Frequently Asked Questions
Why does FundsV exist?
FundsV is an agnostic, scalable and universal tool that empowers students and their financial sponsors to elevate their application by authenticating digital banking data. By serving as a conduit for genuine bank-generated data, we improve the efficiency and integrity of the proof-of-funding 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 can embed the FundsV functionality within originating CRMs (Customer Relationship Management platforms) to reduce risk and minimize duplicate data entry.
- FV clients replace requests to upload easily-manipulated paper-based bank statements
- Bank account holders grant one-time permission to authenticate their bank data
- FV accumulates ending balances, and presents the counselors with vetted data to review
What specific geographic regions and verticals does FundsV cover?
FundsV originally launched with India as our initial source country. In early 2025, we expanded our coverage globally to include Nigeria, Pakistan, Ghana, Nepal, China, Bangladesh, Korea, Brazil, Taiwan, Colombia, Vietnam, Mexico, Saudi Arabia, Japan... totaling 218 member states of the United Nations plus territories, colonies, and independent nation-states. We continue to amplify our network, so reach out to us for the latest details, and follow us on LinkedIn for updates.
In terms of specific sectors, we're currently concentrating on international student visa processes in several host countries such as the United States, Australia, Canada and the United Kingdom. The FundsV 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.
What does FundsV validate?
FV validates financial data from thousands of banks across approximately 200 jurisdictions around the world. In every instance, the account holder must grant permission to review a one-time snapshot of their data. Thanks to advanced Artificial Intelligence / Machine Learning technology, FundsV can identify specific data points (such as name on the account, type of account, name of the bank, and ending balance). We can usually authenticate online banking data within 24 hours.
What is an "originating CRM or platform"?
The originating platform is the source from which the student arrives at the FundsV tool. We have a business relationship with originating platforms, to help their users verify financial capacity.
How is FundsV different from other similar services?
As indicated on our official certificate from the U.S. Patent and Trademark Office, we've been researching funds verification as it relates to global student mobility since 2 June 2006. We focus solely on the financial capacity phase of due diligence. We are not distracted by student marketing events, academic credential evaluations, English proficiency test scores or cross-border payment processing. As such, we continually monitor the dynamic world of data-driven financial services, and are well-prepared to react accordingly in this niche function.
How do I register with FundsV?
- Entities (namely counseling agencies, educational institutions, government authorities...) may schedule a call to discuss.
- Individual users must register through the originating platform. For example, ApplyWave features a way for students to authenticate their bank data, then submit it to their chosen institution(s).
Please provide a list of financial institutions within the FV network.
We continue to expand our coverage, so please contact our Support Team with specific requests. Individual users may also access the list of affiliated financial institutions from within the originating platform for the very latest directory, by country.
How do you protect my data?
In summary: We collect as little information as necessary. That way, we help users comply with host country requirements while reducing vulnerability to threats.
The originating platform provides us with only a unique identifying code specific to each user, so FundsV minimizes the amount of data stored within our system. For example, if users need to change their eMail address, they must do so at the originating platform, as FundsV will have no record of it.
All data is 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...), and the last few digits of the account number.
We do not store user names or passwords, so if users need to refresh their financial data, they need to re-enter those credentials through the originating platform.
We purge all data 180 days after account holders 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.
What can I do if I disagree with FundsV's assessment of my financial data?
We assess the data provided against the financial institution’s current format and policies. In the case of a dispute, the user should contact the originating platform directly to discuss any anomalies.
Bank Data Verification
What kind of data does FundsV verify?
With account holders' permission, FV reviews bank-generated data that was recently retrieved from online banking portals. Our algorithms analyze the digital details against huge volumes of training data to detect anomolies in the format. We then share the results with the originating platform, which maintains full authority to act on our results, as they deem appropriate.
Account holders may choose to share their bank data in one of two ways:
- Upload a recent original, digital PDF statement
- Download data directly from the bank source
While we regularly review uploaded PDFs of bank statements, a document's true provenance can only be absolutely confirmed from its original source. Account holders minimize the window of vulnerability (i.e., risk of document tampering) when logging in to their accounts from within FundsV's iFrame, and downloading the information directly from the bank. (Contact us for a demo of the functionality.)
Do you accept bank data in any language?
Yes. We also convert currencies into
- US Dollars
- Canadian Dollars
- Australian Dollars
- British Pounds
- Euros
- Indian Rupees
Can you accommodate Fixed Deposit Accounts in certain jurisdictions such as India?
Yes.
What types of verifications fall outside of your scope?
Paper-based data falls outside of our scope; we can confidently verify bank-generated digital PDFs that have not been altered. For example, we do not accommodate image files, nor do we recognize proof-of-funding letters with signatures, stamps or other modifications (i.e., letters of disbursement, sanction letters...). We propose two ways to remedy the scenario:
- Retrieve authentic bank-generated statements for the account in question, and upload them via your unique URL into your Funding Profile.
- Discuss the issue with the originating platform / authority who requested your financial documents; they can suggest alternatives to proving financial capacity as part of your application process.
Why am I being asked to provide my credentials? Is it secure?
As per regulatory guidelines in most host countries, bank account verification is important to satisfy the proof-of-funding / financial capacity requirement as part of your international student application.
You may choose to enter your internet banking credentials, as an alternative to uploading an original, digital bank statement PDF. You are not obligated or compelled to provide your credentials, or the credentials of your financial sponsor. If you opt to do so, 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.
I cannot remember my user ID / password for online banking. How can I recover / reset my credentials?
Please visit your financial institution's website, which can explain how to retrieve your user name and password.
I do not use internet banking. Can I complete my application without it?
In most cases, yes, though it depends on the policies of the originating platform. Please contact the authority who requested your financial documents; they can suggest alternatives for proving financial capacity as part of your application process.
I am not able to find my bank’s name while searching the drop-down menu. What should I do?
First, please select the bank's home country by clicking its flag. Then choose the bank. 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.
When I try to login, I am required to enter new details such as Captcha or a One-Time-Password or answer a security question. Shall I proceed?
The FundsV system mirrors the most recent security measures of each financial institution within our deep network. Understandably, those measures change regularly. You will be presented with the same security features, as you are logging in to your bank. You are always welcome to contact your bank directly with any questions.
How do you assign Confidence Scores?
FundsV's analysis of bank data produces scores (and their corresponding icons) that indicate our level of confidence in its authenticity. Confidence Scores are found next to each bank source on the Summary Page of each student's funding profile. Applicants may access their Summary Page via their unique widget URL, and counselors may access the same Summary Page from FundsV's admin interface.
(Green): High confidence level between 85% and 99% that the submitted data is authentic. The vast majority of data flowing through the "Download directly from the bank source" option fits into this Green Category, because the account holder minimizes the window of vulnerability.
(Yellow): Medium confidence level between 50% and 84%, given minor anomalies in the data. The counselor may review the actual bank statement(s) in FundsV's admin interface, and consider conversing with the applicant to resolve any issues. 
(Red): Low confidence level of less than 50% that the submitted data is authentic, given various factors that may include our inability to extract specific data points such as
- Name of the bank
- Name on the account
- Type of account (savings, checking, fixed deposit...)
- Last few digits of the account number
- Date range of submitted data
We actually see very few bank sources flagged red on Summary Pages. During our initial assessment of the data, we accept only bank-generated digital PDFs. We reject image files (which can be easily manipulated) and egregious attempts at submitting fraudulent data. We base those early decisions on Artificial Intelligence / Machine Learning algorithms that have been trained with huge volumes of bank statements from a broad range of financial institutions around the world. We also suspect that unqualified applicants tend to self-select out of the process, and abandon their applications when they acknowledge this additional layer of due diligence.
Where can I review your policies?
- Funds Validator Privacy Policy: FundsValidator.com/privacy
- Funds Validator Terms and Conditions: FundsValidator.com/terms
- Funds Validator Cookie Policy: FundsValidator.com/cookies
