Icon Solutions deliver world class payment solutions for the global financial sector. Icon combines expertise with modern technology and a client first approach.
Icon’s focus is to assist banks in the design and implementation of real-time payment architectures that meet the rigorous demands of the highly digitalized, open and disruptive world in which Financial Institutions operate. In this context and with this experience Icon developed IPF, a new generation payments platform which empowers payment providers to serve customers by delivering personalized new payment services quickly, at low cost and with minimal risk.
IPF builds on the Icon Payments Blueprint. The solution is a modern payments platform that combines open source technology with light-weight integration. Unlike traditional payment ‘hubs’ IPF empowers our clients, enabling a low risk approach, the deployment of new products and value added services quickly, cost-effectively and resiliently.
MongoDB is one of the foundational technologies in Icon’s IPF solution. MongoDB was chosen for several reasons:
1) The messages that IPF processes have a hierarchical structure with many optional / conditional elements. This maps directly to the JSON documents stored by MongoDB, eliminating the “impedance mismatch” of mapping complex objects to a traditional relational database.
2) Processing in IPF mainly involves read/write of individual records, which is well suited to MongoDB’s document-level atomic updates. This is a different approach from the set-wise operations more typical of batch processing for which relational databases are optimized.
3) MongoDB provides immediate consistency, which is essential for high-speed financial transactions. The “eventual consistency” model of some other databases can result in duplicate postings, obviously not acceptable in a financial context.
4) Ultra-high availability is vital for IPF, and MongoDB’s replica sets provide the level of availability and resilience needed. MongoDB also supports high performance and low latency, while also offering enterprise-class features such as sharding and database encryption.
5) MongoDB has a clean asynchronous API that fits well with our event-driven architecture, forming a key part of our reactive architecture.
MongoDB is the perfect partner for a future proof, agile, payments solution.