Web Services API

Asset Verification System

Problem

A leading Educational Services institution wanted a seamless, real-time integration of an electronic Asset Verification System (AVS).  Discovery of undisclosed assets of individuals applying for and/or receiving Financial Aid services had to be monitored. The solution also had to be compliant with regulatory acts nationwide.  The solution would need to scale to its customers size and infrastructure without custom development.

Challenges

  • Developing a real-time method of asset verification
  • Creating a seamless interface with existing web and mobile application systems
  • Ongoing compliance with growing array of state and federal regulations
  • Adhering to stringent privacy and security requirements
  • Providing full audit functionality

Solution

Our team developed an innovative asset verification system solution that used electronic networks to provide the most comprehensive real-time solution in the United States. The solution can identify assets over eligibility thresholds and/or likely asset transfers during the prior 60-month “lookback” period.

Our real-time banking system integration with Bank of America, JPMorgan Chase, Wells Fargo, Capital One, and other national financial institutions, provided a comprehensive search of Texas assets and accounts, and highlighted potential asset transfers during a 60-month historical period that indicated increased risk or potential fraud. 

Benefits

  • Real-time verification of financial assets
  • Search capability across multiple sources
  • Speedier eligibility determination
  • Increased worker productivity and accuracy
  • Improved program integrity

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