Cashfree Payments launches India's first self-hosted Payments Orchestration Platform 'FlowWise'

• The concept of ‘self-hosted payments orchestration’, allows every payment action to take place directly on the merchant’s infrastructure
• FlowWise cuts processing costs upto 40%, improves success rates upto 10%
• FlowWise significantly enhances security of the payments system, by eliminating the risks such as data leaks

BENGALURU, India, Dec. 15, 2023 /PRNewswire/ — Cashfree Payments, India’s leading payments and API banking company, announced its foray into payment orchestration with the launch of ‘FlowWise’. Built in-house, this secure and cutting-edge payments orchestration platform empowers Indian businesses to seamlessly use multiple payment aggregators with just one integration, and efficiently route payments to various partners on specific requirements in real time. This launch aligns with the company’s focus of strengthening its product portfolio to further bolster growth while expanding its customer base.

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 is India’s first cloud-native orchestration platform and aims to improve success rate by up to 10% and cut the processing costs up to 40%. FlowWise’s self hosting feature eliminates safety concerns, making it one of the most secure, scalable and cost effective solutions for merchants.

Akash Sinha, CEO and Co-founder, Cashfree Payments, said, “We are proud to introduce ‘FlowWise’, India’s first self–hosted payments orchestration platform. 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. Designed and developed in–house, this offering showcases the technological prowess of Cashfree Payments, incorporating cutting-edge AI and ML.”

Addressing the technological excellence behind the groundbreaking product, 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. Our engineering and data science teams have implemented top-tier machine learning algorithms to provide a secure and robust orchestration experience for businesses and end customers. One of the best features of this product is that it simplifies the complex integrations and operates within the merchant’s infrastructure—an industry-first offering.”

What makes FlowWise truly unique?

Businesses face challenges with the integration cost and effort of using multiple Payment Gateways (PGs), which FlowWise converts into a simple plug-and-play no-code experience. Multi-PG businesses require the ability to redirect payments from a PG experiencing downtimes or exhibiting low success rates. FlowWise automates this by swiftly monitoring and redirecting volumes through data-driven workflows. Harnessing advanced AI and Machine Learning, FlowWise dynamically selects the best PG in real-time by analyzing millions of data points from over 60 parameters in previous payment transactions. FlowWise enables merchants to seamlessly manage the entire payment process, including integrating various payment methods, routing transactions, optimizing success rates, reconciliation, refund management, risk management, and cost optimization, all in real time and tailored to specific requirements.

Unlike other solutions available, FlowWise employs a ‘multi-armed bandit’ classifier which enhances its decision-making capabilities that improves success rates by up to 10%. It continuously tests even the payment gateways where end-users experience negative outcomes to enhance dynamic switching and achieve a better success rate. Due to the rapid and ever changing nature of downtime and success rate movements, it is crucial for the system to adapt to changes as dynamically as possible. Overall, it delivers a comprehensive solution that coordinates between internal and external systems, enabling merchants to configure, and reconfigure payment workflows for successful transaction processing. FlowWise also enables businesses to use threshold-based routing, i.e. set rules that switch routing when the success rate of a particular PG drops below a specified percentage, to give better control over their payments to businesses.

Cashfree Payments is one of the leading online payment aggregators and also leads the way in bulk disbursals in India with its Payouts with over 50% market share. India’s largest lender, SBI invested in Cashfree Payments underscoring the company’s role in building a robust payments ecosystem. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. Cashfree Payments is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments solutions are used in eight other countries including the USA, Canada, and UAE.

About Cashfree Payments

Cashfree Payments is a leading payment and API banking solutions company. It provides full-stack payment solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, Lending disbursals solution and Auto Collect — a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 40 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree Payments enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.

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