Banks, and financial institutions now have an enriched payment platforms with multiple payment network options, payment service providers and correspondents to choose from to process their various types of payments. They need to ensure that each transaction is directed to the optimal route to reduce per transaction cost, settlement time and to ensure compliance with their business operations and regulations. This complicated decision making can be automated quite simply with the help of an intelligent routing engine. With smart routing, financial institutions can intelligently route individual payments to the most optimal channel or prioritize the end customer preferences without involving complex processing rules in their internal systems. Whether banks have specific routing rules to comply with based on their business operations or whether their customers seek the quickest or the most cost-effective payment channel; smart routing enables financial institutions to tailor their approach to these preferences.