Cashfree Payments launches FlowWise in India

With this launch, Cashfree Payments intends to enable Indian businesses to use multiple payment aggregators with one integration and direct payments to several partners on specific requirements in real-time. Moreover, the introduction of FlowWise aligns with the company’s commitment to improving its product portfolio to further boost growth while expanding its customer base.

FlowWise allowed Cashfree Payments to provide self-hosted payment orchestration, enabling payment management to be conducted directly on the merchant’s infrastructure. As one of India’s first cloud-native orchestration platforms, FlowWise aims to enhance the success rate by up to 10% and reduce processing costs by up to 40%. The platform’s self-hosting capability removes safety concerns, offering merchants secure, scalable, and cost-effective solutions. According to Cashfree Payments’ officials, the launch supports the company’s vision of developing fintech solutions that help in expanding businesses. FlowWise intends to assist merchants in minimising payment processing costs, while also providing a simplified checkout experience. The platform incorporates artificial intelligence (AI) and machine learning (ML), being designed and developed in-house by Cashfree Payments.

Furthermore, representatives also stated that FlowWise is a no-code and user-friendly payment orchestration platform that aims to serve as the central intelligence for a merchant’s payment infrastructure. Cashfree Payments’ engineering and data science teams implemented ML algorithms to offer a secure orchestration experience for businesses and end customers. The company highlighted that one of the most important features of the product is that it is capable of simplifying complex integrations and operates within the merchant’s infrastructure.

As per the information detailed in the press release, many businesses face difficulties with the integration cost and effort of leveraging multiple payment gateways (PGs). By using FlowWise, merchants receive a plug-and-play no-code experience, while also automating redirecting payments through data-driven workflows. Leveraging advanced AI and ML, the platform dynamically selects the most appropriate PG in real time by examining data points from over 60 parameters in prior payment transactions. FlowWise allows merchants to manage the entire payment process, including integrating several payment methods, routing transactions, optimising success rates, reconciliation, refund management, risk management, and cost optimisation, in real-time and customised to specific requirements.

Additionally, FlowWise uses a multi-armed bandit classifier which intends to improve its decision-making capabilities, resulting in success rates improved by up to 10%. The platform constantly tests even the payment gateways where end-users experience negative outcomes to improve dynamic switching and achieve an enhanced success rate. Considering the rapid and changing nature of downtime and success rate movements, the system is required to adapt to modifications as dynamically as possible. Generally, FlowWise provides a comprehensive solution that coordinates between internal and external systems, allowing businesses to configure, and reconfigure payment workflows for successful transaction processing. Merchants can use the orchestration platform to leverage threshold-based routing, with them being able to set rules that switch routing when the success rate of a particular PG declines below a specific percentage, to improve the control over their payments to businesses.