Payments orchestration software provides a unified software layer (payment orchestration layer) that integrates and manages payments across multiple payment service providers and financial institutions. This type of software allows companies to process and monitor B2C and B2B payments by switching between payment gateways and payment processing solutions, thus avoiding errors and failed payments. Another benefit of payment orchestration software is that it provides built-in compliance with privacy and security regulations. This type of software is most beneficial to medium and large B2B companies focusing on e-commerce, retail, and software as a service (SaaS).
Payments orchestration software should not be confused with payment gateways and payment processing software, since it integrates with but does not replace these solutions. Payment orchestration also integrates with e-commerce platforms for cross-border and global commerce.
To qualify for inclusion in the Payment Orchestration category, a product must:
Provide a payment orchestration layer to connect multiple payment solutions
Deliver customizable APIs to maintain integrations with e-commerce and payments software
Manage payment processing routing across multiple payment platforms
Comply with regulations and standards for payment security and fraud prevention
Consolidate and analyze payments data from multiple gateways and platforms
