ClassWallet is a financial technology company that offers a payment solution to educational organizations, which eliminates paperwork and manual processes, reduces transaction costs, and enables monitoring transactions in real-time.
ClassWallet is a US-based financial technology company providing payment, purchasing and reimbursement solutions for educational organizations. It aims to reduce transaction costs, help track financial transactions in real-time and eliminate bureaucracy from the educational financial system.
In 2015, ClassWallet was recognized as a winner of the Education Industry Associate Innovation Lab. As for now, its product is actively used by state and local educational organizations for their cash flow management.
Our goal was to develop and implement a new version of the product that would support millions of users and include such features as prepaid cards support, online transactions, a role-based security model, online shopping integration, and some other features.
The client’s financial and payment system was developed on .Net technology, which caused many problems, including extremely slow transaction processing and the inability to support high system loads. It became apparent to the client that the product had to undergo significant changes for the sake of system scalability. The decision was made to switch from .Net to Node.js technology.
One of the most challenging aspects was designing a database and architecture supporting such features as mass disbursements to different accounts and maintaining this system as an automatic operation.
Following our recommendations, the system's front-end framework was built on React.js. Previously, the customer used Backbone.js. We provided necessary consultancy during the process of transition to the new stack.
Our team developed an innovative payment system from scratch on Node.js technology with the help of MySQL, Redis, and MongoDB. We redesigned the system architecture and implemented prepaid cards functionality as well as a reporting system. There are several levels of reporting, among others — reporting on a district and a school level.
We also implemented a mobile application for a reimbursement feature, in which a user can scan paper checks for expenditures and receive payments. React Native was used for the mobile application.
Currently, the product line includes different wallets: TeacherWallet, FamilyWallet, MaintenanceWallet and SchoolWallet.
Our development team has also implemented a chatbot whose aim is to reduce the overload on customer support. For now, the chatbot covers typical customer requests, but the team is working on making it even more mature. It has recently been deployed and is currently in test mode.
As a result of our collaboration, a new, enhanced version of the product was designed and successfully launched. The website responsiveness was improved, and the system's high load operations were enabled.
The solution supports ACH disbursements and complies with PCI Security Standards. Thanks to the built-in report system, the payment flow is transparent, accurate and under control. The chatbot, which has been recently deployed, has already cut expenses associated with customer support.
From the end user's perspective, the ClassWallet solution has cut expenses and made it much easier and convenient for education organizations to manage the cash flow. The platform has quickly gained popularity and is in demand among its users, with a customer renewal rate of 98,9%.
Over time, ClassWallet has grown to state-level contracts, and it keeps on scaling and expanding its business in the US. The technical team has grown in numbers as well.