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Payment orchestration: The new game-changer in digital payments

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By Rajesh Londhe, Co-founder and Head of Payments, PhiCommerce

In the digital payments ecosystem a relatively new tool has slowly started demonstrating transformational benefits to businesses and merchants as well as consumers in terms of efficiency. A tool that only select payment platform providers have been able to roll out till now which helps businesses to cut transactional costs and downtime while substantially increasing efficiency.

Payment Orchestration is a digital payments tool to streamline and optimize the payment process, which operates between businesses and merchants, allowing businesses to connect to multiple payment service providers to manage transactions and route them to the suitable provider, all within milli seconds. It can simplify and speed up the integration process with payment service providers. Moreover, it provides businesses with a comprehensive view of their payment transactions, making it easier to monitor and manage financial operations.

Businesses typically use half a dozen payment providers, acquirers and banks but they only need one payment orchestration provider, a provider that detects fraud, integrates all payments and does several smart things. This serves as a centralised hub that enables merchants as well as companies to integrate various payment methods, gateways, and providers, even in multiple markets and geographies.

Helps international transactions

The digital economy is no longer bound by geographic or physical constraints. Businesses eyeing international horizons find themselves at a crossroads—either adapt to the multifaceted realm of global payments or remain stagnant. Payment Orchestration works along with seamless cross-border transactions, currency conversions and multiple payment methods efficiently navigating this complex landscape.

Deals with cyber attacks

As India continues to remain vulnerable to cyber threats as against other developed markets, Payment Orchestration fortifies transactions with robust security measures and compliance protocols. The complexity of navigating global financial regulations and protecting against fraud is vastly simplified through these platforms, shielding businesses from potential financial and reputational damage. This is not merely a benefit but a shield in the modern digital battlefield, where security and compliance are non-negotiable.

Consumer behavioural insights

The next level of orchestration will open up a new world of consumer behaviours especially within a given set of parameters including location. For large, multi-business organizations, offering more than operational efficiency—it unveils a path to deeply understanding customer payment behaviours.

For instance, a large shopping mall in Lucknow can offer cross-selling opportunities within its tenants, a leading global credit card network has already started a campaign in Kempe Gowda International Airport at Bangalore offering loyalty program across the airport, agnostic of merchants and location. This consolidation of payment data across diverse platforms provides a foundation for crafting targeted, insightful marketing campaigns. This not only enhances customer loyalty but also helps in nurturing the engagement, which transcends the tool’s functional role, thereby becoming a catalyst for a digital-first economy.

And most of these sophisticated complex solutions are backed by artificial intelligence (AI) algorithms that examine large databases to identify fraudulent activity, AI-powered predictive analytics as well as user experiences.

Payment orchestration platform market was valued at USD 1.13 billion in 2022 and is expected to grow annually at 24.16%. Led globally by Adyen, Stripe and Braintree the market is poised to touch USD 7 billion by 2032, according to a report in Techcrunch.

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