Cashfree Payments has introduced a new platform for payment orchestration, named ‘FlowWise’.
This platform will help Indian businesses manage different payment systems with just one setup. It allows them to send payments to different partners based on specific needs instantly. This new offering aligns with Cashfree’s goal to improve its products, grow more, and attract more customers, the payments and API banking company said in a statement.
“With FlowWise, Cashfree Payments has introduced an innovative and industry-first concept of ‘self-hosted payments orchestration’, allowing payment management to take place directly on the merchant’s infrastructure,” it said.
Cashfree Payments aid FlowWise cuts processing costs by up to 40% and improves success rates up to 10%. It also enhances security of the payments system, by eliminating the risks such as data leaks.
“This launch aligns with our vision of creating fintech solutions that will help build strong and successful businesses. FlowWise will assist merchants to reduce payment processing costs up to 40% along with enabling them to provide a seamless checkout experience. We are confident that ‘FlowWise’ will become the top choice of business owners especially internet merchants, given its easy integration and high success rates,” said Akash Sinha, CEO and Co-founder, Cashfree Payments.
FlowWise uses a special ‘multi-armed bandit’ classifier to make better decisions. This helps improve success rates by up to 10%. It keeps testing different payment gateways, especially those where users face problems. This helps it switch between options quickly and get better success rates.
Ramkumar Venkatesan, CTO, Cashfree Payments, said, “This is a powerful no-code and user friendly payment orchestration platform that serves as the central intelligence for a merchant’s payment infrastructure.
The company said , FlowWise will simplify the complexity and effort of using multiple Payment Gateways (PGs) for businesses. It transforms this process into an easy plug-and-play experience without needing complex coding, Cashfree added.
