FundsValidator empowers users to point their online banking data to the authority who requests it. By serving as a conduit for authentic bank-generated statements and data, we improve the efficiency and integrity of the due diligence phase in the international student admissions journey.
Our robust platform integrates with a deep network of highly-regulated financial institutions, using industry-leading data security measures. As such, we embed the FundsValidator functionality within CRMs (Customer Relationship Management platforms), where the client provides us with only a unique identifying code specific to each user. We collect as little information as necessary in order to protect sensitive data.
In mid-2023, FundsValidator launched with India as our initial source country. We will expand our coverage into Africa over the next few months, responding to market demand as necessary. Stay tuned to our LinkedIn page for the latest updates.
The FundsValidator functionality can be applied in a number of different verticals that require proof-of-funding, including but not limited to global real estate transactions and a variety of visa categories worldwide.
We specifically verify bank-generated statements and data retrieved from online banking portals. Bank statements must have been retrieved within 14 days of submission to our system. With appropriate account-holder permissions, FundsValidator can authenticate banking data within minutes.
Through our robust network of recognized financial institutions, we analyze the data for irregular activity. For example, we know that Indian ATMs (Automated Teller Machines) currently disburse cash in multiples of 100; any other increment for "ATM withdrawals" would raise suspicion within transactional data produced in the Indian market.
The platform with whom FundsValidator has a business relationship, to help their users verify financial capacity.
Individual users may access the list from within the originating platform. (As of mid-2023, we cover the vast majority of financial institutions regulated by the Reserve Bank of India. We invite you to follow us on LinkedIn for the latest updates.)
In summary: We collect as little information as necessary. That way, we help users comply with host country requirements while minimizing exposure to threats.
The originating platform provides us with only a unique identifying code specific to each user, so FundsValidator minimizes the amount of data stored within our system. For example, if you need to change your eMail address, please do so at the originating platform, as FundsValidator will have no record of it.
All data is completely encrypted in our database; we only decrypt it immediately before displaying in the browser (which explains the delay of a few seconds). Specifically, that data includes the name of the bank, the name on the account, the type of account (savings, checking...), the account number, and debit / credit transactions for the length of time you specified.
We do not store user names or passwords, so if you'd like to refresh your financial data, you'll need to re-enter those credentials through the originating platform.
We purge all transaction data 90 days after you grant permission for us to fetch it the first time.
Our full-length Privacy Policy is accessible at FundsValidator.com/privacy, and you'll find our Terms and Conditions at FundsValidator.com/terms.
We assess the data provided against the financial institution’s records. In the case of a dispute, the user should contact the originating platform directly to discuss any possible error.
We review and verify authentic bank-generated statements that were retrieved from online banking portals within 14 days of submission to our system. Un-authentic statements will be detected and rejected.
Proof-of-funding letters with signatures (i.e., letters of disbursement, sanction letters...) are generally not accepted. We propose two ways to remedy the scenario:
You are asked to enter your internet banking credentials so that we can verify your bank account, and compile your financial information. As per regulatory guidelines, bank account verification is important to satisfy the proof-of-funding / financial capacity requirement of many host countries as part of your international student application. Your online banking credentials will not be stored, and the data-gathering process is secured with multi-layered hardware and software encryption.
Further questions about specific regulatory guidelines may be directed toward the originating platform / authority who requested your financial documents.
Please visit your financial institution's website where you can retrieve your user name and password. Then return to the originating platform to enter the same credentials for your account verification.
Yes. Please contact the originating platform / authority who requested your financial documents; they can suggest alternatives for proving financial capacity as part of your application process.
Yes. Please contact the originating platform / authority who requested your financial documents; they can suggest alternatives for proving financial capacity as part of your application process.
We support all leading banks in India. It is possible, however, that your bank is not accessible at the moment. We suggest you try again after some time. Alternatively, please contact the originating platform / authority who requested your financial documents; they can suggest other ways to prove financial capacity as part of your application process.
The FundsValidator system mirrors the security measures of each financial institution within our robust network. Understandably, those measures change periodically. If your bank requires additional security measures at that time (just as they would if you were logging directly in to your bank), then you can rest assured with a similar process. You may also contact your bank directly to inquire about their most recent security measures.
The issue may be due to a slow internet connection, or some technical issue from the bank site. Kindly ensure you are using a robust network. In case you face the same issue, please contact the originating platform / authority who requested your financial documents; they can suggest other ways to prove financial capacity as part of your application process.