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

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.

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real-time payments also present challenges in managing the resulting data such as inaccurate decision-making caused by outdated or incorrect data which can lead to flawed strategies and suboptimal choices.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.