We are putting efforts into building our open-source portfolio: Razorpay’s CTO

Razorpay, a leading fintech firm, is a strong advocate for open-source technology—software that is freely available for use, modification, and redistribution. Built on open-source technology, Razorpay not only leverages these tools but also actively contributes back to the open-source community, Murali Brahmadesam, the company’s Chief Technology Officer, said in an interview with TechCircle.

The payments giant has open-sourced more than 140 projects, showcased on its website showing its deep involvement in the global developer community, which includes an Access Control Server, a critical security component. 

“We have also launched the Freedom Finance Stack that is designed to invite contributions to critical systems, including security and financial products, under the principle that ‘if it works for us, it can work for anyone’,” he said. “We welcome a lot more contribution and putting the efforts to build this portfolio further.”

Speaking more about the technology innovations, Brahmadesam said that artificial intelligence (AI) is a field of high interest for the company. “At Razorpay, we've been leveraging predictive technology for quite some time and continue to heavily invest in it as our offerings expand. For instance, as we support more cross-border transactions and introduce new features, we face increased challenges in ensuring that risks are effectively managed. AI, here, plays an important role.”

Over the past year, the company has embraced Generative AI (GenAI) in a significant way. Currently, Razorpay has seven GenAI-powered products for enhancing various aspects of the customer experience. “GenAI has improved onboarding by validating customer data such as business names, operator details, and signatory authorities. We also utilise it for website classification, ensuring that businesses operate within the categories they claim.”

As the financial sector increasingly relies on technology, experts and regulators worldwide are placing greater emphasis on the importance of cybersecurity. Recognising this need, Razorpay not only adheres to the compliance requirements but goes above and beyond in ensuring a healthy security posture, Brahmadesam said. 

“We've set a higher standard by keeping our systems up to date and proactively managing end-of-life software. Regular penetration testing is conducted, and to ensure the highest level of security, we engage third-party experts for additional testing. Our systems are designed to rapidly identify and mitigate threats, often within seconds, ensuring continuous protection,” he said.

This focus has also been reflected in its latest DataSync platform launched earlier this week. DataSync is a no-code data integration platform to help businesses integrate their financial and business data on Razorpay. It allows enhanced financial reporting, improved fraud & security monitoring, and generate new revenue ideas.

“Not only does DataSync prioritise 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,” Brahmadesam concluded.