Financial Software Development: A Complete Guide

Navigating the complexities of the financial industry has become more manageable with the advent of innovative solutions. 

Financial software development comprises tools, including advanced analytics and accounting systems, designed to address diverse user needs.

FinTech, which combines financial services and technology, is characterized by an architecture prioritizing a digital-first approach. The industry is rapidly expanding, with an increase in enterprises capitalizing on its promises and benefits.

For those seeking to enter into the FinTech industry, this guide aims to provide a comprehensive understanding of essential aspects and strategies for success in developing and establishing a robust FinTech business model.

FinTech Market Overview

The global FinTech market is projected to achieve a valuation of $2.38 billion by 2027, exhibiting a Compound Annual Growth Rate (CAGR) of 11.36%. 

Source: Statista 

The expansion of this market is primarily attributed to the pervasive adoption of digital platforms, leading to a considerable impact on its overall size. Users increasingly favor digital solutions, such as mobile apps and online banking, as efficient alternatives to traditional, in-person banking activities.

A booming FinTech sector indicates a profitable business potential by proving rising demand for new financial solutions. The expansion suggests a market ready for innovations, creating a perfect environment for entrepreneurs to capitalize on developing financial technology trends. 

As the FinTech industry grows, there is plenty of opportunity for businesses to grow by providing solutions that match the changing requirements of a dynamic and technologically adept customer base.

Why Investing In Financial Software Development Solutions Is Profitable?

There are several reasons why investing in customized financial software application development is a beneficial option for businesses. Let us make a list of them.

1. Digitalization of Currency

The continuous digitization of currency, particularly among Gen Z and millennial groups, marks a huge paradigm change with profound implications for the FinTech sector. FinTech businesses hope to gain from this transformational trend as physical currency transactions decline in favor of digital alternatives. 

The rising use of digital transactions not only reflects shifting customer tastes, but it also opens up new opportunities for financial technology solutions. This change emphasizes the significance of investing in robust financial software development capable of meeting the changing demands of a digitally-driven financial world.

2. Extensive Mobile Application Landscape

The role of mobile applications in driving the expansion of the FinTech industry cannot be overstated. Both modern FinTech startups and traditional banks have effectively leveraged the power of mobile apps to broaden their market reach and enhance customer services. 

Mobile applications have become integral to financial interactions, functioning as a digital wallet where users manage their money and conduct various transactions. Investments in cutting-edge financial software development are imperative to capitalize on this trend. Ensuring seamless, secure, and user-friendly mobile applications will be pivotal for FinTech firms aiming to stay competitive in an increasingly mobile-centric financial ecosystem.

3. Reduced Dependence on Physical Banking Visits

A noticeable trend in consumer behavior is the decreasing reliance on traditional banking systems, with customers increasingly favoring neobanks and FinTech solutions. This shift creates a unique opportunity for FinTech firms to diversify their service offerings beyond the conventional banking spectrum. 

By investing in custom financial software development, these companies can provide innovative solutions, including streamlined credit and stock investment services. This strategic move aligns with the changing preferences of consumers seeking convenient and flexible financial solutions outside the confines of traditional brick-and-mortar banking.

4. Enhanced Potential for Innovation

The FinTech sector, with its dynamic landscape and growing customer requirements, offers an ideal environment for innovation. While new enterprises are emerging to solve long-standing issues, the industry remains an ideal environment for creative ideas and innovative technologies. 

The surprising surge of virtual currencies over traditional fiat money shows FinTech’s endless potential for innovation. To remain competitive, FinTech firms must promote a culture of constant innovation and invest in financial software development that adapts to evolving trends, ensuring they are well-positioned to pioneer the next wave of breakthrough financial solutions.

Innovative FinTech Startup Ideas

Understanding the model with which you are making your entry is an important component of being a leader in the FinTech market. There are various FinTech models to consider when beginning your firm, and it wouldn’t be surprising if several more emerge by the end of the year.

1. Banking

FinTech addresses inefficiencies, lack of flexibility, and limited accessibility in traditional banking institutions. Utilizing customer-centric tools such as app-based money transfer, neo-banking debit and credit cards, and microcredits, FinTech offers diverse banking solutions.

Powered by APIs, FinTech companies bridge the gap between traditional banks and modern app development firms, facilitating real-time access to the data and information customers need.

2. Investment

Investments play a crucial role in the financial landscape, with a growing trend among Gen Z and millennials diversifying portfolios across equity, debt, gold, and virtual currencies. FinTech applications like Coinbase and Robinhood cater to this trend, providing opportunities for startups to enhance investment platforms with features such as in-app wallets, AI-based automatic fund allocation, and goal-specific segregation within the app.

3. Insurtech

Emerging InsurTech firms offer customers benefits such as low premiums, extended repayment periods, expedited fund disbursement, and automated claim processing, making insurance more accessible to a broader demographic. FinTech companies are expanding into new insurance categories, including pet insurance, insurance for blue-collar workers, car insurance, and sachet insurance.

4. Virtual Currency-Driven Platforms

Virtual currency, particularly cryptocurrency, is increasingly considered the future fiat currency. FinTech startups can explore various models, including cryptocurrency development, crypto exchanges, and metaverse-focused cryptocurrencies.

Establishing cryptocurrency exchanges provides a platform for users to buy, sell, and trade various digital assets. Startups can focus on developing user-friendly interfaces, robust security measures, and advanced trading features to attract users. Offering a diverse range of cryptocurrencies for trading enhances the exchange’s appeal.

5. Payments

Payment solutions remain a preferred FinTech model, offering businesses the convenience of making payments, generating invoices, and monitoring upcoming payments. Continuous innovation is encouraged within this sector, addressing everyday challenges like splitting expenses with friends and facilitating international money transfers.

Focusing on user experience, FinTech startups can introduce features such as intuitive and personalized payment interfaces, ensuring a seamless and user-friendly transaction process.

6. Lending

The credit industry undergoes a significant transformation with the advent of financial software and solutions. Some firms provide streamlined credit facilities with minimal paperwork, while others leverage artificial intelligence for borrower analysis, approval, and loan disbursement within 24 hours.

The peer-to-peer lending model has gained prominence, allowing platform users to receive loan support from other users or the platform’s parent company (examples include Zopa and Lendable).

Must-Have Features In A Financial Software System

The features that will eventually be included in your FinTech application will be determined by the model you selected in the previous section. A crypto exchange platform, for example, will have features such as live market activity, whereas a payment app will include the ability to scan a QR code. The list of features varies greatly from model to model.

So we’ll go over the top features that are often included in any FinTech software. 

1. Robust Authentication Protocols

The security of financial software is critical, and a thorough authentication method is essential. Using multi-factor authentication methods including email verification, phone number confirmation, OTP-based registration, and biometric authentication creates a strong barrier against unwanted access. This first user encounter establishes the tone for a secure and trustworthy financial app, emphasizing the dedication to protecting sensitive information.

2. Tailored Features for Specific Financial Models

The ability of financial software to respond to unique user demands is its key ability. A personal money management app, for example, should have features such as the capacity to link multiple accounts, a complete dashboard presenting income and cost summaries, AI-driven insights to optimize spending, and a section dedicated to recurring payments. A stock trading software, on the other hand, would need a separate set of features in order to fulfill the needs of its user base.

3. Seamless Payment Solutions

Irrespective of the financial software type, facilitating secure and real-time payments is a universal requirement. Whether it’s a B2B vendor management tool or a lending application, users expect the convenience of making payments through various channels such as QR codes, bank transfers, or in-app wallets. Implementing diverse payment options ensures flexibility and enhances the overall user experience.

4. Comprehensive Dashboard for Data Management

Any data-driven application, including fintech, requires a central hub for data tracking and administration. In a user-friendly style, an intuitive dashboard combines information such as income and spending, market updates, and impending transactions. Furthermore, the addition of report generating and download capabilities provides customers with in-depth insights into their financial situation.

5. Personalized Notification System

A personalized notification system serves as a continual contact between the fintech provider and users, ensuring effective communication. Notifications might range from financial transaction notifications to changes in investment rates and loan application progress updates. Creating a smart notification plan ensures that notifications are timely and appropriate, increasing user engagement without being obtrusive.

6. Seamless Integrations through APIs

Integration with third-party software is required for fintech apps to work properly. Collaboration with banks, security systems, notification platforms, and payment gateways is frequently required. Using well-designed APIs helps customers to go through numerous activities, such as checking out, identifying local banks, and monitoring cash across many accounts, with ease. These connections increase the value of the fintech app, providing consumers with a more complete and integrated financial experience.

Essential Technologies To Consider For Developing A Financial Software  

The core of finance software development is technological innovation, which will continue developing new business models for the sector.

1. Artificial Intelligence (AI)

In the realm of financial software development, Artificial Intelligence (AI) emerges as a transformative force. The synergy between AI and the data-intensive nature of the financial sector is evident in its applications. AI facilitates fraud detection, advanced analytics, and predictive modeling, empowering businesses to navigate the intricate finance landscape. 

From front-end customer interactions to back-office processes, AI streamlines operations enhance accuracy and boost efficiency.  

2. Blockchain 

Blockchain technology is ushering in a new era for FinTech, offering solutions to age-old challenges in the financial sector. Through applications like Distributed Ledger Technology, Crypto Exchanges, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), and Know Your Customer (KYC), blockchain introduces immutability and speed to financial transactions.  

The transformative potential of blockchain is amplified in its role as a core banking solution, allowing functionalities like wire transactions with crypto, buying and selling of cryptocurrencies, wallet recharges, and payments using popular digital currencies like Bitcoin and Ethereum.

3. Cloud Computing

The benefits of cloud computing in the financial sector are extensive, encompassing improved security, reduced infrastructure costs, real-time access to software, and the facilitation of usage-based payments. 

As financial institutions seek to optimize their operations, cloud-powered financial services software development emerges as a strategic imperative. This not only enables the launch of new businesses but also enhances market responsiveness, customer engagement, and scalability, positioning cloud computing as a driving force in the evolution of FinTech.

4. Big Data Analytics

Implementing robust big data analytics in financial software involves the utilization of advanced algorithms and machine learning models. These technologies enable the identification of hidden correlations, risk factors, and emerging opportunities, contributing to more accurate predictions and proactive risk management. 

Additionally, real-time data processing capabilities ensure that financial professionals have access to up-to-the-minute information, facilitating quicker and more informed decision-making.

How To Develop A Financial Software? 

Developing financial software requires a strategic approach to ensure security, functionality, and regulatory compliance. This guide outlines key steps and considerations for creating robust and efficient financial software solutions.

1. Understanding Your Business Needs

Before embarking on the development journey, it’s crucial to thoroughly understand your business requirements and objectives. This initial phase involves close collaboration between a team of business analysts and stakeholders. Through software development consulting, explore the intricacies of your financial processes, regulatory requirements, and user expectations. 

The outcome is a comprehensive project scope that outlines milestones, timelines, and the overall vision for the financial software development project.

2. Crafting an Intuitive UI/UX

Following the requirement-gathering phase, focus your shifts on creating an innovative and user-friendly UI/UX design. The goal is to ensure that the financial software is not only feature-rich but also easy to navigate. 

Fintech app designers work on developing an interface that minimizes user friction, enhances user experience, and promotes efficient operation. The design phase is critical in laying the foundation for a software product that users will find intuitive and engaging.

3. MVP Development 

Once the design receives approval, proceed to the Minimum Viable Product (MVP) development. This phase involves coding the identified features, integrating relevant technologies, and implementing robust security measures. 

Ensure that the financial software is not only functional but also represents the unique selling proposition (USP) of your application. By incorporating the best security practices, aim to deliver a secure and reliable software solution.

4.  Integration with Financial Institutions

Establish secure and seamless integration with external financial institutions, such as banks, payment processors, and regulatory bodies. Implement standardized protocols for data exchange, such as APIs (Application Programming Interfaces), to facilitate real-time transactions, account reconciliation, and compliance reporting. Ensure that the software can adapt to changes in third-party APIs and maintain interoperability.

5. App Testing and Launch 

With the MVP in place, conduct rigorous testing to ensure the software meets quality standards and is ready for deployment. This phase includes platform-specific testing and an adoption test to gauge market readiness. Once confident in the software’s stability and performance, proceed with the official launch. Post-launch, continue to monitor user feedback, addressing any issues promptly, and initiating feature updates based on market response.

6. App Maintenance 

The final but crucial stage involves ongoing maintenance to keep the financial software secure, glitch-free, and aligned with evolving market needs.

Regular updates and patches are deployed to address emerging vulnerabilities. Additionally, keep a track of ratings and reviews, incorporating user feedback into continuous improvement efforts. This maintenance phase is vital for the long-term success and sustainability of the financial software solution.

Cost Affecting Factors To Consider Before Developing A Financial Software 

It is crucial to consider various factors that can significantly impact the overall cost of the project. Understanding these cost-affecting factors ensures a comprehensive approach to financial software development.

1. Feature Complexity

The intricacy of features and functionalities within the financial software significantly impacts development costs. Advanced capabilities such as real-time analytics, AI integration, or blockchain implementation will contribute to a higher development cost.

2. Security Measures

Given the sensitive nature of financial data, the level of security required plays a crucial role in determining costs. Implementing robust security measures, encryption standards, and compliance with regulatory frameworks will influence the overall expense.

3. Integration Requirements

The extent to which the financial software needs to integrate with existing systems, third-party services, or external APIs affects development costs. Seamless integration with banking platforms, payment gateways, or other financial institutions may add to the complexity and expenses.

4. User Interface (UI) and User Experience (UX) Design

Creating an intuitive and user-friendly interface is vital in financial software. The complexity of UI/UX design, incorporating features like multi-device compatibility and accessibility, can impact costs as it requires careful planning and skilled design implementation.

5. Regulatory Compliance

Financial software must adhere to strict regulatory standards, and the level of compliance needed can influence costs. Ensuring compliance with regulations like GDPR, PCI DSS, or regional financial laws may involve additional development efforts and expenses.

Regulatory Compliance Requirements For Businesses In The FinTech Sector

Navigating the uncertain landscape of the FinTech business requires a thorough understanding of regulatory compliance. Businesses in this industry must follow strict regulations to maintain ethical conduct and legal compliance.

1. KYC 

The Know Your Customer (KYC) regulatory requirement is a fundamental practice for every financial firm, including those in the FinTech sector. This process aims to verify a user’s identity and assess their risk profile, ultimately minimizing the occurrences of money laundering and fraud. As a standard operating procedure for financial service providers and banks, adherence to KYC is imperative for any FinTech business.

2. GDPR 

The General Data Protection Regulation (GDPR) stands as a cornerstone among the EU’s data protection regulations, outlining strict guidelines for how businesses collect, process, and store the data of EU users. Similar regulations, such as the Consumer Data Rights (CDR) and the California Consumer Privacy Act (CCPA), align with GDPR principles and should be observed by every FinTech entity to ensure data privacy and legal conformity.

3. EFTA 

The Electronic Fund Transfer Act (EFTA), overseen by the Consumer Financial Protection Bureau, specifically addresses electronic money transfers via ATMs, POS terminals, and debit cards. This compliance framework aims to protect users in the event of transaction errors, ensuring accountability and safeguarding the integrity of electronic fund transfers. FinTech apps involved in electronic money transfers must comply with EFTA regulations to enhance user trust and ensure legal compliance.

4. FTC 

Two key regulations under FTC consideration for the FinTech sector are the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA). The GLBA emphasizes the protection of customer data and transparency in processing, while the FCRA is relevant for FinTech apps dealing with lending or processing user credit scores.

5. PCI DSS Compliance 

The Payment Card Industry Data Security Standard (PCI DSS) is a critical regulation governing secure credit card payments. Ensuring that transactions are processed securely, PCI DSS outlines six key areas that businesses must address to meet compliance standards. 

Challenges In Custom Financial Software Development 

The journey of custom financial software development presents a landscape of challenges that demand careful consideration and strategic navigation. Here are some of the challenges:

1. Selecting FinTech Sub-Sectors

Discovering a niche that effectively addresses widespread issues is crucial for successful custom financial software development. In the FinTech realm, choosing the right sub-sector can be overwhelming. Market research becomes pivotal at this stage to identify untapped opportunities and formulate a solid business idea.

2. Crafting a Competitive MVP

While entrepreneurs may have a clear vision for their app’s problem-solving capabilities, determining the Minimum Viable Product (MVP) features that distinguish it from competitors can be challenging. Seeking expert guidance is essential. By listing market problem areas and proposed solutions, a reverse engineering approach is employed to define crucial features. This ensures that the app is equipped with the necessary functionalities to succeed in the market.

3. Ensuring App Security 

In the realm of financial software development, where dealing with money and sensitive data is inherent, making the application hack-proof is imperative. Collaborating with a team that follows a security-first development approach is the key. Beyond adopting best practices during development, they establish a data governance framework, serving as an in-house standard measure for sustained security.

4. Navigating Regulatory Compliance 

With numerous global compliances in play, identifying and adhering to the relevant regulations is a critical challenge. Ensuring that the app’s features align with compliance standards adds another layer of complexity. For entrepreneurs and developers unfamiliar with these intricate regulations, navigating and implementing compliance measures can be particularly challenging.

5. Leveraging Next-Gen Technologies 

While incorporating technologies like Blockchain, IoT, and AI can be exciting for FinTech businesses, the actual integration poses challenges. It’s insufficient to claim a technology-driven approach solely based on having features like an AI chatbot. True integration of these technologies requires in-depth subject matter expertise, a rare quality that only a select few in-house developers possess.

FinTech Trends That Will Revolutionize The Industry

The financial technology landscape continues to evolve, introducing trends gearing towards enhancing accessibility and convenience through relentless innovation. Here’s a glimpse into some of these transformative FinTech trends.

1. Neobanks 

Neobanks, characterized by their digital-only presence, are reshaping the banking landscape by providing online services with enhanced convenience. Offering features like budgeting tools and instant money transfers, these banks cater to a tech-savvy audience, often with lower fees than their traditional counterparts.  

2. Artificial Intelligence and Machine Learning 

By analyzing extensive datasets, AI and ML technologies provide valuable insights, contributing to more informed decision-making in the dynamic FinTech landscape. Automation of tasks, improved customer experiences, and advanced fraud detection are some key benefits. 

3. Buy Now Pay Later 

The rising popularity of Buy Now Pay Later (BNPL) services signifies a shift in consumer payment preferences, especially among the younger demographic. With this service, customers can pay for their purchases through installment plans rather than relying on traditional credit cards.  

4. Embedded Finance 

In the Buy Now Pay Later (BNPL) model, users can make purchases on credit with convenient monthly installment plans.  Despite potential impacts on credit scores, the BNPL model is gaining traction, with projections indicating a market size of $680 billion in transactions by 2025. Embedded finance, with its emphasis on accessibility and convenience, continues to reshape the FinTech landscape.

5. Blockchain  

Blockchain technology in the FinTech landscape, offers unparalleled security features that are nearly impossible to hack or breach. Its applications in identity management, financial record maintenance, and transaction history tracking have gathered attention from traditional banks and FinTech firms.  

6. Super Apps

Inspired by successful models like GO-JEK and PayPal, the FinTech industry is on the verge of introducing finance super apps. These applications aim to provide users with a comprehensive platform offering diverse financial services, including managing insurance, bill payments, event ticket purchases, and more.  

7. Open Banking 

Open banking emerges as a trend that fosters collaboration between traditional banks and FinTech firms. By commercializing infrastructure through the Banking as a Service (BaaS) model, banks offer core services to FinTech entities. This collaborative approach eliminates the threat of banks being replaced or compelled into direct competition with FinTech companies.  

Considerations Before Hiring A Financial Software Application Development Company

The key to your success as an entrepreneur lies in the careful selection of the financial software development solutions provider you choose as your partner. Here are key factors to consider before hiring a software development company:

1.  Aligning with Your Business Model

When considering a financial software development agency, prioritize evaluating their expertise in the specific model you intend to pursue. The more closely aligned they are with your business model, the better equipped they will be to navigate the unique challenges and opportunities presented in the digital space. 

Validate their expertise by reviewing past works, examining client testimonials, and studying relevant case studies. A development partner with a proven track record in your targeted domain can significantly enhance the success of your financial software project.

2. Understanding of Compliances 

In the data-intensive FinTech sector, a crucial factor in selecting a financial software development company is their thorough understanding of compliance requirements. 

The chosen agency should possess in-depth knowledge of building features, running integrations, and designing solutions that align seamlessly with the intricate landscape of regulatory compliances. This proficiency is essential for ensuring the security, legal conformity, and smooth functionality of the financial software application.

3. Price Quote and Delivery Timeline 

As you progress in your search for the right financial industry software development firm, you may encounter decisions based on price quotes and delivery timelines. While the allure of a lower price and a faster delivery may be tempting, exercise caution. 

Prioritize a development partner that not only offers a reasonable price but also commits to delivering a high-quality product within a realistic timeline. Striking a balance between cost and quality ensures that your financial software meets the necessary standards and performs effectively in the market.

Tech Stack To Consider To Develop A Financial Software 

Developing financial software often involves using a combination of programming languages, frameworks, libraries, and tools to meet specific requirements. Here are some commonly used tech stack in financial software development:

1. Programming Languages

• Java 
• Python 
• C# 
• JavaScript 

2. Frameworks and Libraries

• Spring Framework 
• Django and Flask 
• .NET Framework 
• React and Angular 

3. Database Management

• MySQL 
• PostgreSQL 
• MongoDB 
• Microsoft SQL Server 

4. Integrated Development Environments (IDEs)

• Eclipse 
• Visual Studio 
• PyCharm 

5. Version Control

• Git
• Github

6. Testing Tools

• JUnit 
• TestNG 
• PyTest 
• Selenium 

7. Security Tools

• OWASP Zap 
• SonarQube 

8. API Development

• Swagger
• OpenAPI 
• Postman 

9. Project Management

• Jira 
• Trello 

10. Collaboration Tools

• Slack 
• Microsoft Teams 

Conclusion

Financial software development is a dynamic field that plays a crucial role in reshaping the landscape of the financial industry. 

The rapid evolution of technology has opened up new possibilities for innovation, allowing businesses to enhance accessibility, streamline processes, and provide users with tailored financial solutions. 

Strategic collaboration with financial software developers can help you leverage their insights into market trends and user demands. It offers an approach to keeping ahead of the curve in the constantly evolving FinTech industry.

How Idea Usher Can Assist With Your FinTech Project?

Idea Usher is a leading financial software app development firm. Our expertise lies in delivering top-notch software development for financial services, catering to diverse business needs. 

With a wealth of experience encompassing various models, advanced features, and cutting-edge technology combinations, our financial software developers are well-equipped to tackle challenges and ensure the successful delivery of your FinTech app.

What sets us apart as a valuable financial software development company is our customer-centric approach. We are committed to understanding your users’ needs, ensuring that the app aligns seamlessly with their specific requirements. 

Contact us today to understand more about how we can help you with our financial software development service.

Here is a case study of our fintech project “Jaba Pay” we have built for our client.

FAQ

Q. How to develop a fintech software?

A. Developing fintech software involves a multifaceted approach that begins with clearly defining the product’s objectives and functionalities. Start by conducting a thorough analysis of regulatory requirements, ensuring compliance with industry standards. Design a secure architecture with robust authentication and access controls, integrate seamlessly with financial institutions through APIs, and prioritize scalability and performance optimization. Focus on creating an intuitive user interface, backed by comprehensive testing, documentation, and training. Continuous monitoring and maintenance are crucial for ensuring ongoing security, compliance, and efficiency in the rapidly evolving fintech landscape.

Q. What are some of the best FinTech app ideas?

A. Finance app concepts continually evolve with industry trends. Presently, payment and personal finance software stand out as enduring and promising models for initiating your venture. It is essential to emphasize the significance of in-depth market research to comprehend user needs thoroughly. Identifying a viable app idea involves analyzing current market demands and tailoring your concept to meet user requirements effectively.

Q. How is the FinTech industry regulated?

A. Regulatory oversight in the FinTech industry is administered by governmental bodies globally, with compliance varying based on factors such as geographical location, service type, business scale, and revenue. Key compliance standards in the sector include GDPR, PCI DSS, and FTC, among others. Complying to these regulations is crucial for ensuring ethical practices, safeguarding user data, and maintaining transparency in financial technology operations.

Q. How to choose a financial software application development company?

A. To select a financial software application development company, assess their expertise in the financial sector, examine their track record in software development, evaluate the technologies they specialize in, and consider the provided price quotes. These factors collectively contribute to making an informed decision in choosing the right partner for your financial services software development project.

Q. How long does it take to develop financial software?

A. The duration required for financial software development can vary based on factors like project complexity, scope, and customization needs. Taking into account phases such as analysis, design, programming, testing, and deployment, the development timeline typically ranges from 4-5 months to a year or more, depending on specific project requirements.