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MongoDB now support multi-document ACID Transactions.
With this update, is it safe to say that MongoDB can now be used for financial applications involving financial transactions such as payments?
What are people's thoughts on this?
It has some institutions as customers, but they don't seem to be using it for financial transactions.
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Yes, you can use MongoDB transactions for financial applications. For situations that require atomicity of reads and writes to multiple documents (in a single or multiple collections), MongoDB supports multi-document transactions: In version 4.0 , MongoDB supports multi-document transactions on replica sets.
Current chose MongoDB as the database best able to support Current Core, thanks to its: Strongly consistent data model. Enterprise security, including client-side field-level encryption, to address security, audit, and compliance requirements. Multidocument distributed transactions with ACID guarantees.
How do ACID transactions work in MongoDB? MongoDB added support for multi-document ACID transactions in version 4.0 in 2018 and extended that support for distributed multi-document ACID transactions in version 4.2 in 2019. MongoDB's document model allows related data to be stored together in a single document.
However, not all databases support transactions that work across multiple records, which can be concerning to developers who are accustomed to using them. But, MongoDB supports multi-document MongoDB ACID transactions for the use cases that require them.
No, it is not safe to say that MongoDB can now be used for financial applications involving financial transactions such as payments.
The thing is, maybe it is OK for your situation and maybe it is not. It is largely a matter of opinion, regulations, and how much risk you are willing to take. That why it is not safe to make a blanket statement calling MongoDB "safe".
Some financial applications, such as banking or securities (stock) trading, have strong regulatory requirements regarding such things as security and auditability, and just because a database claims ACID compliance does not mean it meets these regulations, or that even if it does meet the requirements, it has been certified in a way acceptable to the regulators. ACID compliance is new to MongoDB, so there is a definite possibility of bugs causing data loss, just as there were in previous versions. While of course any database might have bugs, commercial ACID relational databases like Oracle and DB2 have a much longer and better track record of not loosing data, so depending on your financial application, MongoDB might not be acceptably reliable.
I could go on listing more and more considerations, but the point is there is no one-size-fits-all answer. Pinterest apparently stopped using MongoDB not just because of problems with cluster migration, but because they thought the supporting toolset was not sufficient for them to diagnose and resolve issues quickly and easily enough. That was a long time ago and surely things have gotten better, but does MongoDB have adequate tools to repel, detect, and recover from a state-sponsored attacker who wants to steal the billion dollars in assets your database is responsible for? Probably not.
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