Transitioning to a Cashless Environment STUDENT FINANCIAL SERVICES

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Transitioning to a Cashless Environment STUDENT FINANCIAL SERVICES Dena Zlatunich, Stanford University

Transitioning to a Cashless Environment STUDENT FINANCIAL SERVICES Dena Zlatunich, Stanford University

Our Time § Student Payments § Department Depositors § The Result

Our Time § Student Payments § Department Depositors § The Result

Student Payments WHAT DO WE DO WITH OUR CASH PAYMENT?

Student Payments WHAT DO WE DO WITH OUR CASH PAYMENT?

4 Stanford Background § Private Institution § Approximately 16, 000 students (UG & GR)

4 Stanford Background § Private Institution § Approximately 16, 000 students (UG & GR) § Currently bill ~ $1. 0 B per Academic Year

5 July 2013 Student Financial Advisory Board 770+

5 July 2013 Student Financial Advisory Board 770+

Why in 2013? § E-banking services § International Funds Transfer § Tracking and reconciliation

Why in 2013? § E-banking services § International Funds Transfer § Tracking and reconciliation of payments § Audit risks § Vulnerabilities of cash handling by staff

The Logistics § Collaboration with banks § Organized trainings § Go-live August 20 th!!

The Logistics § Collaboration with banks § Organized trainings § Go-live August 20 th!!

Return of Investment (Benefit to the Community) § International Funds Transfer (IFT) payments §

Return of Investment (Benefit to the Community) § International Funds Transfer (IFT) payments § Extra security § Being cashless…

Outreach & Communication § Email § Website § Stanford e. Pay § Student “To-Do”

Outreach & Communication § Email § Website § Stanford e. Pay § Student “To-Do” § Campus Meetings § New Student Orientation

Department Depositors WHAT DO WE DO WITH OUR CASH PAYMENT?

Department Depositors WHAT DO WE DO WITH OUR CASH PAYMENT?

Department Deposits § Cashnet. com § Direct bank deposits § University bill additions §

Department Deposits § Cashnet. com § Direct bank deposits § University bill additions § Course Fee module

The Result HOW DID IT ALL TURN OUT?

The Result HOW DID IT ALL TURN OUT?

Initial Response § Student payments › First year = 60% reduction › Today =

Initial Response § Student payments › First year = 60% reduction › Today = 90 cash payments (via bank deposit) § Department Deposits › Password frustration • Collaboration with Controller’s Office – Messaging to staff • Single sign-on (2016) § Do not touch cash at all!

Things to Consider § Technology and payment receivable evolvement = skill set of the

Things to Consider § Technology and payment receivable evolvement = skill set of the staff evolvement › Ongoing training › Transaction focused to validating systems § Bank location

Contact § Dena Zlatunich – denamz@stanford. edu § Kelly Takahashi (project lead) – kellyt@stanford.

Contact § Dena Zlatunich – denamz@stanford. edu § Kelly Takahashi (project lead) – kellyt@stanford. edu

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