Orchestrate is an aggregated payment framework that helps fintechs and enterprises get instant access to multiple payment methods/providers (cards, bank transfers, wallets, crypto, etc.) with a single integration.
With over 200 fintechs in Nigeria and South Africa combined, and over 500 fintechs in Africa, the fintech industry continues to eclipse other sectors in the current tech boom. With many fintechs and payment providers popping up daily, each with their own API documentation and onboarding process, the payment system in Africa is disjointed and the onboarding process with payment providers can take too long. It takes weeks or months for businesses to fully integrate with a payment provider’s API. With each payment provider needing to be managed individually, it becomes essential to offer a faster and easier way to do so, hence payment orchestration.
At its brand launch on Friday, May 27, 2022, we spoke to Orchestrate Founder and CEO Jerry Enebeli and a few team members about what Orchestrate does and how payments orchestration is the future of fintech solutions.
What is Orchestrate?
Jerry Enebeli is described by his team as a product at heart. As a product and engineering specialist with a long list of professional experiences, Jerry’s career is filled with a ton of hands-on experience and software solutions at different companies, especially in fintech.
Orchestrate was inspired by an overlooked need in the fintech space. According to Jerry, “There are a lot of people solving payments, but those solutions are fragmented. In Nigeria, for context, people resolve payments by cards, bank transfers or direct debits. For merchants and fintechs that want to process payments, they need to start integrating with these individual payment providers. Yet each time they have to, it takes weeks or months to fit in, and sometimes the process can become a hassle.
Onboarding a payment provider takes skill and time, and it’s a critical problem for Orchestra to solve. What Orchestrate offers fintech and merchants is the ability to integrate multiple payment providers, from one dashboard, in minutes, with little to no code. You only need to integrate your platform with Orchestrate once. With just a few clicks, you can add providers/methods like Paystack to process your payments, Stripe for dollar payments or even Fluidcoins for crypto and other payment processors. By integrating Orchestrate, you can easily access all of these payment providers from one place and start receiving payments.
With Orchestrate, companies get more for their money: their engineering team can focus on delivering core services without spending too much time and effort managing payments integration. With a single platform integration and a few lines of code, an engineering team for a fintech or merchant can easily add, remove, and manage multiple payment providers without having to wade through complex API docs or developer support. .
Although Orchestrate is not a payment gateway or provider per se, it functions as a dongle that helps you connect existing payment providers to your app, product, or website. In this regard, Jerry says: “We are not here to replace payment providers but to improve their relationship with customers. He continues, “The value we place on these vendors is that whatever time it takes for users to integrate their software, we cut it in half. We accelerate their developer experience and customer connection. »
Why choose Orchestrate?
According to Jerry, “the question is ‘why not? Orchestrate is the wisest decision to make if you’re processing payments in Africa, and our goal is to change the way you think about receiving payments as a business – and improve your business decisions.
Orchestrate is expected to go live by Q3 2022. It plans to deliver a host of enterprise product features, such as:
- Payment API: The Pay-In API allows businesses to collect payments through multiple payment methods. Fintechs get instant access to all payment providers supported by Orchestrate with a single integration. Engineering teams can then configure and connect their entire payment stack in minutes and clicks.
- Payment API: The Payments API allows the fintech to power customer payments or withdrawals through multiple payment methods, including crypto or a customer’s preferred wallets.
- Orchestrate payment tool: Unlike a customer who only sees one payment method, businesses whose payment is powered by Orchestrate can display all enabled payment methods to customers during checkout based on certain pre-defined rules such as country, location, transaction value, recurring or one-time payment, etc.
- Analytics Dashboard: Typically, when using multiple payment providers to receive payments, businesses have to manage each one separately at the backend or build their dashboard from scratch, which means more work, money, and effort. time. Orchestrate has a simpler solution. By using Orchestrate, you can access all analytics from all available vendors on a single dashboard. You have access to real-time records of the amount processed through your account by each payment provider and can track all your data in one place. This allows you to consolidate your analytics into a dashboard and easily manage your payment stack.
- Automatic switching: Orchestrate allows businesses to define a backup provider for payment downtime. Businesses can add a second payment provider as a backup when their primary provider is unavailable. For example, if you set Flutterwave as a backup card payment processor when using Paystack. In this case, if Paystack experiences downtime, Orchestrate can automatically switch to your backup to process payments without causing transaction breaches or affecting customer experience.
Currently, Orchestrate allows businesses to offer five payment methods to their customers: cards, bank transfers, crypto, wallets, and direct debits. These methods are powered by payment providers such as Paystack, Flutterwave, Mono, Lazerpay, Fluidcoins, Thepeer and others.
The future of Orchestra
Formerly known as GetWallets, Orchestrate is a pivot away from the Wallet-as-a-Service startup.
GetWallets is a virtual wallet API tool that helps developers create and manage wallets. Designed for developers, GetWallets offers APIs to help developers integrate wallets into their applications.
While working on GetWallets, they realized that companies processing wallets and payments needed to hire developers to provide access to funding for those wallets on an ongoing basis. Some of these companies have dedicated payment teams embedded in their engineering departments that draw their skills and attention from other business engineering needs to resolve payments instead. Wondering what more they could do with wallets led the pivot to create Orchestrate.
Orchestrate is built by a growing team of 8 people, but the startup has set its sights on an ambitious goal. According to Praise Philemon, Head of Brand & Design, “Our vision is to be the largest payment ecosystem in the world. It’s not a plan; it is our destiny. Our goal is not to become a payment processor ourselves, but to make the world a global payment village.
This means that Orchestrate enables a business in Canada to expand into Kenya and start receiving payments from Kenyan customers without having to onboard Kenyan payment providers from scratch. Payment expansion becomes as fast as a few clicks.
Anyone, anywhere will be able to receive payment from anywhere with instant access to a comprehensive list of payment providers to choose from.
The biggest challenge in creating Orchestrate was integrating the payment providers API. Some API documentations are hard to read and each vendor is different in their API structure and support, but this is also the solution the startup sets out to solve. By automating and improving this process, Orchestrate saves fintech and enterprise time and expertise and improves the payment experience for everyone.
According to Patrick Jesam, lead engineer at Orchestrate, they overcame this minor difficulty with the API documentation by being clear about the problem they set out to solve, hiring the right people, and creating the right culture where everything the world buys into the vision of what Orchestra wants to become.
“The team and its culture is most likely the solution to whatever we would have faced,” he says, “the key thing from a technical point of view is that we had integration issues with some of the vendors, but we solved them with courage and engineering feats.
Wunmi Akinfemiwa, Product Marketing Manager at Orchestrate, shares that “instead of managing different payment methods from four to five dashboards, you can do everything on the Orchestrate dashboard. This will help the business manager to access data such as peak times and days, most requested payment methods, etc. Knowing them helps management make informed decisions throughout their sales lifecycle. »
This goal of becoming the largest payment ecosystem in the world primarily starts in Nigeria and Africa as a whole. And with the brand’s recent launch, the product is expected to open in public beta within the next few weeks.
To see what’s in the works with Orchestrate, visit the website.