Automated Verification Solution – ProVerify
SARASOTA, FL AND IRVINE, CA, October 26, 2017 – ProEd and Veri-Tax recently formed a partnership to provide colleges with a new automated verification solution called ProVerify. Essentially, ProVerify embeds the Veri-Tax electronic tax data collection process into a solution that automatically verifies student FAFSA data. For colleges that already subscribe to Veri-Tax services, ProVerify also embeds an eSigned document process powered by DocuSign, a world-class provider of eSignatures. This further streamlines the verification process so that you can help students enroll faster and increase the speed at which the college can request federal funds; thereby increasing the college’s cash flow much earlier than ever before, while improving the student’s experience.
ProVerify makes it easier and simpler to manually verify files that cannot be processed automatically due to conflicting documentation by providing a modern user interface in which eSigned documents, such as a verification worksheet, ISIR data and electronic tax data can be viewed all in one place making it faster for reviewers to make corrections. In addition, ProEd provides a Total Verification Solution in addition to the SaaS solution by supplying a workforce to process manual verification files. Thus, the entire verification process can be completely outsourced to ProEd if desired.
To complete the verification process, all students need to do is:
(1) Complete an eSigned Verification Worksheet
(2) Submit IRS 4506-T Form
That’s it! Electronic tax transcripts are requested through Veri-Tax directly from the IRS and are received within 72 hours of completion of the IRS Form 4506-T.
Security is a top priority. ProVerify is housed in the Amazon Web Services (AWS) cloud environment and is Federal Information Security Management Act (FISMA) compliant. The eSign capabilities are compliant with the E-Sign Act, UETA and the Department of Education Verification Guide.
About Veri-Tax, LLC
Veri-Tax is a leading national verification specialist helping loan originators, underwriters, loan processors and other clients meet the elevated compliance and regulatory standards in the mortgage, consumer credit, alternative lending, education and other industries. We provide a suite of fast and reliable ability-to-pay solutions, including 4506-T Tax Transcripts, Verification of Income and Employment, SSN Verifications and Asset Reports. Our “customer happiness” culture ultimately differentiates us and drives our relentless customer-oriented organizational focus, commitment and execution. For more information, visit our website at www.veri-tax.com or follow us on social media at LinkedIn, Facebook, Twitter @VeritaxLLC , or call our Customer Happiness Team at (800) 969-5100 to learn more.
About ProEducation Solutions, LLC
ProEducation Solutions, LLC is a privately held company that provides superior financial aid business solutions to colleges and universities nationwide. Since 2001, ProEd has led the way in desiging innovative solutions for higher education. In addition to ProVerify, they offer a wide variety of remote financial aid processing services, an eSigned document platform, call center services, interim staffing, a cloud-based Direct Loan and Pell reconciliation platform, online Title IV training, Program Review assistance, operational assessments, compliance audits and enrollment services. For more information, visit the company’s website at www.proed.org or call (877) 761-7001.