BEDFORD, Massachusetts, Nov. 9, 2017 /PRNewswire/Korea IT times -- VoltDB, the enterprise-class translytical database that powers business-critical applications, is gaining customer traction in China. Insurance company PICC and HengFeng Bank have selected VoltDB to help modernize their database infrastructures to better process high volumes of real-time data streams, resulting in improved analytics, operational efficiency and customer experiences.
With the increasing volume of data streaming into financial institutions every day, organizations are struggling to analyze that data and take action in real-time before opportunities are lost. Traditional database technology is unable to keep pace with the scale and speed of the digitally-driven enterprise, requiring organizations to modernize data infrastructures in order to compete. PICC and HengFeng Bank both selected the VoltDB platform to consistently and accurately analyze data streams in real time, empowering them with insights to shape important financial decisions, detect fraud and assess risk in real time.
PICC, one of China's largest insurers, uses VoltDB in multiple of its primary database operations.
"With support for multi-center, live exchange scenarios that power multiple applications, VoltDB enabled PICC to overcome the performance limitations of more traditional databases," said Yu Hao, architect of IT software development, PICC. "VoltDB's flexibility and open source capabilities accelerate integration with our existing infrastructure. We have built several applications on the VoltDB data platform, realizing 8 times the improvement over the prior database."
The risk of fraud, specifically, has escalated dramatically with advancing technologies and increased complexity. VoltDB helps HengFeng Bank to accelerate the identification and prevention of credit card fraud before a transaction is complete, drastically reducing fraud risk and improving the customer experience.
"Traditional databases could not handle the in-process monitoring required in our credit card risk monitoring application," said Dr. Hao Yuhai, director of the IT innovation and development center, HengFeng Bank. "After extensive evaluation of several database technologies, we found that only VoltDB met the performance and efficiency requirements of our applications. We initially began testing with the open source capabilities of VoltDB, but have since moved to the enterprise edition to power our credit fraud application."
"We are excited to be expanding into such a cutting edge market, and to be raising the bar for fast data analytics across the globe," said David Flower, president and CEO of VoltDB. "Both PICC and HengFeng Bank are using real-time analytics powered by the VoltDB platform to more quickly apply data-driven insights to their business. VoltDB empowers organizations around the world to accelerate innovation by better understanding and acting on critical data streams."
VoltDB provides the only in-memory translytical database for applications that require an unprecedented combination of data scale, real-time analytics, volume and accuracy. VoltDB supports all three modern application data requirements: VoltDB processes data points from millions of users and sources; ingests, analyzes and acts on data in milliseconds; and data managed by VoltDB is always accurate for all decisions. Organizations rely on VoltDB to build and modernize applications that drive business and operational insights. VoltDB was founded by a team of world-class database experts, including Dr. Michael Stonebraker, winner of the ACM Turing award.
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