Payment Orchestration describes the mechanism of integrating and handling different payment service providers, acquirers and banks on a single, unified software layer. The Payment Orchestration software executes and manages the complete end-to-end payment process. That includes payment authentication, multi-PSP transaction routing, settlement, and much more. Also, Payment Orchestration encompasses processes such as risk management, secure customer data storing, Know-Your-Customer and Anti-Money-Laundering procedures, and the like.
A Payment Orchestration Platform (POP), or Payment Orchestration Layer (POL) is the technological framework that manages user and merchant accounts, acquirers, payment providers, fraud detection services, etc., initiating, validating, routing and processing transactions involving those parties. In addition, a Payment Orchestration Layer handles payment processes such as reconciliation, billing and settlement, payouts and reporting.
A Payment Orchestration Layer (POL) is the entry point to and the heart of a payment system, streamlining payment automation. With POL, e-commerce platforms and online service providers don’t need to integrate every PSP and every acquirer separately. Instead, they can consume the unified API of the payment orchestration layer, benefiting from a reduced integration complexity. Moreover, a POL simplifies system maintenance and development for platform owners and merchants and streamlines interaction with third-party service providers.Read More