Digital payment systems: Shortcut to success
Financial software development does not have to be costly and time-consuming. In 2021, providers can set up their systems quickly and enter the market with fully featured branded solutions. If you are wondering how to bring your financial idea to life, our tips will help you get started.
Creating a product from scratch is a complex and expensive endeavor. Discover white label digital payment platform systems that save time and money. With the right provider, like SDK.finance, you will get a unique structure supporting all of the operations. Your path to market entry will be short and smooth.
First, Define Your Purpose
Begin with clearly defined objectives. How do you envision the system? How will it benefit the company and its clients? Do you want an investment CRM, a wallet, a banking app, or just the core banking software? The platform depends on the purpose of the project and the target audience. For example, you may need a web-based application or a mobile app for Android and iOS.
How to Find a Provider
A trustworthy company will build a reliable and highly customized system based on your needs. Do not make rash decisions — research the market to find top candidates and see what they can offer. Pay attention to the number of years in business (some firms have been operating for 15+ years!), the portfolio, experience of previous clients, range of solutions, security measures, downtime, etc.
What Information to Collect
Do research to assess the feasibility of the project. Look at similar products launched in the past and their results. What do you like about them, and what could make them better? Consider trends and peculiarities related to your chosen model. Discuss the strengths and weaknesses of the idea with your business analyst or project manager. Consider the following dimensions:
- technical (the resources available and required);
- economic (cost/benefit analysis);
- schedule (the timescale including deadlines for all stages)
- operational (usability, support, maintenance, human resources needed, etc.)
Software development from scratch is always costly. With white label products, the costs are significantly lower, as the foundation is ready-made. Request the estimates from the developers. Note that prices for software services vary depending on the location. For example, a team in Eastern Europe may charge half of what a US firm would.
Quick and Convenient Launch
White-label systems eliminate multiple hurdles, bringing you closer to the goal. As the software will be built on an available technology stack, you do not have to hire engineers and make sense of programming languages. The development firm will suggest an optimal solution based on your tech spec.
Once the system is ready, your company can use it under its own brand. Enter the financial market with an attractive, fully-featured, and streamlined product. Creating banking software has never been easier!
