Launching a financial product for a foreign market with strict regulatory compliances
Software product companies that deal with regulatory subjects often find it difficult to enter foreign markets where local competition hold sway as they are well-versed with the local laws. These products are often licensed to local companies who manage localization requirements needed to succeed in their respective countries. Our client was granted rights to customize and sell an accounting software in the European market through a similar licensing agreement.
The client understood the business and logistic challenges facing their venture and realized the need for a reliable partner with expertise to be able meet tight schedules while working closely with their own developers.
- The number of developers needed to handle customization was not known and because tax software releases are done on an annual basis, development was expected to vary every year. This made it difficult to accurately gauge the cost, team size and the required technology experience. There was no one-size-fits-all solution.
- The client also needed to master 95% of the original code base for a quick release, but very little knowledge of the code was available internally. Any mistakes made during the initial release would be severely detrimental to the future of the localized product. read more...
Developing the localized version
Nagarro began the engagement with a hybrid team of offshore-onsite resources who worked in close sync with the client's product team to learn the technical and functional details of the product. Nagarro experts quickly ramped up on the linguistic challenge and also gained an in-depth understanding of local laws and taxes – a critical component in this project.
After the first release, the team took complete ownership of the development process and since then, has worked seamlessly with the client’s team to re-design, co-develop and maintain the client’s flagship software products for enterprise account management.
Key features of the portal
Technology migration: A three-pronged strategy was used for product modernization:
- Migration of underlying product technology to .Net 3.5.
- Migration of the source code base (2 GB) from VS2005 to VS2010.
- Migration of 32-bit VB modules to 64-bit .Net technology.
Code refactoring: Post the migration, a major code clean-up was carried out for the product. Obsolete code was removed which was followed by code refactoring. The products were made compatible with Windows 8 and enhanced to synchronize with MS Outlook.
Complex algorithms: The algorithms were written to reconstruct and verify the data in case of system or database crash. Based on the user feedback, more reports were added and multiple filters were added to existing reports to allow nth level drill down of data.
Integration points: The product was integrated with cloud services, making it the first application of its kind to have cloud integration for data management within Europe. The product was also integrated with online banking services allowing payment of invoices directly through bank accounts. Through seamless integration with all banks, the product works in compliance with rapidly changing government regulations.
Product localization: Over the years, the Nagarro team has continued to support the client in achieving success with this product, and has helped them add key localization features such as Euro enabling, delivery notes, new VAT forms, multiple estimates, reminder functionality, implementation of reports, and automation of online reconciliation.
Award winning product designed for the european market
- Flexible and scalable team able to meet the needs of an unpredictable development cycle.
- Lowered development costs and increase in ROI as a result of shared workload handling.
- Successful and timely release of the software.
- Superior knowledge management practices allowed for fast maintenance and updates.read less...