Yes, you may have heard concerns about payment orchestration being "taking your payments deck out of your product roadmap," or fears of introducing "an additional single point of failure" or even the worry of "third-party providers seeing all your data."
But let’s unpack these statements:
🔹 “Dependency on external payments product roadmap”
In today’s fast-paced payments ecosystem, agility is key to staying ahead. While it’s true that you won’t have full control over an external payments product roadmap, let’s pause for a moment—do you really have that level of control internally either?
Implementing payment orchestration allows your Product and Engineering teams to focus on your core business, rather than being bogged down by building and maintaining multiple integrations, especially when operational challenges arise. It streamlines the complexity of scaling, freeing up valuable resources to drive growth and innovation.
🔹 “It adds a single point of failure”
Actually, the opposite is true. Payment orchestration reduces dependency on a single provider by enabling multi-provider setups and failover mechanisms. If one provider experiences downtime, transactions can seamlessly reroute to another, ensuring business continuity. The platform becomes a redundancy enabler, not a bottleneck.
🔹 “A third party will see all our data”
Yes, third-party involvement is part of the orchestration process, but it’s no different from the trust you place in your current payment processors or gateways. Leading orchestration platforms prioritize compliance with stringent security standards like PCI DSS and ensure robust encryption protocols. Moreover, the value of centralized data insights far outweighs the perceived risk, giving you actionable intelligence to drive business decisions.
The resistance to payment orchestration often stems from legacy thinking. But as consumer expectations grow, global commerce expands, and competition intensifies, businesses can’t afford to stand still.
Payment orchestration isn’t a compromise—it’s a competitive edge. The tool/software/dashboard is already available, whether you built in-house or outsourced, depending on your company’s size and stage.
While there may be differing opinions and debates, I encourage open, collaborative discussions and whiteboarding to explore the possibilities.
#payments #globalpaymentsplatform #smartrouting #Fintechs #crossborderpayments
Yuno’s payment orchestration platform is transforming the way merchants manage payments, enhancing approval rates and reducing costs.
Read here: https://lnkd.in/gCMsGKwD
-with Yuno Chee (SheueChee) Beh Juan Pablo Ortega
#fintech #payments #Asia #financialservices
Take a look at the full article here 👉 https://bit.ly/3WnoBRD