The FinTech revolution is here, and banks, card issuers, and payment processors are racing to keep up. But finance companies have been conditioned to avoid change due to the cost, complexity, and risk of adding new features.
The finance industry has always valued safety over innovation. Nobody wants to interfere with core applications running on mainframes whose uptime is measured in decades. But companies still need to compete. As a result, non-core applications built on heterogeneous infrastructure have proliferated. Batch processes, which lack guarantees of performance and consistency, are all too common.
As an IT leader in financial services, you want business agility without putting your corporation at risk. You want the flexibility to adapt mainframe applications, while increasing the safety and consistency of non-core services. You need flexibility and ease-of-use, but not at the expense of consistency, security, and governability.
When we architected FaunaDB, our goal was to restore enterprise-class features like consistency and security to globally distributed databases. The resulting feature set makes FaunaDB ideal for use cases in the financial services industry that can't sacrifice consistency for flexibility, such as distributed ledgers.
CTO and Cofounder, Fauna
FaunaDB automatically replicates across datacenters around the globe. It strikes the ideal balance between availability and distributed consistency, making it straightforward to develop cutting edge financial products that let you compete without adding risk.
The finance industry drove the original requirements behind ACID consistency. FaunaDB delivers data accuracy for globally distributed transactions. Using formally verified protocols, FaunaDB coordinates transactions across datacenters in real-time to ensure that they are atomic, consistent, isolated, and durable.
The result is a distributed database that behaves as predictably as a database running on a single server. Finance companies can use this capability to implement distributed ledgers that keep transactions reliable and data accurate.
FaunaDB's native security model provides isolation and data sovereignty, making it easier for financial institutions to comply with relevant regulations. Delegated administration enables teams to self-provision development databases without interacting with central IT, while central IT maintains visibility and control over organization-wide resource utilization.
Data is securely isolated among databases, providing compliance and governability. FaunaDB’s temporal data model makes it easy to implement frequent snapshot updates for accurate and performant oversight and auditing.
FaunaDB's native security model provides isolation and data sovereignty, making it easier for financial institutions to comply with relevant regulations. FaunaDB's temporal data model preserves data throughout its history. Since data isn't overwritten, financial institutions can easily audit and even replay transactions at different points in time.
Have a financial application or project that could benefit from FaunaDB? Contact us to learn more.Connect with Fauna