HSBC forges payment and education partnership with eClass

HSBC has launched a new payment solution for schools in Hong Kong in partnership with education management platform eClass.

The bank has integrated its omni-collect payment solution HSBC Business Collect into the eClass Parent app via the application programming interface technology to enable a direct Faster Payment System mobile payment function. Available to more than 1,000 existing school clients of the eClass platform, the solution is aimed at helping educators speed up transformation and easily set up digital gateways for payment collections.

The payment solution also saves both schools and parents the hassle of handling petty cash, meets the increasing demand for simpler payment and significantly enhances operational efficiency. In addition, the added payment functionality makes the eClass Parent app an all-in-one platform for schools to manage student administration, parent communication as well as receivables reconciliation. Kindergartens, primary and secondary schools already using the eClass service may now subscribe to the e-payment module to easily enable the payment function.

Meanwhile, other benefits of this digital payment solution include the streamlined payment collection process as payment details will be pre-filled for verification and processed securely upon authorisation. At the same time, teachers and school administrators can easily track each student’s payment status and issue reminders all on the app.

By using the same eClass Parent app account, parents can settle various payments from tuition fees to extracurricular activity charges with FPS on the app directly.

“Digital transformation is not a trend limited among businesses, but also for other sectors in the community such as schools, education providers or even NGOs. With our ongoing commitment to support the operational needs of institutions across various sectors, we are pleased to join hands with our ecosystem partners to introduce tailored propositions for those in need," said Yvonne Yiu, head of global liquidity and cash management, Hong Kong, HSBC.