Financial Software Development Services
Power your financial processes
ScienceSoft offers end-to-end financial application development services to help companies from 30+ industries design and build reliable financial solutions that digitally transform and improve their financial processes.
Financial software development services are used to launch different types of financial solutions that streamline financial management processes, increase financial data visibility, accuracy and security.
Corporate financial software development
For companies operating in non-finance sector to streamline their corporate finance-related workflows.
Corporate Financial Solutions ScienceSoft Specializes In
Financial accounting and reporting
- Automated aggregation and reconciliation of financial data.
- Intelligent processing of paper and digital financial documents.
- Automated calculation of revenue, expenses, payroll, employee expense reimbursement amount, asset depreciation amount, and more.
- Rule-based financial transaction recording in the general ledger, A/R and A/P ledgers.
- Template-based creation of financial reports.
- Multi-entity, multi-currency, multi-book financial accounting.
- Scalable cloud storage for financial documents.
Value: reduced manual tasks of accountants, improvement in bookkeeping and financial reporting accuracy, full visibility into enterprise-wide accounting transactions.
- Real-time revenue calculation and tracking.
- Rule-based contract revenue allocation.
- Automated revenue recognition according to the up-to-date accounting standards.
- AI-enabled revenue analysis and forecasting.
- Automated tax calculation based on predefined tax rates, including region-specific taxes.
- Automated tax filing.
- Scheduled tax payment.
Value: more accurate tax and revenue reporting, simplified compliance with global, country- and industry-specific regulations.
Financial planning and analysis
- Automated financial data consolidation from relevant sources.
- AI-powered financial data analysis and forecasting.
- Analytics-based financial planning.
- Scenario modeling and what-if analysis for financial and strategic transactions.
- Template-based budget creation at the enterprise, department, multi-entity level.
- Real-time financial performance monitoring and variance analysis.
Value: streamlined financial planning and analysis, more accurate financial forecasting, improved decision-making on financial and strategic activities.
- Real-time monitoring of cash flow, liquidity, working capital, transactions on investment, financing, hedging activities.
- Automated reconciliation of cash transactions and cash positioning.
- Multi-entity payment management via in-house banking.
- Debt and investment management.
- Financial risk management.
- AI-powered financial analysis to forecast cash flow, liquidity, gains and losses on investing and financing activities.
Value: enhanced visibility across financial transactions, improved liquidity planning and control, minimized idle cash, reduced liquidity and credit risks.
Billing and invoicing
- Automated calculation of due amounts.
- Automated invoice generation and submission to customers.
- Multi-department invoice approval.
- Real-time tracking of invoice status (sent, received, paid, open, etc.).
- Automated payment processing.
- Dunning management.
- Customer self-service portal.
Value: quicker and more accurate invoicing, faster receiving of payments, reduced revenue leakage.
- AI-powered analysis and optimization of product prices and pricing strategies.
- Automated price calculation based on a user-defined pricing strategy.
- User-defined price segmentation rules.
- Template-based price list creation.
- Real-time monitoring of competitors’ prices and stock availability across relevant public sources.
- AI-enabled dynamic pricing.
Value: faster price calculation and updating across selling channels, more competitive pricing, increased profit margin.
- Analytics-based project cost estimation.
- Template-based creation of project budgets.
- Real-time project cost tracking.
- Automated allocation of actual project costs based on the pre-defined costing method.
- AI-powered forecasting of project cost performance.
Value: streamlined planning, control and analysis of project costs.
Power Financial Workflows with Robust Software
ScienceSoft’s team is ready to design and build:
- A targeted financial application and integrate it with your existing software ecosystem.
- An all-encompassing enterprise financial system.
ScienceSoft’s Customers Say
The invoicing system created by ScienceSoft automates data integration from different sources, invoice generation, and provides visibility into the invoicing process. We have already engaged ScienceSoft in supporting the solution and would definitely consider ScienceSoft as an IT vendor in the future.
Heather Owen Nigl, Chief Financial Officer, Alta Resources
Owing to ScienceSoft’s experience in distributed modular systems, we cooperated with them on the evolution of our Azure-based product for accounts payable management. ScienceSoft was to cover end-to-end development of an intelligent paperless invoice processing module for the product.
The new software module performs stably even under heavy load, which helps provide a high-quality user experience for our customers. ScienceSoft proved to be a reliable tech partner, and we can recommend other businesses to consider ScienceSoft as a software development vendor.
Wadih Pazos, Chief Operating Officer, Paramount WorkPlace
Key Benefits of Corporate Financial Software ScienceSoft Delivers
faster financial data processing due to automated workflows
increase in the financial team productivity due to elimination of manual tasks
improvement in the financial data accuracy due to eliminated manual errors
visibility into financial transactions due to their real-time monitoring
protection of sensitive financial data with robust cybersecurity algorithms
risk of legal penalties due to compliance with up-to-date financial regulations
Selected Corporate Financial Software Development Projects by ScienceSoft
Development of Custom Billing Software for a Leading European Marketplace
- Functionality for invoicing, payment processing, debt collection, and more.
- Integration of billing software into the Customer’s online marketplace.
- Automated system scaling from using 2 to > 50 app servers depending on the load.
Customer’s benefit: A scalable billing platform that enables faster processing of international payments and streamlines debt collection.
Viber Billing Portal Development
- Self-service functionality for the messenger’s users to track the account balance and manage payments.
- Automated payment processing.
- Support for various payment options.
- Real-time fraud detection algorithms to ensure personal and financial data security.
Customer’s benefit: A convenient and scalable billing portal that helps the Customer receive due payments faster.
Development of StreamServe Invoice Management Software for a Mobile Operator with 5 Mln Clients
- Template-based generation of customer invoices.
- Designing custom invoice templates and adding marketing materials to invoices.
- Invoice e-signing.
- Automated invoice submission to clients via email.
Customer’s benefit: Faster invoice generation and processing, reduced time for monthly billing campaigns.
Accounting Software Migration to the Cloud
- Re-designing the architecture of a legacy accounting product into a modular web-based multi-tier architecture.
- Developing additional features, such as template-based document generation, e-payments, and more.
- Enabling users to place space-consuming audit logs in low-cost storage.
Customer’s benefit: Reduced cost of data storage, facilitated maintenance of the accounting system, extended product functionality.
Software development for financial services companies
For companies operating in the banking and finance industries to help them improve customer experience.
Get Robust Financial Software to Drive High ROI
With custom banking and finance software by ScienceSoft, you can achieve the following benefits:
Web and Mobile Apps for Banks and Finance Companies
Since 2005, ScienceSoft delivers top-flight custom web and mobile applications for banks and financial services companies. We provide full-cycle financial software development services, from consulting and UI/UX design to testing, deployment, and market release. We also help our clients achieve regulatory compliance and establish advanced security of sensitive data.
Our financial software development company creates a rich variety of corporate and customer-facing apps for financial companies, including:
NB! Along with single-purpose financial applications, ScienceSoft develops full-featured financial systems that comprise role-specific apps, back end with a powerful processing engine at its core, and secure data storage. We have proven expertise in designing and building software with complex business logic that smoothly handles even the most complicated, highly-specific finance operations and ensures 100% accuracy of financial calculations.
Achieve Digital Agility in a Rapidly Evolving BFSI Sector
ScienceSoft is ready to design and develop reliable custom financial software to meet each financial services company's unique business needs.
ScienceSoft's Featured Success Stories
Here are some of our hallmark software solutions for banks and financial services companies:
Award-Winning Mobile Banking Apps
Secure iOS and Android mobile apps for a bank with $254 million of equity capital. The apps provide rich client-facing capabilities, from balance check and credit/deposit management to money transfer and payments, including automated recurring payments. Also, the apps cover the AR geolocation feature.
Online and Mobile Banking Solutions for an Asian bank with 3+ Mln Customers
Online and mobile apps provide functionality for account management, payments (including split payments), money transfers (including P2P transfers), virtual card creation and management, suggestions on the nearest of the bank’s 90+ branches, and more.
Mobile Payment Software for 18M E-Wallets
A complete solution for mobile e-payments for a well-known online payment system provider that serves over 18 million e-wallets. The app by ScienceSoft covers all common payment and money transfer operations and makes transactions fast and convenient for the users.
Online Bond Portfolio Management Solution
An automated portfolio management tool for a financial market information provider. The solution provides the financial and investment professionals with a toolkit to monitor their activities with bonds and Eurobonds, automate trading transactions, and instantly acquire the financial market reports.
Loan Management Software
An all-in-one loan management system for a microfinance company with 50+ offices across the US. The solution provides end-to-end automation of the company’s specific lending processes, convenient UX and UI for the company’s employees and clients, and top-flight security of sensitive data.
Cross-Platform Mobile Credit App
A mobile lending application for GeoCredits, an online credit assistant. The app provides vast self-service functionality for customers to navigate the banks’ cash loans and credit cards offerings, automatically create and submit loan applications, instantly contact customer support, and more.
Consumer Loan Management System for a European Bank
Software provides scalable storage for lending data and documents, offers loan origination, servicing, and analytics features for the lending team, and comprises a web app for borrowers enabling a single point of access to multiple credit accounts and convenient creation of loan applications.
Mobile Apps for a US insurance company with $61bln of total insurance value
iOS and Android insurance apps introduced self-service damage assessment and claim submission capabilities for policyholders. The insurer achieved nearly 50% reduction in the employee workload within 2 months.
Automated Trading Software Powered with Data Science
An AI-powered trading system for a US-based fintech startup. With data science, predictive and prescriptive analytics at its core, the system translates complex scenarios and multiple patterns into precise trading recommendations and allows traders to efficiently manage their investment portfolios.
Financial and Economic Modeling System
A business modeling tool for a company providing high-tech services in all sectors of economy. The solution helps data analysts easily build complex financial, economic, and strategic transaction models to get full insight of the current venture situation and uncover opportunities for the future.
Frequently Asked Questions
How much does it cost to develop software for a BFSI company?
Financial software development costs may vary significantly depending on the type of software you want to implement, as well as on the scope of the solution's functional and non-functional capabilities. While a custom mobile app for the finance company's clients costs around $150K, building a complex software system aimed to digitalize business-specific operations may require $2M+ in investments.Get a Custom Quote
Can you ensure that software is secure enough and the users’ data is protected?
Since 2003, we have been working in Security Intelligence together with IBM. We participated in the creation of IBM TSIEM/TCIM and TSOM products and co-developed IBM’s official TSIEM to QRadar migration guide. In 2011-2014, ScienceSoft worked on SIEM projects in North America, Europe, the Middle East and Africa. We launched a QRadar anti-fraud solution for banking and released an unofficial Health Check Framework for IBM QRadar SIEM. Relying on the in-depth, practice-proven expertise, we guarantee robust protection of our solutions against all types of cyber threats.Explore IBM QRadar SIEM
Do your financial solutions provide compliance with case-specific regulations?
ScienceSoft provides comprehensive compliance consulting services and builds financial software to meet all required legal regulations, including domain-specific regulations (SEC for securities and FX, FINRA for brokerage, HMDA for mortgage lending, IFRS17 for insurance, etc.) and local standards (e.g., GDPR for the EU, SAMA for the KSA, NYDFS for NY).Check our compliance assessment services
- Since 1989 in IT with 700+ employees on board.
- Since 2007 in custom financial software development.
- Expertise in advanced techs, including data science, AI and ML, BI, big data, blockchain.
- 19 years in cybersecurity to ensure world-class protection of financial software and sensitive financial data.
- In-house compliance experts with 5-20 years of experience to ensure financial software compliance with global, industry- and region-specific regulations.
- ISO 9001 and ISO 27001 certified financial software development company to assure high quality of financial software development services and customers' data security.
- HQ – McKinney, Texas. Representative offices in the UAE, EU. Offshore development centers in Europe. We are ready for on-site visits.
The Financial Times Includes ScienceSoft USA Corporation in the List of Americas’ Fastest-Growing Companies 2022
ScienceSoft is one of 500 companies with the highest compound annual growth rate in revenue. This achievement is a result of our unfailing commitment to provide high-quality IT services and find best-value solutions to clients' needs.
Perks of Financial Software Development with ScienceSoft
Optimized cost of financial software implementation
Modern software architecture
ScienceSoft employs a microservices-based architecture to ensure the financial solution’s flexibility to evolve with new features as new business needs arise. To develop and deploy the financial solution faster and provide its high scalability at minimized cost, we rely on cloud-native serverless functions.
Bringing business value with advanced technologies
To deliver additional value across finance workflows for our customers, we power financial software with cutting-edge technologies, including:
To estimate the cost of financial solutions, ScienceSoft takes into account the following factors:
- The number and complexity of functional modules required to cover business needs.
- The number and complexity of integrations (e.g., with legacy software, third-party platforms).
- The volume of data used for financial analytics, the necessity to implement ML algorithms and their complexity.
- Required application types (web, mobile, desktop) and a number of supported platforms (for mobile).
- Software availability, performance, security, and scalability requirements.
End-to-end financial software development
We design and build targeted and full-featured financial solutions tailored to your business-specific requirements to help you digitally transform your corporate finance with the help of mature technologies.
The service covers:
- Analysis of your financial needs.
- Proof of Concept development (optional).
- Solution architecture design, UX and UI design.
- Preparing the solution implementation plan, including cost & time estimates.
- Financial software development (from scratch or platform-based).
- Solution integration with existing business-critical systems.
- Quality assurance.
- Data migration from currently used systems or spreadsheets.
- User training.
- Continuous support and evolution (if required).
Financial software modernization
We re-design and re-engineer the financial application you currently use, migrate the solution to the cloud, implement new functional modules to help you generate new value with legacy software.
The service covers:
- Financial software modernization needs analysis.
- Audit of current solution functionality.
- Solution architecture re-design, code re-design, UX and UI re-design and/or design of new functional modules.
- Preparing the modernization plan (the implementation plan for new modules, the cloud migration plan, the code restore plan, etc.), including cost & time estimates.
- Development of new financial software modules, or application migration to the cloud, or software code re-engineering.
- Quality assurance.
- User training.
- Maintenance and support.