payment Service Providers (PSPs) for specific merchant situations. By optimizing the order in which PSPs are used, the feature offers merchants opportunities for greater cost reduction, as it lowers the need for multiple attempts through various providers.
The new analytical tools provided by Praxis Tech's AI Smart Routing enable merchants to track payment orchestration performance and make smarter decisions to cut unnecessary costs. Addressing the innovation, Guy Karsenti, Chief Technology Officer and Managing Partner at Praxis Tech, emphasized that the feature showcases their dedication to providing AI-driven solutions that boost merchant performance and first-time approvals.
