Global cross-border payment flows are expected to reach US$156 trillion in 2022 (EY). The sector is ripe for disruption due to changing customer demands, emerging market growth, and financial inclusion. New entrants -- like FundsV -- are eager to infuse fresh perspectives onto long-standing pain points.
FundsV solves for the global challenge of verifying available funds across multiple sources, institutions, regions and countries in real time. We position ourselves early in the process -- prior to the actual currency transfer -- so authorities, businesses, consumers and other stakeholders can proceed with confidence during their "due diligence" phase.
Funds Verification's initial use case percolated during founder Cheryl Darrup Boychuck's 20+ years in international enrollment management. She developed FundsV to improve the efficiency and integrity of the process mandated by host governments for student applicants to prove financial capacity prior to non-immigrant visa approval.
"We recognized that financial constraints often surfaced as a primary impediment to studying in top host countries like the United States and United Kingdom," Cheryl explained. "It behooves all parties (prospective students, parents, campuses, sponsoring agencies, government authorities...) to acknowledge those constraints sooner rather than later, in order to explore practical alternatives that ultimately serve the students' best interests."
International students studying at U.S. colleges and universities contributed US$38.7 billion to the U.S. economy during the 2019-2020 academic year, according to NAFSA: Association of International Educators. The United Kingdom and Australia each receive approximately US$27 billion annually from globally mobile students (PIE News). International education accounts for an additional US$80 billion or so in other host countries such as Canada, China and France (Project Atlas).
Opportunities to Engage Early
Global student mobility represents just one slice of market potential for Funds Verification. Cross-border transactions in health care and real estate, for example, would also benefit from advanced financial transparency. As a business-to-business initiative (rather than direct-to-consumer), FundsV intends to develop APIs (Application Programming Interfaces) that embed the functionality within the vendor's platform or current suite of services.
We are currently inviting colleagues to participate in the development of FundsV as early adopters, and provide candid feedback on the service. Join our Working Group on LinkedIn or contact Cheryl to discuss FundsV's capabilities.