Cashfree Payments has launched a new payment orchestration platform called ‘FlowWise’. This platform enables Indian businesses to manage various payment systems through a single setup effortlessly. Businesses can instantly make payments to different partners based on specific requirements.
The introduction of FlowWise aligns with Cashfree’s objective to enhance its product offerings, expand its reach, and attract a larger customer base, as stated by the payments and API banking company.
“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.
FlowWise, the payment orchestration platform from Cashfree Payments, is designed to reduce processing costs by up to 40% and elevate success rates by up to 10%. In addition, it enhances the security of the payment system by mitigating 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 employs a unique ‘multi-armed bandit’ classifier to make more informed decisions, resulting in an enhancement of success rates by up to 10%. The platform continuously tests various payment gateways, particularly those presenting user challenges. This dynamic testing approach allows for swift switching between options, leading to improved 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.”
Cashfree emphasized that FlowWise is designed to simplify the complexity and effort associated with using multiple Payment Gateways (PGs) for businesses. The platform transforms this process into a straightforward plug-and-play experience, eliminating the need for intricate coding.
