The Benefits of Payments Orchestration for Payment Diversity Payments orchestration systems help themВ seamlessly route payments through new gateways at a minimum of merchantВ and customer friction. Merchants and other businesses cannot be expected to cope with theseВ payment complications all on their own, nor should they lose customers forВ reasons beyond their control.

International merchants with Russian customers are not cut off entirely - other networks, such as TARGET2 and CHIPS, are still online - but integrating an entirely new payment network can be a monumental task even for a large bank or business. One of the most hard-hitting sanctions,В however, was the European CommissionвЂ™s disconnection of seven Russian banks from the SWIFT network, intended - along with sanctions against RussiaвЂ™s two major financial institutions (FIs) and central bank - to restrict Russian citizensвЂ™ access to cross-border payments.

RussiaвЂ™s invasionВ of Ukraine that began earlier this year caused massive worldwide sanctions,В including several major companies pulling out of Russia and dozens ofВ Western nations suspending trade. Other payment snafus can occur on a geopolitical scale. A PYMNTS studyВ found that 58% of consumers would purchaseВ less often from a business whereВ a card payment was declined. Although Mastercard fixed thisВ problem in a timely matter, it was notВ quick enough for merchants that lostВ revenue to customers abandoning purchasesВ because they did not have cash orВ a working card on hand. Earlier this year, forВ example, hundreds of Mastercard creditВ and debit users throughout the UnitedВ Kingdom reported having problems usingВ their cards at retailers across a variety ofВ different issuing banks, including HSBC,В Monzo and Santander.Д«oth contactlessВ and chip-and-PIN payments wereВ affected, with some users saying theyВ tried multiple cards and none of themВ worked. Payment card services can goВ offline unexpectedly, for example, or aВ customerвЂ™s contactless payment methodВ can fail to function for no apparent reason.В A declined digital payment canВ lead to an abandoned purchase, especiallyВ in online commerce, meaning thatВ any unexpected error can result in losingВ a customer either temporarily orВ permanently.ДЇorfeiting digital payments is not aВ practical option, so businesses mustВ implement multiple payment gateways toВ ensure that every payment goes through.В This month, PYMNTS Intelligence examinesВ how payments orchestrationВ systems can make the lofty goal of zeroВ downtime a reality.Дigital payments can become unexpectedlyВ nonfunctional at any moment, andВ these outages are next to impossible toВ anticipate or predict. Merchants face a wide variety of obstaclesВ in implementing digital payments,В however.

Digital payments have become must-havesВ in the retail world as customers haveВ come to expect that their credit cardВ transactions will be processedВ successfully without false declines,В lag time or outage-caused interruptions.В The global transaction value for digital payments was estimated at $7.4 trillion last yearВ and is projected to reach $15 trillion by 2027, representing a CAGR of 12%.

Credit card processing outage