The contemporary world keeps evolving, requiring businesses to adapt to new technological operations, client needs, and tech-related challenges. fintech companies focus mainly on digital payment activities rather than on ones at the physical location. The transition to a technology-driven environment helps fintechs strive in the financial ecosystem due to the secure, cost-effective, and user-friendly services.
Choosing the right development partner is the backbone of the further fintech app success as it aims to resolve the concerns about tech effectiveness, its alignment with security protocols, and UX/UI design.
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The effective fintech development company has to promote app’s easy usability, maximized security, and continuous safety updates.
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A credible fintech partner will ensure the app complies with the PCI-DSS security standards.
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The fintech-specialized company has to ensure the latest authentication methods (face ID, 2FA, KYC).
6 Steps to Choose the Right Fintech Development Company
Choosing the right fintech development company might be quite challenging concerning the expectations vs. reality dilemma. When searching and/or selecting between the candidates, keep in mind the following aspects:
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Company’s years of experience (gives credibility to the candidate’s solid background in the industry).
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Expertise in fintech (versatility of expertise domains ensures cross-functional app development. Eg. integrating from-scratch developed cryptocurrency in the neobank).
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Industries the company works with (multidimensional tech experience provides a Fintech company with more public recognition, proving the effectiveness of its apps for different professional environments).
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Organization’s project portfolio base (the portfolio recaps the client’s goals, solutions, and strategies for overcoming challenges).
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Clients’ reviews (give credibility to fintech company’s expertise).
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Adherence to technological trends (represents the company’s agility within the tech industry).
Agilie’s Expertise in Fintech Development
With 14+ years of experience Agilie helps entrepreneurs and business owners from the USA and Europe to craft customer-centric solutions, aiming to maximize the technical effectiveness of digital services.
With a dedication to evolving technological advancements, Agilie manages to pioneer in industries like e-commerce, finances, marketplace, logistics, real estate, IoT, and healthcare.
Agilie keeps crafting versatile and multidimensional solutions for different areas of the digitized Fintech operations including:
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Software development (mobile banking app, payment solutions, blockchain solutions, digital wallets).
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Cryptocurrency development (creation of cryptocurrencies from scratch).
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UI/UX design (responsive for various platforms and screens design accessible to all users including those with disabilities).
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Smart Contract development (building secure and easy-to-use Smart Contracts to protect cryptocurrency wallets).
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P2P payments (multiply payment methods for fiat money & cryptocurrency, secured transfers).
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Card issuer integration solutions (card service customization applied to neobanks and mobile banks).
Learn more about fintech domains we excel.
Recognition and Success
The company successfully integrates its customer-centric solutions to multiple fintech organizations like Chameleon Pay, Level01, Wallex, etc.
Agilie developed the Chameleon Pay app from scratch. Focusing on the client’s intention to make the application that would enable users to make money with multiple cryptocurrencies (bitcoin, etc.), we universified the blockchain network within a multi-currency wallet app.
Our team of experts integrated versatile cryptocurrencies from multiple blockchains. We communicated with the development team of the specific blockchains, which gave us the opportunity to integrate cryptocurrencies not maintained in the wallets of other organizations
With the help of the NativeScript framework, Agilie accelerated the simultaneous development of two platforms, which enabled writing new functions, if needed, by applying the platform’s native code.
We assisted the Level01 peer-to-peer decentralized finance platform by developing a P2P Android app. The additional solutions presented discovery phase optimization like competitor analysis, product architecture, and prototype. Agilie optimized the app's smart contract functionality by keeping AI data prediction inside it with a purpose of future analysis and model improvement.
Wallex
Agilie’s key task for Wallex was to develop a versatile functional app that would support fiat money and cryptocurrency for payment procedures, money transfers, and currency exchange. Wallex managed to maintain PCI DSS Level 1 compliance due to Agilie’s high security measures. The company proved its reliability in securing the clients’ financial information.
Agile’s success in Wallex
Robust Security Protocols
When selecting a fintech company to develop a safe and efficient app, the first moment you have to pay attention to is the candidate’s adherence to the Software Security Framework (SSF). SSF covers the Secure Software Standard (SSS) and Secure Software Lifecycle (Secure SLC) Standard, which aim to defend the application against cyberattacks and guarantee data security and payment transactions. In this article, you can dive into the fintech regulatory requirements for the launch of a compliant business in the US.
PA-DSS and PCI-DSS Replacement
PA-DSS (Payment Application Data Security Standard) focuses only on the cardholder data domain, where it complies with its payment applications under the PCI-DSS requirements.
PCI-DSS (Payment Card Industry Data Security Standard) represents the security standards developed to ensure that organizations that process customer credit card information manage to secure and protect it in a proper manner.
PCI-SSF (Payment Card Industry Secure Software Standard) outperforms PA-DSS due to its broad environment coverage (payment software and software vendors), as it does not require PCI-DSS compliance with the software domain to secure the payment procedure.
Passing compliance audits
The second aspect you have to keep in mind when selecting a fintech company is analyzing the app’s ability to pass the compliance audit. Here are the following steps of PCI DSS compliance requirements:
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Ensuring the development/maintenance of the secure network and systems
Firewall configuration is a suitable case of network segmentation to guarantee the smooth protection of the cardholder’s data.
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Protecting cardholder’s data confidentiality
This standard requires your organization to adhere to solidity-built tokenization and encryption measures. Limit the time for data storage. Quarterly data purging is a must. This standard requires recording and protecting cryptography keys and encryption.
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Setting the vulnerability management program
Avoid using the factory-set defaults for system usernames and passwords and prohibit clients from using this configuration. This measure is necessary to eliminate cybercriminals’ activities of circumventing common default passwords.
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Crafting strong access control measures
The organization has to utilize the means of encryption to guarantee the client’s data are unreadable during input and in case of cyberattack.
Custom Solutions Tailored to Client Needs
Crafting a truly recognizable app requires precision in details from the very beginning of the development process. When choosing a company for a fintech app development, you should keep in mind:
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The company’s values;
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Candidate’s success stories.
In Agilie, our fundamentals include value for clients, transparency, and effectiveness. Active dialogue is a must to reach the best outcomes in collaboration in the long run. We respect our clients’ needs, cultural backgrounds, and ideas to maximize the transition of the entrepreneur’s and business owner’s organizational spirit into the product by offering the following versatile services.
Translation of the formal/legal part into a tech checklist
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The involved parties have to sign the ‘Intellectual Property Assignment’ or ‘Work for Hire’ documents where the personnel sign the NDA confidentiality agreement.
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When reaching a consensus on cooperation, the business-to-business contracts serve as a legal obligation for the workers not to disclose the product’s confidential data.
Card Issuer Integration
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Integrating card issue services (smart value-added service through a decreased manual intervention.
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Inclusivity of versatile regions & customization (Fast volume scale considering the geography; high card availability)
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Analysis & Report on the applied solutions (reports on the effectiveness, outcomes, areas of improvement of the solutions, compliance with PCI-DSS standards).
White-Label Solutions for GoFinance
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Ready-made solution with a range of services (P2P money transfer, multi-currency accounts, support of Visa/Mastercard).
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Easy customization (ready-made solutions regarding the app’s update, like exterior design to enhance branding).
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Saving time to launch (time-economy for the app’s launch. Instead of years spent building brand recognition, white-label solutions can ensure the application’s launch within weeks/months).
P2P Payments & Ordering Integration
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Ordering/board system & analytics (a decentralized network for preventing double-spending to maintain stability of the transactions).
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P2P & multiply fin payment methods (fiat & cryptocurrency; multicurrency accounts).
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Secured transfers (AML system for transaction approval; encryption).
E-gifting & digital payments
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Ability to add e-gifting / balance / top-up (setting promo codes and/or gift certificates is customer-centric and ensures brand recognition. Eg. Givingli app enables its users to insert a gift certificate below the digitized greeting card).
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Worldwide & country-specific (Personal financial management (PFM) program for optimizing planning & spending).
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Easy to add extra user engagement (diversifying digital payment interactions with extra opportunities, like rewards. Wallex treats its clients with cryptocurrency cashback for spending).
Conclusion
Solving a client's uncertainty regarding choosing the proper fintech company lies on the fundamentals of the candidate’s years of expertise, success stories, industry recognition, and compliance with security standards. You should keep in mind aspects like the company’s values, and domains of expertise to ensure the solution's reliability and promote a smooth app’s development from the very beginning of its SDLC.
A partnership with Agilie will provide you with a range of benefits: from-scratch app development/optimization of the ready-made solutions, ongoing software support, inclusive, client-centric, and technically reliable application compliant with PCI-DSS standards. To get an in-depth understanding of Agilie’s approach to fintech development, please sign up for the form below.
