USjournal Revives its Funds Verification Functionality

USjournal Revives its Funds Verification Functionality

Throughout USjournal's 20+ years, we've always been committed to advancing the global mobility of qualified students. The site evolved from a print publication in the early 1990s, into a family of 16 multi-lingual domains to promote an exclusive selection of US colleges, universities and English language programs.

Early on, we recognized that financial constraints often percolated as the primary impediment to studying in the USA. 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. By accessing applicants' financial data earlier in the admissions cycle, campuses and sponsors would gain deeper insight -- leading to better decisions about allocating their limited scholarship funds more effectively to meet their institutional missions.

Between 2006 and 2016, as internet banking burgeoned around the world, USjournal developed a sister service known as "FundsV" for Funds Verification. The service was designed to improve both the efficiency and integrity of the process requiring applicants to prove financial capacity to cover their tuition and living expenses. In place of easily-manipulated, paper-based bank statements, FundsV empowered international students (and their financial sponsors) to point their online banking data to the authority who requested it.

In 2016, an education technology firm / global admissions platform in London purchased FundsV. Terms of the acquisition mandated that FundsV Founder Cheryl Darrup-Boychuck work for the firm as US Director of Institutional Relations. Cheryl resigned from the company in June 2019.

In January 2020, the British technology firm fell into administration which essentially means the company went bankrupt, and was put under the management of Licensed Insolvency Practitioners. In July 2020, the authorities confirmed that Cheryl had been released from her non-compete agreement originally imposed by the now-collapsed company.

"I’m absolutely thrilled to be able to pursue funds verification again not only within international education, but across several industries involving cross-border payments," Cheryl explained. "Over the years, we've learned to position this particular initiative as a business-to-business proposition, as opposed to business-to-consumer."

"Stay tuned!" Cheryl concluded. "We're developing procedures (namely APIs) to integrate with all kinds of organizations that require proof of financial capacity to advance their mission."

Contact Cheryl to discuss FundsV's capabilities.