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.
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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.