ClassWallet

Feature-rich digital wallet solution for education

ClassWallet is the leading digital wallet purchasing and reimbursement platform for public funds that ensures these funds reach the right people and are used for the right purpose. The company offers a payment solution to educational organizations, which eliminates paperwork and manual processes, reduces transaction costs, and enables monitoring transactions in real-time.

ClassWallet set out with a goal to develop and implement a new version of its product that could support millions of users and incorporate various advanced features, such as prepaid card support, online transactions, a role-based security model, online shopping integration, and more.

Industry

FinTech
Headquarters

US
Website

Visit website

Services we provided

Staff Augmentation
Project Management
Product Discovery
Web Development

About the client

ClassWallet offers a digital wallet platform used primarily by school districts and state educational departments to manage the purchasing and reimbursement processes. It streamlines manual, time-intensive tasks of collecting receipts, reconciling invoices, and making vendor and reimbursement payments.

By automating many of the tasks associated with traditional manual processes, ClassWallet enables its clients to save time, manage budgets, reduce errors, and improve transparency. ClassWallet's reduces the complexity and burden of managing the compliance of public funds and is used by school districts across the US, currently serving over 6,200 schools and 20 State Agencies, positively impacting more than 6 million students.

Challenge

As the demand for ClassWallet's services grew, it became increasingly apparent that the product required changes to ensure system scalability and meet the needs of a rapidly expanding user base. ClassWallet decided to switch to Node.js technology and build a more responsive, scalable, and efficient platform.

One of the most challenging aspects of this transition was designing a database and architecture that could support advanced features such as mass disbursements to different accounts while maintaining the system as an automatic operation. ElifTech team successfully designed and implemented a database and a robust and scalable architecture that could easily handle the demands of millions of users and support the platform's innovative features.

Solution

Scalable Architecture

To support ClassWallet's growing user base, ElifTech worked with ClassWallet’s development team to implement a scalable architecture that could handle an increasing number of transactions and data without compromising performance. This allowed ClassWallet to accommodate more users while maintaining the same high level of service.
Streamlined Back-End Processes

ElifTech reengineered ClassWallet's backend processes to optimize financial reporting and data management. This allowed the platform to generate accurate, real-time reports, enabling schools to make more informed financial decisions.
Redesigned Front-End

The front-end framework of the system transitioned from Backbone.js to React.js, a more versatile and efficient choice.
User Interface Redesign

ElifTech revamped ClassWallet's platform interface, ensuring a more intuitive and user-friendly experience for both school administrators and teachers. With the new design, users could easily navigate through the platform, access essential features, and make informed decisions about their finances.
Enhanced Security and Compliance

ElifTech introduced robust security measures, including encryption and secure data storage, to protect sensitive financial information. They also ensured ClassWallet's platform complied with relevant regulations and industry standards, such as the Family Educational Rights and Privacy Act (FERPA) and the Payment Card Industry Data Security Standard (PCI DSS).
Chatbot

Chatbot to ease the burden on customer support. AI-powered tool designed to enhance user experience by providing instant support and assistance.
Built-in Report System

Built-in report system to monitor transactions, track expenses, and manage their cash flow effectively. Real-time tracking of transactions and budget allocation, enabling schools to monitor expenses and maintain financial accountability. Detailed reporting capabilities, offering insights into spending patterns and helping institutions make data-driven decisions to optimize their financial management.
Application

Application that simplifies the reimbursement process. An app to scan paper checks for expenses and receive payments quickly and efficiently. A user-friendly interface that allows teachers, administrators, and other stakeholders to easily manage funds for educational expenses. The solution supports Automated Clearing House (ACH) disbursements, allowing for efficient and secure transfer of funds between institutions. The platform complies with the Payment Card Industry (PCI) Security Standards, ensuring the highest level of security for all financial transactions.
Dashboards

Dashboards for different user roles, such as administrators, teachers, students, and parents, enabling users to easily monitor their budgets, expenses, and reimbursements. The Main Page includes information about wallets, the latest orders, and links to other pages. Report Page, on which school admins can see the orders of their users (teachers). Approvals Dashboard, where school admins can approve or deny teachers’ orders or request additional information about them. Admin Application with rich functionality — users’ management that allows finding any user and additional configuring.

Features delivered

Budget Allocation

Budget allocation to individual wallets, such as classroom supplies, maintenance expenses, or other approved payments, ensuring that funds are allocated according to the organization's financial policies.
Customizable Purchase Approvals

Customizable purchase approvals, ensuring that all transactions are reviewed and approved by the appropriate personnel.
Expense Tracking

Expense tracking to monitor spending in real-time, allowing organizations to stay within budget and avoid overspending.
Payment Methods Integrations

Integrations with multiple payment methods, providing flexibility and convenience for end-users.
Different Types of Wallets

TeacherWallet, FamilyWallet, MaintenanceWallet, and SchoolWallet, catering to the diverse needs of the education sector.

Key results and business value

ClassWallet has emerged as a pivotal solution for educational institutions seeking to optimize their budgetary processes and focus on their primary mission: education. Schools using the platform have reported significant time and cost savings, improved transparency, and better compliance with financial regulations.

ClassWallet currently serves over 6,200 schools and 20% of all US State Agencies, positively impacting more than 6 million students. The company has expanded its reach from educational organizations to school districts and states and currently operates in Georgia, Florida, Arkansas, Indiana, Massachusetts, and South Carolina.

ClassWallet ranks no. 46 on Inc. Magazine’s list of fastest-growing private companies in the Southeast Region for the second consecutive year.

ClassWallet ranked number 155 fastest-growing company in North America on the 2022 Deloitte Technology Fast 500 and continued strong growth in 2022 booking over $1 billion in business and a more than doubling of revenue.

With a three-year revenue growth of 916%, ClassWallet ranks no. 779 on Inc. Magazine’s list of fastest-growing private companies in the U.S.