DataSync, a no-code data integration platform from Razorpay, was introduced today with the goal of revolutionizing how companies have historically accessed and used vital payment, transaction, refund, chargeback, and settlement data. DataSync, which is based on Amazon Redshift and the Snowflake AI Data Cloud, will make it simple and safe for companies to integrate their financial and operational data with Razorpay. Payment data will become a profit center as a result, allowing firms to use their data for improved financial reporting, increased fraud and security monitoring, and the generation of new revenue ideas.
In 2023, India accounted for 49% of all real-time transactions globally, according to a recent estimate by ACI Worldwide. The world of real-time payments is opening up a lot of opportunities for businesses these days, but it also brings with it a lot of issues when it comes to managing the associated data. For example, poor decision-making due to outdated or inaccurate data can result in strategies that are not ideal. Additionally, operational inefficiencies result from a lack of timely access to vital transactional data, which affects the finance and accounting department’s capacity to support effective company operations and complete reconciliations on time. These difficulties may make a company less adaptable and competitive, which could lead to lost opportunities and an unfair edge in quick-moving industries.
Businesses now need to be able to use real-time data with minimal errors and operational inefficiencies if they want to stay competitive in the quickly changing markets. DataSync, the first no-code, seamless data integration platform in India, offers real-time transaction information, including settlements, refunds, chargebacks, and reversals, with strong security and low latency. This enables organizations to make choices based on data more quickly. Businesses may reduce operating expenses by up to 50% with DataSync, increase fraud detection, guarantee 99.99% uptime, and get quick access to vital transaction data.
Murali Brahmadesam, CTO and Head of Engineering at Razorpay, commented on the introduction of DataSync, saying, “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, optimizing 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.
To guarantee compliance and safeguard confidential client and corporate data, DataSync uses strict security procedures, guaranteeing that all data exchanges are safe from possible attacks. Businesses can choose their desired locations for data storage thanks to the solution’s extensive range of datasets. This simplified method has saved a significant amount of time and money by doing away with the requirement for laborious report management or API integrations. In addition to improving businesses’ operational skills, DataSync confirms Razorpay’s position as a reliable partner in their growth journey by showcasing the company’s vision and agility in the face of industry expectations.
Also read: Unveiling the Ethical Imperatives: Navigating the Intersection of AI and Cybersecurity
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