NUS_IT_Report_Card_2024

NUS IT Report Card 2024 Hitting the High Notes in Perfect Harmony

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The NUS Online Collection project aims to reduce transaction costs and promote more cost-effective payment methods across the University. It alleviates the financial burden of credit card transaction fees by encouraging a shift towards free payment options such as GIRO, NETS, PayNow QR, and Direct Bank Transfer. Significant progress was achieved in Phase 1, which involved the implementation of NUSFastPay. There was a positive change in payment behaviour, with more users opting for cost-free methods, resulting in substantial savings for the University. In addition to promoting alternative payment options, a fee recovery strategy was implemented whereby fees would be recovered from those who continue to use credit cards. With the plan to extend this to eColl2.0, departments will be able to manage their transaction costs more effectively. This project has enabled NUS to pave the way for long-term financial sustainability.

Reduce transaction costs by $2.4 million annually In just three months (Jan-Mar 24): $996,000 successfully saved PayNow adoption doubled from 30% to 68% Credit card and eWallet usage halved from 45% to 22%

se 1 projected annual npower savings of 0 man-hours.