Experian, has announced that it is expanding its automated employment and income verification services to broaden UK employees’ access to better financial products and services.
The digital service will automate the time-consuming process of sharing payroll and employment information with lenders, provide an instant and secure alternative for verifying such information when applying for a range of financial services, including mortgages. Employees can now digitally share their payroll information directly from their employer to a trusted financial services provider of their choice.
The expanded coverage comes as a result of strategic partnerships with payroll providers IRIS, Sage and Zellis, plus employee benefits company Salary Finance. It follows the recent acquisition of Work Report, the UK’s first digital employment and verification service, developed as a joint venture by Experian and Salary Finance Labs.
The current cost of living crisis has increased the need for lenders to accurately validate employment status, length of service, source of regular income, as well as the amount of gross and net income. With UK workers battling rising prices and product providers requiring deeper data in order to approve applications for loans and mortgages, this service helps consumers use their own payroll data to get access to the products they need, and to save themselves time and money.
Research conducted by Experian identified a healthy appetite to share payroll data, with 72% of consumers being happy to share data in a mortgage application, and over 40% in other types of loans. Three out of four consumers willingly share their data where the value exchange and incentive to share is clear.
Paul Speirs, Managing Director of Digital Consumer Information at Experian, said “People already share their personal financial information to access services digitally – whether that’s applying for a mortgage, starting a new job or renting a property. By drawing on the use of payroll data quickly and securely, with consumer consent, we can provide access to better value services and help people make better financial decisions. We will continue to build out our coverage through ongoing discussions with other payroll providers in the market, and we look forward to bringing the benefits of our expanded reach to our clients so that they, in turn, can better serve their customers.”
“This is another step in the UK’s adoption of Open Finance.”
Asesh Sarkar, Co-founder and Global CEO of Salary Finance, and Salary Finance Labs, said “We built Work Report in Salary Finance Labs – our innovation hub – in partnership with Experian, and we are delighted that so many UK consumers and product providers will be able to benefit from its significant potential. Our mission is to improve financial wellbeing through payroll-linked benefits and solutions, and the sale of Work Report allows us to re-invest the proceeds into new innovation projects to create further value for employees across the UK. Now, more than ever, we believe that payroll-linked solutions and providing fairer access to finance can support both employers and employees navigate the cost of living crisis and help employees improve their financial wellbeing.”