About the Client
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.
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.
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.