Experian expands verification services to cover 50% of UK employees

The expanded coverage is the outcome of strategic partnerships with payroll providers IRIS, Sage and Zellis, and with employee benefits firm Salary Finance.

The news follows Experian’s recent acquisition of Work Report – “the UK’s first digital employment and verification service” – which was developed as a joint venture by Experian and Salary Finance Labs.

Employees can now digitally share their payroll information directly from their employer to a trusted financial services provider.

The digital service automates the process of sharing payroll and employment information with lenders, and so provide an instant and secure means for verifying such information on application for a range of financial services – including mortgages.

Experian pointed to the cost-of-living crisis as increasing the need for lenders to validate employment status, length of service, source of regular income, as well as the amount of gross and net income.

Research from the data firm found 72% of consumers were happy to share data during a mortgage application, and 40% were willing to do so for other loans.

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.

“This is another step in the UK’s adoption of Open Finance.” 

Asesh Sarkar, co-founder and global chief executive of Salary Finance, added: “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.”