How is the Arrangement Fee protected?

The Arrangement Fee is deposited in a Trust Account with a licensed third-party Escrow Agent and the Fee is not released until it is confirmed that the contracted services have been provided. In the unlikely event the account is not opened, the Arrangement Fee is returned by the Escrow Agent.

How long can the account can be kept open for Proof of Funds uses?

We have 30 and 60 day terms available, dependent on account type. The account can be renewed for additional terms upon mutual agreement, typically at discounted rates.

What are the minimum and maximum amounts available?

The minimum account size is $1,000,000 and the maximum account size is $100 million. We can syndicate larger accounts from our "investor pool".

What is the SWIFT messaging system?

S.W.I.F.T. ("Society for Worldwide Inter-bank Financial Telecommunication") provides mechanisms for electronic inter-bank messaging and funds transfer. SWIFT messages are used legitimately to conduct business between transactional partners. The SWIFT system was established in the early 1970's by a group of European banks who until that time had been conducting business together via telex and courier. SWIFT provides for a number of different message types and purposes. Each type of SWIFT message is pre-defined and follows a specified format. All SWIFT messages must adhere to these established forms or they will be rejected by the receiving bank. There are nine (9) SWIFT message categories with multiple message types in each.

What types of SWIFT messages are available with our POF accounts?

Only SWIFT MT999 and SWIFT MT799 message formats are available with the POF accounts we arrange in a European/Offshore bank. Additional costs may apply dependent upon bank services requested.

What does the SWIFT MT760 option provide?

An account with the SWIFT MT760 capability allows bank-to-bank SWIFT electronic verification of the account, and will include a blocked funds provision.


What does the SWIFT MT799 option provide?

An account with the SWIFT MT799 capability allows bank-to-bank SWIFT electronic verification for Proof of Funds in compliance with the SWIFT Category 7 "Treasury Markets & Syndication" message types. Often there is a misconception that a particular circumstance requires a SWIFT MT760 message, when in fact, the SWIFT MT799 format provides the required bank confirmation for the application. There is a $10 million minimum account size for a SWIFT MT799, and additional costs apply.

What does the SWIFT MT999 option provide?

An account with the SWIFT MT999 capability allows bank-to-bank SWIFT electronic verification for Proof of Funds in the account, with no further comment. This SWIFT format is an appropriate message for a simple Proof of Funds communication and it is part of the Common Group of SWIFT formats providing a General Free Format for SWIFT messaging. There is a $10 million minimum account size for a SWIFT MT999, and additional costs apply.

What is a Verification of Deposit (VOD)?

It is a document signed by a company's or individual's financial institution that provides verification of the balances in their financial accounts. A written Verification of Deposit will adequately serve virtually 95% of all Proof of Funds requirements. Other types of confirmations done with bank-to-bank SWIFT messages are most commonly used for verifications tied to transaction settlements or securities transfers, and have special account set-up procedures that are available at additional cost.

Are the funds in the POF account seasoned?

U.S. Money Market account funds are seasoned for six (6) months and include account statements for the prior six-month period. Funds in domestic U.S. bank accounts, or funds in European/Offshore bank accounts are not seasoned.

What types of Corporate Credit Enhancement accounts can be provided?

We can open a U.S. Money Market account, or open an account in a European/Offshore or Domestic bank. A standard Verification of Deposit (VOD) is available with all account types, with SWIFT messaging available at additional cost with special accounts opened in a European/Offshore bank