How FundsV Works

FundsV on Vimeo  FundsV on YouTube  FundsV Working Group on LinkedIn

1. Student decides to study abroad

Congratulations! Studying in a country other than your own is indeed a privilege, and understanding your host's culture, rules and regulations is critical to a productive and successful experience. FundsV addresses an important component of your preparation: The funds verification requirement.

Many host governments (and in some cases, host campuses) require that prospective international students show evidence of sufficient funds to support the costs of living and studying in that country. This requirement helps ensure that you can focus on your academic responsibilities while abroad, rather than worry about finances.

2. Authorized host requires proof of funding

FundsV is working with a select group of hosts to improve the efficiency and integrity of the funds verification process for international students. The only way hosts can access our system is if they register through cheryl@FundsV.com. The only way students can access FundsV is if they are referred by one of those authorized hosts.

One way to prove sufficient funds is to provide original bank statements (along with supporting documents) to determine if you (or your sponsor) genuinely hold the funds which will be used to pay for your tuition and living expenses.

3. Student builds funding profile at FundsV

Via the authorized host's unique FundsV URL, students register at FundsV. The nominal registration fee of US$50 entitles you to access your FundsV profile for a 24-month subscription period. You may scan bank statements or other proof of income as instructed by your host authority, and upload them to your FundsV profile. The host may require specific documents, such as Certification of Finances, Affadavit of Support, or Official Scholarship Awards.

4. Student authorizes bank correspondence

The core component of FundsV allows students (or their sponsors) to grant permission for their bank(s) to transmit account balance data via FundsV's robust aggregation network. First, confirm that your bank is part of the FundsV network. Upon selection of that bank, the account holder grants permission for us to acknowledge the current balance. Account balances are not automatically refreshed each day; only the user may grant permission to refresh the account balance.

All personal identification related to each bank account is automatically purged from the FundsV system, immediately after the secure aggregation network acknowledges the balance of the authorized account. FundsV retains the minimum amount of data required to verify funds: Bank account name, bank account holder, last four digits of the account number, type of account, and the account balance on the most recent day the user authorized access.

5. Host reviews student's FundsV profile

After the student submits their completed FundsV profile to their authorized host, the host may view that student's data. The student's data is accessible only to the host who originally referred the student to FundsV.

The host retains full responsibility in deciding how to utilize the robust set of data provided by FundsV.

6. Host updates student of status

The host corresponds directly with the student about the status of satisfying their requirements for funds verification. The host may require further proof of funding from the student (i.e., award letters, affidavits of support or other documents) via the student's secure Upload function at FundsV.


FundsV's Secure Platform

FundsV is committed to providing a secure online experience, and safe-guarding our users' privacy. To protect personal information from unauthorized access and use, FundsV applies bank-level security measures that comply with federal law. Our security program integrates infrastructure, applications, and processes to provide comprehensive, layered protection of all data, people, and customers -- starting with our 128-bit SSL Certificate.

SSL (Secure Sockets Layer) and TLS (Transport Layer Security) are protocols that allow traffic between a web server and client (ie, the browser) to be strongly encrypted, using public key technology. Access to an SSL / TLS-enabled server is made through URLs that begin with https://... rather than http://... All traffic in both directions is encrypted. The secure server must present a digital certificate before the connection will be trusted by the client. Source: pair.com

Our secure platform purges all data immediately after pinging the account via our trusted network, coordinated by Yodlee -- which adheres to the highest standards for financial institutions. With the electronic transfer of data via FundsV, we can track who has opened the file, and when, so there's greater opportunity to detect fraud. In contrast: The other option is to satisfy the institution's funds verification requirement the old-fashioned way: Send bank account statements (on paper or as a scanned document) to the host institution -- where entire account numbers are exposed, and there's little opportunity to track who has access to that piece of paper.

Increasingly, consumers assume more responsibility to control their online data. That's a very positive development, as research shows that people who bank online review their accounts four times as often as those who bank on paper -- facilitating early detection of fraud. Source: JavelinStrategy.com

Beyond FundsV's top-notch internal measures, users can pro-actively manage their profiles to foster additional security:

* Frequently change your password that permits access to your FundsV profile and to your online bank accounts. All FundsV users (students, sponsors or host institutions) may easily change their passwords or limit access to their profiles at any time, via their own personal dashboard -- which appears after secure log-in.

* Whenever you log-out of your FundsV profile, close your browser and clear your cache -- just as you should do whenever logging out of other secure sites.

* Be cautious of granting third-party access to your FundsV profile. Third parties can be anyone within your sphere of influence, such as parents, sponsors, counselors and others. If you choose to permit access to a third party, you may want to change your FundsV password (or any other password) immediately afterward.

* Heed practical advice about protecting all of your online data, not just within your FundsV profile. For example, limit the amount of your personal data in the public domain to reduce risk. Delete unnecessary data on your computer or phone.

It's your data. FundsV empowers you to point it in a direction that's helpful to your international student application. Learn more about data security at FundsV: vimeo.com/FundsV/security

Correspond with us
Legal

How FundsV Works

Disclaimer

Data is accessible only to authorized entities explicitly designated by the student, within the FundsV Network.