The Money Movement Channels in Schools: A FinTech Discussion for School CFOs

ClassWallet had the opportunity to sit down with Wayne Brown of The Walker Group. Wayne Brown is a fintech subject matter expert with over three decades of experience in the financial services and technology industries, including seven years as an auditor for a large global bank. In our conversation we tapped into Wayne’s extensive knowledge on everything from the cost of accepting cash in schools, to the need to mitigate the fraud that comes with accepting cash, and the changing nature of technology for payments.

Mastercard Considers How Schools Could Benefit from Less Cash in the System

ClassWallet had the opportunity to sit down with Carlos Cornejo, senior vice president, New Consumers and Public Sector Solutions at Mastercard to chat about financial technology and share insights for school business managers. Read on to learn about new advances and see what can be applied to your school.

School Money: Where Does It Go? The Problem of Accepting Cash in Schools

Learning and responsibility are core values of school districts; however, what often makes headlines is “fraud and mismanagement in schools.” How is it that schools are so susceptible to fraud? The reality is that when cash is accepted as payment for student activities there is opportunity for mismanagement.

The Cost of Cash in K-12 Education: Time, Fraud, Mismanagement & Safety

For as long as there have been schools, teachers have been collecting cash from students. Field trips, lunches, fundraisers, it’s easy for parents to drop some bills into a child’s backpack and teachers are collecting, receipting, aggregating and reporting the collection. School secretaries become drop boxes. This model leaves open, however, an avenue for misuse. School auditors have an easy time exposing fraud, waste and non-compliance.