Equifax partners with Frontier Software allowing fast and simple employment income verification for its customers
Equifax, the global data, analytics and technology company, has announced a partnership with leading HR and Payroll software provider Frontier Software. A first in the Australian market, the partnership will enable Frontier Software and its customers to streamline the employment income verification process and mitigate data handling risks in loan applications with automated employment income verification.
Proof of employment and employment income are required when applying for many financial services and loans. For employers, this can be a burden on HR and payroll administrators and for employees, this can be a time consuming and often stressful process, requiring scanned copies of payslips, employment letters and the sharing of sensitive data over email and the phone.
With the consent of the employee, this process can now be automated with financial service providers able to use the Equifax Verification Exchange service to verify an applicant’s employment income digitally. The partnership with Frontier Software enables Frontier’s customers to seamlessly access the Verification Exchange, providing an innovative solution to help employees live their financial best.
Dylan John, Executive General Manager of Workforce Solutions at Equifax said “The Verification Exchange provides an opportunity for organisations to support their employees’ financial wellbeing. Applying for a financial service can be a stressful time for individuals and this solution enables faster decisions, reduces risks and removes unnecessary manual processes for the employee, the employer and the lender”.
Nick Southcombe, CEO of Frontier Software said, “This is a powerful solution. Organisations are looking for ways to improve productivity and offer employees benefits. Extending the Equifax Verification Exchange services to employees achieves exactly that, and it costs the employer and employee nothing. We are delighted that we are able to offer this partnership as part of a Frontier Software solution”.
Source: Equifax news