I've been in a similar situation. My first job out of college started out great, until I was shifted into a job role that was boring and for which I was overqualified. I tried to shift back, to no avail. So I got myself a new job and got out.
If I were you, I would talk to the boss, talk to HR, and start sending out resumes and building your network, in parallel - don't wait for them to say no (or, worse, fire you) before you start looking. If you do get out of payroll, you can then choose whether to keep pursuing job leads or just stay put.
Good luck!
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