Limassol-based Praxis Tech launches new 3DS Cascading Module

Payment technology firm Praxis Tech, which has offices in Limassol, has announced the launch of its 3DS Cascading feature that, according to the company, makes online payments quicker and more user-friendly while maintaining Strong Customer Authentication (SCA) requirements.

The new feature enriches the company's Payment Orchestration Platform, known for linking merchants to a wide range of global payment processors and methods while providing a holistic solution for managing both front and back-end transaction flows.

According to a relevant announcement from the company, the new 3DS Cascading feature builds on Praxis' Smart Routing technology which selects the optimal payment route for each transaction. Previously, if that route then encountered processing errors after customer verification, cumbersome re-authentication would be required, for every authorization where 3DS is mandated. Now, 3DS Cascading bypasses the need for customers to re-verify their identity, making payments more frictionless while maintaining the same security protocols, offering clear advantages to merchants and their customers.

Guy Karsenti, Chief Technology Officer at Praxis Tech, commented, "This new feature significantly enhances our merchant services and value proposition by making online payments quicker and easier for users, without compromising on the essential security and verification steps needed."

Enabling true frictionless cascading is a key function of the company's latest feature, addressing one of the main challenges in authentication methods. By reducing loading screens and repeated SCA checks, 3DS Cascading leads to faster transactions across desktop and mobile payment experiences and minimizes abandoned payment sessions as users enjoy an enhanced checkout experience.

Karsenti added, "The technical elegance of our 3DS Cascading feature is that it simplifies the user experience by tackling authentication complexities behind the scenes. By utilizing our 3DS merchant plug-in (MPI), businesses gain the flexibility to seamlessly cascade any transaction to any acquirer, leveraging our intelligent engines, routing capabilities, decline recovery suite, and a range of features integrated into our payment orchestration platform. This will also include our upcoming risk and fraud engine, which will integrate with our 3DS strong authentication services."

Already the payment solution of choice in industries such as iGaming and trading, Praxis approved over $4.5bn in transaction volume last year. In real-world testing, preliminary findings show a notable reduction of authentication steps to an average of two per transaction in the company's two stronghold sectors, with similar results expected in offerings to travel and e-commerce industries.

Currently, Praxis integrates with 540+ PSPs and 1000+ alternative payment solutions, supporting over 200 currencies.