Consumers today expect quick, seamless payment transactions, whether paying by smartphone or through a point-of-sale device. Banks, payment service providers (PSPs), and other industry participants have to meet these expectations while adhering to constantly shifting regulations. Meet evolving customer expectations, comply with regulations, and stay ahead of your competition with an agile approach to data.
Customers demand fast, frictionless payment experiences and instant, round-the-clock access to account information. The right database can help you meet these demands by providing:
Actionable Customer Insights: MongoDB’s Operational Data Layer pattern combines previously siloed data sources and unlocks a unified single view of customer data.
Resilient Scale-Out Architecture: Maintain highly available and responsive experiences, even as transaction volumes grow.
Agile Data Development: Change-friendly architecture enables you to cut release cycle time dramatically, improving speed to market and lowering risk.
Government regulations and industry standards are continuously shifting. From data locality regulations to evolving customer privacy laws, these changes can have important implications for technologies that support payment processes.
A modern database can help you maintain compliance without adding IT complexity or costs by delivering:
Flexible Document Data Model: Store and combine data of any structure and modify schemas dynamically as your data evolves using MongoDB’s flexible data model.
Real-Time Intelligence: Workload isolation allows you to query operational systems in real time without duplicating data or impacting performance.
Horizontal Scalability: Keep years of data online in a queryable form at a fraction of legacy cost, while maintaining consistent low response time.
New industry entrants are capitalizing on new technologies and driving down transaction fees. You need ways to innovate quickly while also enhancing operational efficiency. The right, modern database can help you increase business agility while cutting costs by offering:
Multi-cloud flexibility: MongoDB runs across clouds, allowing you to reduce costs and avoid vendor lock-in
Expressive Query Language: The MongoDB Query Language (MQL) provides an intuitive, powerful, full featured way to interact with document data.Make it easier for DevOps to create, run, and manage applications
Integrated Business Intelligence: MongoDB Atlas’s integrated Charts, BI Connectors, and Data Lake give you a solid foundation for advanced analytics.
If you’re designing a new payments product MongoDB's data agility allows new products to get to market quickly, without data fragmentation and unnecessary complexity.
If you’re a mature enterprise looking to modernize your payment landscape, leverage MongoDB’s flexibility to use it as a consolidated Operational Data Layer, enabling you to build new services and products rapidly using existing data without a risky rip-and-replace.
Data agility allows mature companies to get more value from their data quickly, and provides a clear path to broader modernization and a single view of the customer.
Looking to learn more about what MongoDB can do for payments? Take a look at the below resources to find out more.
Get an idea about the agility and speed to introduce MongoDB into your existing landscape as data as a service platform and accelerate change
Hear about the benefits of applying modern architecture templates and patterns to solve payment challenges