Work Report â¢ is the UK’s first service to automate the digital sharing of payroll information on behalf of the consumer. 1 in 3 employees should benefit from it thanks to partnerships with Salary Finance and Sage.
United Kingdom, November 25, 2021: UK consumers will be able to access better financial products and services as Experian launches a new service to help lenders make even faster, more accurate and tailored lending decisions.
Work Report â¢ is the first digital verification service that will allow consumers to consent to digitally share their payroll information with another organization. It provides connectivity to an employer’s payroll data to provide direct confirmation of a consumer’s gross and net income, as well as employment status and tenure, in seconds.
For example, for lenders, the solution can be used as part of their accessibility and credit checks when a new customer requests financial products and services. It helps make a faster and more accurate loan decision, reduces credit risk, and creates a better overall digital experience.
Work Report â¢ is part of a suite of configurable verification services provided by Experian that allows a consumer to confirm their identity and consent to share verified credit information, income and expense in a single data exchange.
In addition to Work Report â¢, as part of the suite, services include a Employer search engine powered by the UK’s premier national employer database (NED), a unique source of verified employer names, covering 99% of all UK employees. This can be used to accurately capture and normalize relevant data and collect verified employment information to inform a credit decision.
Employers who want to check a new employee’s work history, with their consent, can also use the solution, as well as those who want to automate the sharing of payroll information to reduce costs and help employees access benefits and benefits. workplace services.
Paul Speirs, Managing Director of Digital Consumer Information at Experian, said:âThere is an ongoing obligation for people to share their personal financial information in order to access services – whether it’s applying for a mortgage, getting a new job, or renting a new property. Work Report â¢ enables people to share their payroll data quickly, easily, and securely with their consent. This helps them access better value services and proactively manage their financial lives. We are delighted to play such an important role in bringing these processes to the digital age. ”
A new study from Experian shows that 97% of people asked to share their payroll data in the past three years have done so. He also identified a strong appetite for sharing payroll data, with 72% happy to share data in a mortgage application and over 40% in other types of loans. Three in four consumers willingly share their data where the exchange of value and the incentive to share are clear.
Younger people are more likely to consent to direct access to their payroll data with 45% of 18-24 year olds saying they would, compared to 37% of 45-54 year olds. This trend was accentuated during the pandemic, with lenders investing in their digital services and consumers moving online to research financial products, rather than speaking to a representative or entering a branch.
The service is produced in partnership with the global Fintech platform Financing of salaries and the recently integrated payroll software vendor, Sage. Work Report will give 1 in 3 employees (over 10 million) the opportunity to share their job details.
Asesh Sarkar, Co-Founder and Global CEO of Salary Finance, said: âSalary Finance is working with Experian to create a unique network that will provide direct connectivity – with the consumer’s consent – to his employer’s payroll system to confirm his gross and net income directly with his employer, as well as confirm his employer and the duration of employment. This makes the sharing of payroll data faster, safer and more secure and has the power to improve lending decisions and improve financial inclusion. The network is growing rapidly and we expect that ‘it will reach 2 out of 3 UK consumers by December 2021. “
Aaron Harris, CTO of Sage, said:âOur mission at Sage is to create experiences that connect, remove friction, and provide insight to the organizations that make up our network. Sage software pays around 25% of employees in the UK. Removing friction between employees and service providers will provide the lender with verified and accurate payroll information when offering items such as leases, mortgages, loans and other products and services financial, and the employee with a digital proof of employment. This will allow access to credit in a new, faster and frictionless way generating value for both parties as a trusted payroll provider.
âIt’s an example of how technology can deliver value and break down barriers, enabling people to harness the power of their data. At the center of this service are our customers, who always remain in control of their data, deriving value from the Sage digital network. “
The launch of Work Report â¢ takes Experian’s verification services beyond Open Banking connectivity with the ability to connect directly to payroll providers, helping more organizations make faster online decisions, more precise and tailor-made.
It signals Experian’s commitment to supporting the UK government’s Open Finance initiative which will allow consumers to take control of their personal financial information, share verified data with third parties and access financial services faster. better value.
Joe Green, Head of Public Relations, Corporate & Business, UK and I, Experian
Tel: 07812 737 768 / E-mail: [email protected]
Experian is the world leader in information services. During the great times of life – from buying a house or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our customers to manage their data with confidence. We help individuals take financial control and access financial services, businesses make smarter decisions and prosper, lenders lend more responsibly, and organizations prevent fraud and identity crime.
We employ 20,000 people in 44 countries and every day we invest in new technology, talented people and innovation to help all of our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are part of the FTSE 100 index.
About salary funding
Salary Finance is a global FinTech platform specializing in financial services in the workplace. The platform is connected to 4 million employees in the UK and US and offers a range of financial products related to employment and wages. Our mission is to help employees become financially healthier and happier, through access to low-cost, low-friction financial wellness products, including salary-related savings, loans, protection insurance and on-demand compensation, as well as financial education,
Founded in 2015, Salary Finance has won over 70 awards for its work, including the Consumer Champion of the Year in 2020, and is backed by investors such as Legal and General plc and Blenheim Chalcot.
Sage exists to break down barriers so everyone can thrive, starting with the millions of small and medium businesses served by us, our partners and our accountants. Customers trust our finance, human resources and payroll software to move their work and money. By digitizing business processes and relationships with customers, suppliers, employees, banks and governments, our digital network connects SMEs, eliminating friction and delivering insight. Breaking down barriers also means that we are using our time, technology and experience to tackle digital inequalities, economic inequalities and the climate crisis.