LIMASSOL, Cyprus, Oct. 3, 2024 /PRNewswire/ — Praxis Tech, a leader in payment orchestration technology, today unveiled the industry’s first PIX Cascading feature available as an easy-to-integrate solution for merchants of all sizes. The feature, which is now being made widely available to businesses connected to Praxis’ Platform, substantially increases transaction success rates when accepting payments in Brazil. This innovative new offering solidifies Praxis’ position as the premier platform for merchants looking to improve their payment performance and offers unparalleled approval ratios across various sectors prone to higher decline rates, including high-risk industries such as iGaming and Retail Trading.
PIX, the instant payment system introduced by the Central Bank of Brazil, now accounts for the vast majority of Praxis’ merchants payments in the country. The feature improves transaction approval rates by providing a single endpoint to request a PIX QR code from multiple payment providers. If one request fails, it automatically tries the next provider until a successful QR code is generated for payment.
Guy Karsenti, Chief Technology Officer at Praxis Tech, said:
“Our PIX Cascading feature marks a significant advancement in payment technology for the Brazilian market. By harnessing our extensive PSP network and implementing sophisticated routing rules, we’ve achieved a dramatic increase in PIX transaction approvals, maximizing revenue for our merchants while also delivering enhanced customer deposit experiences.”
PIX Cascading is the latest addition to Praxis’ comprehensive Decline Recovery suite, which includes a range of industry-leading features designed to enhance merchant approval and conversion rates. These include tools to expand global currency support in checkout and deposit pages, 3DS Cascading that maintains customer verification when re-routing a card payment across multiple PSPs, retry mechanisms for insufficient fund declines and open banking alternatives, and the recently launched Retry with APM feature, which prompts customers to use an alternative payment method if their initial attempt is declined.
About Praxis Tech
Praxis Tech offers a leading Payment Orchestration Platform that optimizes payment infrastructure for globally operating enterprise merchants, providing instant access to 600+ pre-integrated PSPs, worldwide payment methods, and multicurrency support. Its services include PCI DSS tokenization, fraud and risk management solutions integrated with Visa’s Cybersource, and checkout enhancements designed to increase approval ratios through advanced routing rules and decline recovery tools. Businesses connected to Praxis Tech’s Platform consistently achieve improved payment performance.
Contact:
Maria Evangelou
maria.e@praxis.tech
+35725312086
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