Schoolvoice teams up with "payit" to equip UAE schools with a fully-fledged digital payment solution

Abu Dhabi, UAE:

Schoolvoice, an ed-tech digital platform designed for schools to optimize communication and engagement within their community, has signed a Memorandum of Understanding (MoU) with First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and safest financial institutions. The objective of this strategic partnership is to promote a culture of cashless transactions within the school ecosystem in the UAE and centralize all financial activities in one digital payment module through FAB’s digital wallet payit.

The signed MoU aims to equip schools across the UAE with overarching technology to empower them in running the business facet of their organization. The two parties will cooperate through this partnership by procuring a smart solution geared towards facilitating any form of payment requests sent from the school to parents or guardians – ranging from school curricular to extracurricular activities.

Under the agreement, payit, the UAE’s first fully featured digital wallet from FAB, will fully integrate with Schoolvoice’s comprehensive education technology. This will bolster the platform’s digital payment module, through which schools can send and collect their payment requests in real-time. Schools will also benefit from an extensive reporting system enabling them to oversee the status of payment requests, and make sure that all recipients have settled their dues. This includes the opportunity to send a reminder to those who are yet to pay a fee.

Schoolvoice’s new module, powered by FAB’s payit wallet, also gives parents or guardians the choice of payment option they are more comfortable with – be that via credit card, debit card, or through their payit wallet. payit will also provide the education facility’s lowest transaction acquiring costs, next day settlement of collections, refunds for access on the merchant portal, and other special offers and discounts that both schools and users can avail.

Ramana Kumar, EVP and Head of Payments and Digital Banking, PBG, FAB, said: “We are delighted to have partnered with Schoolvoice to provide schools with a fully-fledged digital payment solution. FAB is a leading force for expanding the payments sector and we continuously explore opportunities to build on that success and drive further innovation. This MoU reflects our commitment to continue to support critical sectors in the UAE, and education is definitely one of those areas.”

Ali bin Yahya, Founder and CEO of "Schoolvoice", said of the strategic partnership: “Throughout the year 2020, and especially in light of the pandemic, we have been making every effort to advance our technology in response to the uncertainty that has dominated many educational organizations. This partnership comes to further solidify and prove our commitment to developing a lean as well as sustainable solution – that not only mitigates, but also nips any form of disruption in the bud. The education sector in the UAE, and worldwide, deserves the best, and we are devoted to deliver that.”

The partnership aligns with the UAE’s directives to ensure the safety of the educational ecosystem in the country, while preserving the quality of academic establishments. 

The bank’s recently announced plans to expand its payments business through a fully-owned subsidiary represents a significant long-term growth opportunity and forms a key part of FAB’s strategic transformation agenda. The subsidiary will help government, merchant and institutional clients grow their core businesses by providing customized payment solutions and value-added services to seamlessly integrate and optimize technology investments, driving a superior customer experience and operational cost efficiencies.

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About First Abu Dhabi Bank (FAB)

FAB is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to create value for its employees, customers, shareholders and communities to grow stronger through differentiation, agility and innovation.

Headquartered in Abu Dhabi, the bank’s international network spans five continents, providing global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad. FAB is a trusted adviser and regional partner to major institutions, emerging companies and individuals seeking to do business in the UAE, the MENA region and beyond. As an engine of growth for the region, it helps customers to thrive and grow stronger by managing risk, providing access to capital and facilitating trade flows across developed and emerging markets.

FAB continuously anticipates evolving requirements, develops innovative solutions and moves in tandem with customers to offer an extensive range of tailor-made products via its market-leading Corporate and Investment Banking (CIB) and Personal Banking Group (PBG) franchises.

Aligned to the Abu Dhabi Economic Vision, inspired by global standards and guided by the expectations of stakeholders, FAB takes a leading role in fostering development and driving change towards a more sustainable future. FAB sees beyond traditional banking and embraces a challenger mindset. Its ambition is to contribute to social and human development which creates a dynamic, inclusive and tolerant society.

With total assets of AED 955 Billion (USD 260 Billion) as of September-end 2020, FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch, respectively, the strongest combined ratings of any bank in the MENA region. The Bank has been ranked by Global Finance as the Safest Bank in the UAE and the Middle East, and the 32nd Safest Bank globally. The Banker’s Top 1000 World Banks 2020 list, measured by Tier 1 capital, ranked FAB as number one in the UAE, second in the Middle East and #85 across the globe - in addition to ranking the bank #109 by assets in the same list. FAB is also a regional sustainability leader, and a constituent of MSCI ESG Leaders and FTSE4Good EM indices.

For further information, visit: www.bankfab.com , or https://www.growstronger.com/  Grow Stronger or https://www.bankfab.com/en-ae/updates  for COVID-19 related updates.

About Schoolvoice

Schoolvoice is an Abu-Dhabi based, education technology platform, founded in 2018. It is designed for schools looking to optimisze, overview and organise communication within their community, as well as amplify engagement.

About payit digital Wallet

payit is the UAE's first fully-featured digital wallet. Send and receive money to anyone instantly 24/7, pay at restaurants and shops, split bills with friends when you eat out and track your spending on the go. Whether you're going out with friends or ordering food online, payit is the easiest way to pay. payit is open to all – it doesn’t matter who you bank with, all you need to start using payit is an Emirates ID. What about sending money overseas? With payit, you can. Download the app and start using payit today!

Web – www.payit.ae 

App Store – https://itunes.apple.com/ae/app/payit-wallet/id1291753848?mt=8 
Play Store – https://play.google.com/store/apps/details?id=com.payit.wallet 

© Press Release 2020