Razorpay Launches DataSync: A Game-Changing Data Integration Platform

Razorpay Becomes First PA to Launch 'DataSync', A Real-time Data Integration Platform with AWS and Snowflake; Saves Up To 50% on Operational Costs for Indian Businesses

Ensures 99.99% platform uptime and low latency for critical transaction dataCommitted to maintaining the highest standards of data privacy, ensuring that no personally identifiable information (PII) is transmitted or stored within the streaming process In its ongoing commitment to unlocking exponential growth for businesses, Razorpay today launched DataSync, a no-code data integration platform that aims to redefine the way businesses have been traditionally accessing and utilizing critical payment, transaction, refund, chargebacks and settlement data. Built on Amazon Redshift and the Snowflake AI Data Cloud, DataSync will help businesses securely and easily integrate their financial and business data on Razorpay. This will enable businesses to leverage their data for deeper business intelligence, enhanced financial reporting, improved fraud & security monitoring, and generate new revenue ideas, turning payment data into a profit center. According to a recent report by ACI Worldwide, 49% of all real-time transactions worldwide were made in India in 2023. While the world of real-time payments is opening many doors for businesses today, it also presents significant challenges in managing the resulting data such as inaccurate decision-making caused by outdated or incorrect data, leading to flawed strategies and suboptimal choices. Furthermore, operational inefficiencies arise from delayed access to critical transactional data, which impact the finance and accounting department's ability to perform timely reconciliations and support efficient business operations. These challenges can hinder a business's agility and competitiveness, potentially resulting in missed opportunities and competitive disadvantages in fast-paced markets. As markets rapidly evolve, the ability to leverage real-time data with minimal errors and operational inefficiencies has become essential for businesses to remain competitive. As India's First no-code, seamless data integration platform, DataSync will help businesses make faster, data-driven decisions by providing real-time information on transactions, including - settlements, refunds, chargebacks, and reversals with robust security and minimal latency. DataSync will help businesses save up to 50% in operational costs, improve fraud detection, and ensure 99.99% uptime with fast access to critical transaction data. Commenting on the launch of DataSync, Murali Brahmadesam, CTO & Head of Engineering at Razorpay, said, "In today's fast-paced world, businesses need access to real-time data to make informed decisions and stay ahead of the curve. Embracing newer financial technologies like real-time payments has become a necessity, as it enables businesses to provide seamless, on-demand experiences. Razorpay DataSync addresses this need by providing immediate, compliant, and secure access to critical data, enabling businesses to enhance their operational efficiency and strategic decision-making Not only does DataSync prioritize efficiency, but it places a paramount emphasis on security. The platform is committed to maintaining the highest standards of data privacy, ensuring that no personally identifiable information (PII) is transmitted or stored within the streaming process. It's an efficient data transfer, providing merchants with peace of mind without compromising on data integrity or privacy." "Businesses today require analytics solutions that are secure, high-performing, and integrate disparate data sources seamlessly - all while operating at scale. We're thrilled to work with Razorpay to power DataSync, an innovative data integration solution that is designed to address these needs," said V.G. Sundar Ram, Head of Business Development, AWS India and South Asia "By harnessing the fully managed, analytics capabilities, of the petabyte-scale data warehouse service of Amazon Redshift, DataSync enables businesses to use their financial data and elevate reporting capabilities to derive actionable insights in real-time. At AWS, we are committed to empowering builders to innovate transformative solutions, and DataSync is a prime example of the endless possibilities when cloud scalability is combined with analytics and AI/ML to achieve pioneering advancements." "We are proud to collaborate with Razorpay in launching DataSync, enabling easy, seamless, and secure data sharing with various stakeholders, a reality. Built on Snowflake's AI Data Cloud, DataSync empowers Razorpay's customers to consume business-relevant data in real-time, reducing manual efforts, optimising total cost of ownership (TCO), and reducing processing time and errors, leading to faster decision-making. Furthermore, businesses can now explore AI and ML to build data-driven innovative solutions and products by aggregating all the data in one place," said Vijayant Rai, Managing Director- India, Snowflake. DataSync employs stringent security protocols to ensure compliance and protect sensitive customer and business information, ensuring all data transactions remain secure against potential threats. The solution provides a comprehensive suite of datasets enabling businesses to select their preferred data storage destinations. This streamlined approach has eliminated the need for API integrations or cumbersome report management, resulting in substantial time and cost savings. DataSync not only enhances operational capabilities for businesses but also demonstrates Razorpay's foresight and responsiveness to industry demands, solidifying its role as a trusted partner in their growth journey. *** About Razorpay: Razorpay, an omnichannel payments and banking platform for businesses, helps Indian businesses with comprehensive and innovative solutions built over robust technology to address the entire length and breadth of the payment and banking journey for any business. Established in 2014, the company provides technology payment solutions to Millions of businesses. Founded by alumni of IIT Roorkee, Shashank Kumar, and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley's largest tech accelerator, Y Combinator. Marquee investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia, Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator, and MasterCard have invested a total of $741.5 Mn through Series A to F in funding. A few angel investors have also invested in Razorpay's mission to simplify payments and business banking and redefine how finance works in India.

Razorpay launches integration platform DataSync, slashes operational costs by 50%

Fintech giant Razorpay has launched DataSync, a no-code data integration platform that provides real-time data access, allowing businesses to enhance business intelligence, improve financial reporting, strengthen fraud and security monitoring, and uncover new revenue opportunities. The new platform is expected to significantly reduce operational costs for businesses by up to 50 per cent, while offering greater efficiency in tracking and reconciling financial data. Built on Amazon Redshift and Snowflake AI Data Cloud, DataSync enables seamless integration of payment, transaction, refund, chargeback, and settlement data in real-time, eliminating the traditional manual processes of data extraction and transformation. "DataSync provides businesses with real-time updates on their payment flows, eliminating the need for manual reporting and delayed insights. This platform will allow businesses to react quickly to consumer behavior, optimise their payment processes, and ultimately grow faster," said Murali Brahmadesam, CTO and Head of Engineering at Razorpay. With DataSync, businesses can now access real-time data on transaction statuses, refunds, and chargebacks, directly within their systems. This eliminates the need for complex API setups or manual downloads, saving valuable time and resources. "Merchants no longer have to wait for scheduled reports. They can see their transaction data as it happens, allowing them to make immediate decisions," added Brahmadesam. While large enterprises are likely to benefit from DataSync's ability to handle high transaction volumes, Razorpay believes that small and medium-sized enterprises (SMEs) will gain just as much value from the platform. It is to be noted that the company currently has a base of 5 million businesses, including small and medium enterprises (SME), as customers. Pricing model Razorpay has introduced a flexible pricing structure for DataSync, ensuring it is accessible to businesses of all sizes. The financial model is both pay-as-you-use and subscription-based, with pricing custom-built depending on the customer's transaction volumes. "We've designed DataSync with both large enterprises and SMEs in mind," explained Brahmadesam. "Our pricing model has four tiers based on transaction volume. It includes a fixed component for storage and a per-transaction fee, which starts at 40 paise and can go as low as 10 paise, depending on the transaction volume." Tiered approach This tiered approach ensures that even smaller businesses can benefit from real-time data access without incurring high costs. "We believe that DataSync will particularly help SMEs and SMBs, who often have fewer resources for managing complex payment flows. This product will give them the ability to make quicker, data-driven decisions while saving on operational expenses," noted Brahmadesam. DataSync has already undergone extensive beta testing, with hundreds of customers across various sectors. Although Razorpay is not currently revealing the names of these customers, Brahmadesam emphasized that the feedback has been positive. The company expects a strong uptake for DataSync, particularly among large enterprise customers. He expressed confidence that the platform will see widespread adoption across businesses of all sizes "We are confident that the majority of enterprise customers will use DataSync in the coming years, and we expect a good portion of SMBs and mid-market customers to come on board as well," said Brahmadesam. Razorpay aims to turn profitable across all its business verticals in the next two years, after which the company plans to consider listing on the bourses, businesslike report earlier. SHARE Copy linkEmailFacebookTwitterTelegramLinkedInWhatsAppRedditPublished on September 17, 2024

Razorpay becomes first-ever payment aggregator to launch no-code data integration platform - Times of India

Razorpay has launched DataSync, a no-code data integration platform. With this new platform, the company aims to change the way businesses have been traditionally using critical payment, transaction, refund, chargebacks and settlement data. Built on Amazon Redshift and the Snowflake AI Data Cloud, DataSync will help businesses securely and easily integrate their financial and business data on Razorpay.This will enable businesses to leverage their data for deeper business intelligence, enhanced financial reporting, improved fraud and security monitoring as well as generate new revenue ideas by turning payment data into a profit centre. How this platform will help Razorpay and its clients According to a recent report by ACI Worldwide, 49% of all real-time transactions worldwide were made in India in 2023. However, real-time payments also present challenges in managing the resulting data such as inaccurate decision-making caused by outdated or incorrect data which can lead to flawed strategies and suboptimal choices. Furthermore, operational inefficiencies arise from delayed access to this transactional data, which impacts the finance and accounting department's ability to perform timely reconciliations and support efficient business operations. These challenges can hinder a business' agility and competitiveness, potentially resulting in missed opportunities and competitive disadvantages in fast-paced markets. As markets evolve, the ability to leverage real-time data with minimal errors and operational inefficiencies has become essential for businesses to remain competitive. As India's first no-code data integration platform, DataSync will help businesses make faster, data-driven decisions by providing real-time information on transactions, including - settlements, refunds, chargebacks, and reversals with robust security and minimal latency. Razorpay claims that DataSync will help businesses save up to 50% in operational costs, improve fraud and ensure 99.99% uptime with fast access to important transaction data. The company claims that DataSync also employs security protocols to ensure compliance and protect sensitive customer and business information. This will ensure that all data transactions remain secure against potential threats. The solution promises to provide a suite of datasets that will enable businesses to select their preferred data storage destinations. This approach has also eliminated the need for API integrations or report management, resulting in time and cost savings. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.