Loading live status…
Loading live status…
Razorpay shipped Vulcan, a payments foundation model trained on 4 billion transactions; a Multi-Currency EEFC Account for exporters; and RAY, an AI account manager on WhatsApp. What each one does, and what it means if you accept payments through Razorpay.
Razorpay had a busy late summer. In five weeks it launched a foundation model for payments, a way for exporters to keep their earnings in foreign currency, and an AI account manager that runs inside WhatsApp. This is while it waits for SEBI's comments on its IPO filing.
Here is each launch in date order, with what Razorpay claims and what that means in practice. Numbers come from Razorpay's own announcements, linked at the bottom.
Razorpay Vulcan is a transformer-based model built only for payments, which Razorpay calls India's first. Instead of a separate machine-learning model for each problem (one for fraud, one for routing, and so on), Vulcan learns from the whole payment flow and feeds every one of those decisions.
These are Razorpay's figures, measured against its own earlier systems. A gain of up to 10% in success rate is large for a gateway, because every failed payment is a lost sale. Your own results will depend on your mix of payment methods and banks.
What it means for you: Vulcan is already live across Razorpay's network, so you do not need to integrate anything. If your success rate or fraud flags changed around mid-August, this may be why. Smarter routing also means Razorpay avoids a failing bank more often, so fewer bank-side problems reach your customers as failed payments.
Exporters can now get settlements in the original transaction currency, which means USD, EUR, GBP, AED or SGD. The money goes straight into their Exchange Earners' Foreign Currency (EEFC) account instead of being converted to rupees automatically.
An EEFC account is a foreign-currency account at an RBI-authorised bank. Businesses that earn foreign exchange, such as exporters, SaaS companies, travel firms and service exporters, can keep their receipts there without converting them.
This follows Razorpay's PA-CB (Payment Aggregator – Cross Border) licence from the RBI in late 2025, and the Sprint 2026 global accounts in the UAE, Australia, Switzerland and Canada. Cross-border is clearly where Razorpay wants to grow before it lists, and the IPO filing names international expansion as a use of the money.
With IndusInd Bank, Razorpay launched RAY, an AI account manager that works inside WhatsApp. Business owners can text it or send voice notes in English or Hindi, and it can:
Bajaj Finance was among the first businesses live on it, and Razorpay says RAY had already handled more than 20,000 conversations during early deployment.
The feature that stands out for this site is bank downtime alerts in a chat. For most Razorpay merchants, the most common reason for a failed payment is not Razorpay but a bank or UPI app being down, which never appears on Razorpay's status page. Getting that alert in WhatsApp answers the question "is it us, Razorpay or the bank?" much sooner.
The August–September launches build on two earlier ones:
Together with the agentic payments push from earlier in the year, the pattern is clear. Razorpay is putting AI in charge of more of the payment flow and moving cross-border products forward, both ahead of its listing.
As always, when a payment fails and you need to know whether Razorpay itself has a problem, Razorpay's live status on isuptime reads its own monitor every few minutes.
Sources
Checked continuously against each provider's own status feed.