financials

Financial Software Testing

Software testing in financial services poses unique challenges for developers and enterprises alike. Evolving market expectations and the shift to cloud-based software drive a need for robust and reliable financial software applications, while corporate and federal governance regulations demand enhanced security and oversight. Additionally, with SaaS models reducing the hurdle to switch apps, software quality is a must.

The solution? Software testing in financial services from XBOSoft that not only evaluates your applications from both regulatory and reliability standpoints, but also applies functional usability testing to make sure your software meets your users’ expectations — Does the software meet performance testing specifications? Can it handle large transactions? Does it meet current regulatory standards? Is experience in banking domain testing applied to create realistic end user scenarios?

XBOSoft’s Holistic View for Financial Software Testing

At XBOSoft, we’ve designed a comprehensive QA finance program for all SAS70 financial software. With corporate governance regulations in financial services heightening the need for dependable 24/7 IT solutions and dependable financial software testing, we’ve developed financial software testing best practices combined with key value-added target focuses that protect both shareholders and customers. These include:

  • Broadening platform support (including mobile) to increase accessibility— Users and consumers now demand comparable functions across desktops and mobile devices. XBOSoft’s test environment covers all leading devices, platforms, and networks.
  • Lighten the load of regulatory compliance— Regulations are constantly evolving. XBOSoft’s deep domain expertise helps ensure your software functionality is properly tested to comply.
  • Retaining customers through user-oriented applications that work right!— Buggy Apps don’t secure user loyalty. XBO’s time-tested structured QA processes and usability testing techniques give you confidence that your Apps are always on point, providing the functionality, behavior and professional design that your users expect.
  • Enhancing security to protect critical assets— Testing banking applications thoroughly from top to bottom is top priority when it comes to protecting your clients and their users. At XBOSoft, we can help you evaluate and test your role-based authentication schemes, two-factor authentication, and the risk of current roles vis a vis responsibility. Are users restricted where required and empowered where appropriate?
  • Ensuring key financial software metrics are achieved— Can your software perform high-value, high-volume transactions with low latency while remaining secure? What functionality and security holes open when services are shut down one by one due to heavy load? Our team can evaluate current performance, latencies, and develop strategies for improvement.

Successfully addressing these challenges with software solutions requires an unwavering focus on quality. As a specialist in quality assurance for financial software, we’ve earned a reputation for ensuring that software meets customer expectations, satisfies stakeholder requirements, and retains regulatory compliance.

QA & Testing Financial and Banking Software and Applications

The financial sector has always been an early adopter of leading-edge technology and software. Driven by digital trends in areas such as online banking, mobile wallets, and P2P transfers, the financial industry needs to ensure a smooth and secure user experience across a complex functional framework touching myriad card platforms, payment gateways, and delivery channels.

Some Key Challenges and Trends

  • Online Banking – Broad swaths of the population now demand anytime anywhere banking.  Banks, in turn, must offer banking without branches with end-to-end functionality of brick and mortar bank through a minimal, but highly diverse front-end of smart devices. This poses mind-bending challenges from financial software testing perspective and requires structured QA and experienced software testing teams.
  • Web Security, Regulatory & Compliance – Banking institutions must comply with a bewildering array of standards, from security such as BASEL III or BCBS 239 (banking systemic and operational risk), to FATCA (overseas accounts) and SAS70 (auditing standards). To achieve effective and long-lasting software security results, multiple testing types are recommended. These include: Manual testing, Dynamic testing, Web application security testing, Interactive application security testing, and Penetration testing.
  • Performance Failures – Performance failures with online banking portals can have serious repercussions. Meeting the required performance levels involves taking into consideration the infrastructure, connectivity, and integration with the backend. The transaction spikes must be monitored at regular intervals and Stress and Load tests must also be regularly performed to ensure support for multiple transactions at any given point in time.

Additionally, some other commonly faced challenges in testing Internet Banking are:

  • Variety in internet connections, both public and private, and diverse connection speeds.
  • Unknown and diverse usage paths
  • Usability testing that encompasses the User Experience
  • Testing Mobile Banking Apps across a broad range of devices, configurations, operating systems, browsers, and platforms.

Financial Software Testing – A Sample of XBOSoft Best Practices Learned on the Job

  1. Testing input fields needs to be comprehensive.It should include not only legitimate data and invalid data, but unexpected data. Negative testing is a must. For example, when testing an input box, if the requirement is a number, it is necessary to enter a number to test, but you also need to enter letters, spaces and other characters. This is certainly not new for testing, but very important for testing financial applications. For example, the amount and percent field should not allow non-numeric values.
  2. Additional testing of the application for the UI, UX, integrity of Data, and support for multiple and concurrent users.
  3. Employ an end–to–end testing methodology that encompasses all business requirements, workflows, and user scenarios, combined with thorough test cases and defect reports with the right level of detail to troubleshoot and minimize the time to fix.

XBOSoft – Financial Services Case Study for PracPlay

PracPlay is the leading provider of open-source financial solutions for investors and quantitative traders. With clients managing over a half billion in assets and tens of thousands of open-source downloads, PracPlay delivers lower costs and faster time to market for funds and individual traders across the equities, currencies, option and futures markets. PracPlay’s goal is to accelerate traders and investors return on capital. PracPlay products are used by thousands of traders and investors in 10 countries spanning 3 continents. PracPlay clients include:

  • hedge funds
  • proprietary trading firms
  • trading groups
  • quantitative traders
  • retail and individual investors

Check out our PracPlay Case Study to learn how partnering with XBOSoft enabled PracPlay to benefit from a wide range of XBOSoft’s financial testing solutions and expertise.

Why XBOSoft for Financial Software Testing?

Our QA specialists have accumulated broad experience in banking domain testing, and have worked across a variety of financial services software applications including account reconciliation, transaction matching, financial statement verification, and investment management. XBOSoft can help with all of your requirements for Software Testing in Financial Services. This includes testing banking applications as well as testing accounting software where we’ve developed niche expertise equal to none.

We’ve been testing financial and accounting software for more than 12 years, making financial software testing one of our primary areas of expertise. Our comprehensive approach to software quality and specialized software testing gives our customers piece of mind that risks have been managed and reduced. Take advantage of XBOSoft’s full range of software testing services and financial software testing best practices to help streamline the development, deployment and long-term value of your financial software.

Ready to improve regulatory compliance and discover line-of-business opportunities in your financial software? Let us find the defects before your clients do. Contact us today and discover the XBOSoft difference.