Razorpay has launched DataSync, a no-code data integration platform that promises to revolutionise how businesses manage and utilise their payment, transaction, refund, chargeback and settlement data. Built on Amazon Redshift and Snowflake’s AI Data Cloud, DataSync enables companies to seamlessly integrate their financial and business data on Razorpay, turning payment data into a powerful profit centre. This platform empowers businesses with deeper insights, enhanced financial reporting, improved fraud detection and the ability to generate innovative revenue streams.
Murali Brahmadesam, CTO & Head of Engineering, Razorpay, emphasised the importance of real-time data in today’s fast-paced business environment. He said, “DataSync offers businesses immediate, compliant and secure access to critical data, enhancing both operational efficiency and strategic decision-making, all while prioritising data privacy and security.”
According to a report by ACI Worldwide, India is expected to account for 49 per cent of global real-time transactions in 2023. However, the rise of real-time payments brings significant challenges in data management, leading to flawed strategies and operational inefficiencies. Delayed access to crucial transactional data can hinder a company’s agility and competitiveness, potentially causing missed opportunities in fast-paced markets. DataSync addresses these issues by offering real-time, secure access to vital transaction data, helping businesses reduce operational costs by up to 50 per cent, enhance fraud detection and achieve near-perfect uptime.
V.G. Sundar Ram, Head of Business Development, AWS India and South Asia, highlighted the platform’s ability to harness Amazon Redshift’s analytics capabilities to deliver actionable insights in real-time. He noted that DataSync represents the transformative potential of combining cloud scalability with advanced analytics and AI/ML.
Vijayant Rai, Managing Director, Snowflake India said, “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.”
