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Electronic funds verification goes to market

After seven years of development, a US-based electronic funds verification service is set to go to market with the aim of making the process of financially qualifyng international students more efficient and secure.

The service allows students to move the paper-based process of proving their financial capacity online

FundsV has collaborated with international education consultancy Barton Carlyle to promote the service worldwide to host campuses, host governments and service providers.

“We’ve successfully completed ‘proof of concept’ after a two-year pilot programme in the U.S., ” said FundsV’s Chief Architect Cheryl DarrupBoychuck.

“Our goal is to have every major host country government recognise the FundsV data as a way to satisfy their financial capacity requirements”

“The end game is to facilitate greater efficiency and integrity throughout the industry, to improve conversion from generic inquiry to qualified applicant. FundsV minimizes the opportunity to manipulate financial documents by simply transferring data not images of bank logos or signatures.”

The service allows students to move the paper-based process of  proving their financial capacity online. Students or their sponsors authorise FundsV to ping their account and the company then forwards on the information through a secure electronic platform to universities or other authorities.

The company says it is already working with a network of 3,500 banks worldwide the the aim of partnering with the Society for Worldwide Interbank Financial Telecommunications (SWIFT)– a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 banking organisations, securities institutions and corporate customers in 212 countries and territories.

FundsV has contributed to justification for a new message class that would facilitate the transfer of data just as it would the transfer of actual funds via SWIFT says DarrupBoychuck.

“Our goal is to have every major host country government recognise the FundsV data as a way to satisfy their financial capacity requirements,” she added.

Barton Carlyle is an UK-based international education consultancy, providing advisory services to universities, colleges, governments, associations and companies around the world.

Pamela Barrett, Managing Director of Barton Carlyle said: “The FundsV service has an enormous benefit to institutions who are seeking to enroll more international students, and who need to improve the time taken in these essential recruitment and admission processes.”

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