Experian launches service to automate payroll data sharing

The digital verification service will allow consumers to consent to digitally share their payroll information with another organisation. It provides connectivity to an employer’s payroll data to provide direct confirmation of a consumer’s gross and net income, as well as their employment status and tenure, in a matter of seconds.

For example, for lenders, the solution can be used as part of their affordability and credit checks when a new customer applies for financial products and services. It helps to provide a faster, more accurate, lending decision, reduce credit risk and create a better overall digital experience.

Work Report is part of a suite of configurable verification services provided by Experian that enables a consumer to confirm their identity and consent to share verified credit information, income, and expenditure in a single data exchange.

Additional to Work Report, as part of the suite, the services include an Employer Search Engine powered by a UK National Employer Database (NED), a single source of verified employer names, covering 99 percent of all UK employees. This can be used to accurately capture and standardise relevant data and enables verified employment information to be collected to inform a credit decision.

Employers that want to check the previous employment history of a new employee, with consent can also use the solution, as well as those wanting to automate sharing of payroll information to reduce cost and help employees access workplace benefits and services.

Paul Speirs, managing director of digital consumer information at Experian, said: “There is an ongoing requirement for people to share their personal financial information to access services – whether that’s applying for a mortgage, a new job or renting a new property. Work Report enables people to share their payroll data quickly, conveniently, and securely with their consent. It helps them to get access to better value services and proactively manage their financial lives. We’re excited to be playing such a significant role in moving these processes into the digital age.” 

The service is produced in partnership with fintech platform Salary Finance and recently onboarded payroll software provider, Sage. Work Report will give the opportunity for one in three (over 10 million) employees to share their employment details.