FortySeven Software Professionals

BACKGROUND

Please describe your company and your position there.

We are IT Startup offering financial software for the FinTech industry. I'm a business development manager in Finmatic.

OPPORTUNITY / CHALLENGE

For what projects/services did your company hire FortySeven Software Professionals?

We hire FortySeven Software Professionals to develop financial software from scratch. We were searching for the company with expertise in banking and finance with the experience of developing financial software.

What were your goals for this project?

We wanted to develop web and mobile applications, with a modular approach that could be scalable. Additionally was important to develop a wide range of API functions to be able to make necessary integrations. To increase demand, we wanted to make the backend of the project cloud-based

SOLUTION

How did you select this vendor?

We were researching the market for a long time, using search engines, catalogs, and consulting services in the UK and Lithuania. Because most Fintech Startups nowadays launches in such jurisdictions. In the end, several companies were selected for the final decision.

The criteria were to choose a large company with the resources to launch such a product, additionally, it was important to receive consulting services to build a proper solution according to the last standards and EU regulations. Within all companies, FortySeven was most focused on our project, and it was clear that there is result-oriented company.

Describe the project in detail.

Already on the preparation stage, FortySeven provided us with the high-level vision of the project, with the timeline of the developing stages and engagement steps. After successful legal steps, within 2 weeks dedicated development team was ready.

The project owner and project manager from FortySeven provided us with the technical specification of the projects and described all the technology stack that they will use. After that, all the development process was managed according to agile scrum methodology.

What was the team composition?

There was a project manager and project owner dedicated to our project, all the communication was with them. Only several times we arranged meetings with the development team to better understand project issues and solutions.

RESULTS & FEEDBACK

Can you share any outcomes from the project that demonstrate progress or success?

As a result, we received a cloud-based solution with a responsive web interface. The functionality was:

1. KYC and onboarding interface
2. Account opening and payment interface
3. Internal Messanger - Back office with user access control
4. API for third party integrations

How effective was the workflow between your team and theirs?

The workflow was highly effective, all the communication was built with emails and weekly audio or video meetings to start and end sprints. All the tasks were previously estimated and the development process was under financial control according to our needs.

What did you find most impressive about this company?

The time they spent on consulting us was impressive, they shared with us knowledge in building banking applications and helped us to find partners and third-party providers for our clients.

Are there any areas for improvement?

From the start, we were disappointed about the development speed, but FortySeven team described us in details the development process and value of each stage.