To unlock exponential growth for business, Razorpay launched DataSync, a no-code data integration platform that aims to transform how businesses access and use critical payment, transaction, refund, chargeback, and settlement data. Built on Amazon Redshift and the Snowflake AI Data Cloud, DataSync will allow businesses to safely and conveniently integrate their financial and business data on Razorpay. This allows firms to use their data for deeper business insight, improved financial reporting, fraud and security monitoring, and generating new revenue ideas, transforming payment data into a profit centre.
According to ACI Worldwide’s most recent report, India will account for 49% of all real-time transactions globally in 2023. While real-time payments are opening up new opportunities for businesses, they also bring substantial issues in data management, such as faulty decision-making due to obsolete or wrong data, resulting in flawed strategies and inefficient choices. Furthermore, operational inefficiencies result from delayed access to vital transactional data, limiting the finance and accounting department’s ability to make timely reconciliations and support effective business operations. These obstacles can impede a company’s agility and competitiveness, potentially resulting in missed opportunities and competitive disadvantages in fast-paced marketplaces.
As markets move quickly, the ability to exploit real-time data with minimum errors and operational inefficiencies has become critical for firms to remain competitive. DataSync, India’s first no-code, seamless data integration platform, will enable organisations to make faster, data-driven choices by providing real-time information on transactions such as settlements, refunds, chargebacks, and reversals with robust security and low latency. DataSync can help businesses save up to 50% on operational costs, boost fraud detection, and achieve 99.99% uptime by providing quick access to vital 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 data privacy standards, 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.”
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“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.
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DataSync uses strong security standards to ensure compliance and protect critical consumer and corporate information, protecting all data exchanges from potential attacks. The system offers a comprehensive suite of datasets, allowing organisations to choose their preferred data storage locations. This streamlined solution eliminates the need for API connectors and labour-consuming report administration, saving significant time and money.
DataSync improves organisations’ operational capabilities and exhibits Razorpay’s vision and responsiveness to market trends, cementing its position as a reliable partner in their growth journey.
