Payment orchestration is the process of integrating and cooperating with different payment service providers (PSPs), acquirers, and banks (simplified: partner network) via a single platform or integration.
The management of the entire payment process including payment approval, transaction routing, and settlement is centralized, and customer and merchant accounts, acquirers, payment providers, fraud detection services, etc. are bundled to initiate, validate, route, and process transactions.
This results in various benefits that include including greater diversity of solutions, cost savings, a high level of customer orientation, flexibility, as well as scalability, and short time-to-market.