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The CEO Views > Blog > Technology > Checklist for Vetting Fintech Software Companies: Compliance, Security, and Reputation
Technology

Checklist for Vetting Fintech Software Companies: Compliance, Security, and Reputation

The CEO Views
Last updated: 2025/10/07 at 8:57 AM
The CEO Views
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Checklist for Vetting Fintech Software Companies

In 2024, the fintech industry reached a global valuation of $340.10 billion. It’s projected to achieve $394.88 billion in 2025 and $1,126.64 billion by 2032. 

Software companies are at the forefront of this market growth. They build the infrastructure behind online banking, payments, and digital transactions. However, this role comes with risks.

According to IBM, the cost of a data breach in the financial sector is higher than in other sectors. Companies in finance spend an average of $6.08 million to manage exposure. This amount covers everything from fines and investigations to recovering lost users.

Regulatory fines and trust issues are also common concerns. With the boom in fintech, the need to help businesses vet software firms becomes paramount. Techreviewer.co is one of the trusted sites for software companies dedicated to staying compliant.

Compliance: Meeting Regulatory Standards

When building software that deals with people’s financial data, there’s no room for cutting corners. Compliance is both a legal requirement and a promise to customers that their details are safe.

This means staying aligned with the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS).

Firms must also follow Anti-Money Laundering (AML) to prevent fraudulent activities. And adhere to Know Your Customer (KYC) policies to maintain transparent transactions.

Compliance checklist:

  • Documented policies: Don’t skip the paperwork. Make sure they have clear privacy policies and a formal process for handling incidents.
  • Compliance audits: Choose partners who’ve worked in regulated industries. Their software should be able to pass benchmarks.
  • Third-party certifications: Industry-recognized badges, such as ISO/IEC 27001 and PCI DSS.

Platforms like Techreviewer list fintech software development companies with knowledge of compliance demands. Companies can compare diverse brands when making hiring decisions. 

Security: Protecting Customer Data

Fintech firms are increasingly targeted by cyber-attacks and other digital threats. Hackers are constantly seeking ways to exploit weak systems. 

One breach could cost more than just money. It could cost trust. Enforcing security best practices prevents fraudulent behaviors, identity theft, and legal issues. 

In February 2024, businesses worldwide reported losing at least $300,000 due to cybersecurity incidents. Financial institutions can protect themselves from unauthorized access and maintain customer trust by implementing proper measures.

Security checklist for picking fintech development teams:

  • Encryption standards: Make sure the team uses strong encryption methods like AES and TLS 1.3 to store and transmit data.
  • Penetration testing: Ask if they regularly test to identify vulnerabilities. The best teams try to break their own code before anyone else can.
  • Incident response plans: Do they have a plan for when things go wrong? A real partner won’t just build the software. They’ll help fix any issues that arise.
  • Cloud security: If the software runs on cloud platforms, ensure the company enforces identity and access management (IAM) rules. Encryption, logging, and monitoring plans should also be in place.

Sites like Techreviewer continuously highlight fintech software development companies with strong security credentials. Detailing these firms ensures that businesses can find providers more quickly and with greater confidence.

Reputation: Track Record and Credibility

When vetting companies, a good reputation is a sign of competence and reliability. Businesses need to assess the provider’s relationship with past clients and market standing. 

Reputation is built over time with every successful project delivery and client satisfaction. A provider’s record predicts how they’ll handle future projects and the quality to expect.

Apply this reputation checklist when choosing fintech software companies:

  • Client testimonials: Detailed, verifiable reviews from fintech companies and those with similar project scopes. 
  • Case studies: Real-world examples that show how the firm handled initial business challenges and their technical solutions. Measurable outcomes, timelines, and security protocols are also important factors to pay attention to.
  • Portfolio: It’s best for businesses to confirm the provider’s expertise in their domain. There’s no better way to do this than to look at past projects.
  • Industry recognition: Companies with awards from industry leaders rank high when it comes to credibility.

Unbiased reviews from third-party platforms like Techreviewer also reveal a firm’s general performance. Looking at the provider’s website may not always reveal much since no company will put up nasty comments. However, this third-party site offers reviews of fintech software development without fear or favor.

Warning Signs to Look Out For

A development firm may appear promising on paper, but ultimately prove to be the worst possible decision for a business. What red flags should organizations watch out for when engaging these providers?

  • Lack of transparency: A fintech partner that gives vague answers or undetailed documentation likely has something to hide.
  • Regulatory gaps: A company offering financial software without knowledge of compliance requirements is a red flag.
  • Deprecated security practices: Businesses must ensure that the agency employs current development methods, such as DevSecOps, to maintain a secure environment. Software development for fintech should always begin with security in mind, rather than being treated as an afterthought. 

Morgan Stanley paid $35 million in charges after it failed to safeguard people’s data in 2022. In 2024, TD Bank faced $3 billion in penalties related to anti-money laundering compliance failures.

Ignoring compliance and regulatory gaps comes with severe consequences. From monetary loss to customer distrust, the price of choosing the wrong partner is devastating. 

Build Long-lasting Partnerships

Fintech requirements often change rapidly, especially as technology advances and compliance needs evolve. Scalability makes a lot of difference when vetting software companies. It determines whether a provider grows with the business or requires expensive replacement.

A future-proof partner goes beyond building fully functional software. They incorporate the latest software technologies in AI and blockchain to ensure businesses stay competitive. 

Additionally, confirm that the development team offers ongoing compliance support and security checks. Frequent security audits enable businesses to effectively handle the ever-changing cyber threats and adhere to the latest industry security frameworks. Sites like Techreviewer help companies to identify scalable software development firms.

Conclusion

Vetting fintech development companies boils down to compliance, security, and reputation. The primary objective of compliance is to protect organizations from legal sanctions and ensure the integrity of their operations.

Security protects businesses and their customers from malicious attacks. Reputation predicts reliability and the possibility of a long-term partnership. 

Adopting a structured checklist for these three elements helps to curb risk exposure. Explore Techreviewer to discover reputable companies in the finance sector.

The CEO Views October 7, 2025
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