[UK] Experian announces Access Group partnership

On March 20, Experian announced a new partnership with The Access Group that will allow even more UK employees to digitally share their payroll information to get better access to financial products and services, Business Wire reports.

Through the UK’s first digital employment and income verification service - Experian’s Work Report™ - employees who are paid using Access Group’s payroll software will be offered the option to consent to digitally share their payroll information with another organisation.

This will reportedly provide an instant and secure alternative for employment and income verification when applying for a range of financial services, including mortgages.

Applicants will have the option to upload evidence manually via a lender’s existing systems or to use Experian’s Work Report™. If they choose to do so the service automatically accesses – with an employee’s consent - the required records from their employer and passes them to the service provider.

Allowing this connectivity to an employer’s payroll data can provide direct confirmation of a consumer’s gross and net income, as well as employment status and tenure, in a matter of seconds.

Experian’s employment and income verification services now reportedly cover 77 per cent of UK employees.

Paul Speirs - Managing Director of Digital Consumer Information at Experian - said, “Accessing financial products and services is stressful enough without the added pressure of gathering crucial documentation to help confirm payroll information. It’s a hassle for the financial provider, the employer and, most importantly, the applicant.

“Experian’s Work Report™ helps to ease this pain by providing a seamless, digital alternative to traditionally cumbersome processes, helping enable a quicker, more efficient turnaround and improved customer outcomes. We are delighted to be working alongside The Access Group to help take this process one step further into the digital age.”

Charles Butterworth - Managing Director, Access People - said, “Supporting customers with digital transformation is at the heart of our software solutions at Access. Paying people right ‘first time, every time’ is the standard by which payroll teams are now held to, but it is no longer the only benchmark. With Millennials and Gen Z making up a significant percentage of the workforce, people have come to expect a consumer-grade experience from their work tech, including solutions that facilitate pay. Unlocking digital-first experiences that meet these changing employee expectations is, therefore, increasingly important to our customers and their people.

“By partnering with Experian, we’re able to provide our customers with even greater digitisation of their payroll processes while their employees keep control of their data and personal finances. Experian’s Work Report™ service will enable customers to facilitate a frictionless way for their people to apply for lending, whether that be car finance, a mortgage, or another loan. The solution is an example of intuitive development of HR and pay solutions that add further value for our customers in supporting the wider employee experience.”

Experian’s partnership with Access will relieve employees of the administrative burden of pursuing employers for copies of their payslips; and from HR and Payroll, who are tasked with finding and sharing the data with employees. It also helps employers avoid having to share paper-based payslips; reducing their carbon footprint.

A recent Experian survey of 230 HR and payroll professionals reportedly revealed that many large organisations receive an average of 150 requests a month from employees to source and share their payroll data. This equates to devoting 11 hours a month of an HR and Payroll team’s time to managing these requests.

Organisations that are still relying on sharing paper-based payslips also have a significant impact on the environment. Even small firms with less than 10 employees could potentially be generating 1.3m tonnes of CO2 a year, or 26kg of paper, by sharing paper-based payslips.

Source: Business Wire

(Quotes via original reporting)

On March 20, Experian announced a new partnership with The Access Group that will allow even more UK employees to digitally share their payroll information to get better access to financial products and services, Business Wire reports.

Through the UK’s first digital employment and income verification service - Experian’s Work Report™ - employees who are paid using Access Group’s payroll software will be offered the option to consent to digitally share their payroll information with another organisation.

This will reportedly provide an instant and secure alternative for employment and income verification when applying for a range of financial services, including mortgages.

Applicants will have the option to upload evidence manually via a lender’s existing systems or to use Experian’s Work Report™. If they choose to do so the service automatically accesses – with an employee’s consent - the required records from their employer and passes them to the service provider.

Allowing this connectivity to an employer’s payroll data can provide direct confirmation of a consumer’s gross and net income, as well as employment status and tenure, in a matter of seconds.

Experian’s employment and income verification services now reportedly cover 77 per cent of UK employees.

Paul Speirs - Managing Director of Digital Consumer Information at Experian - said, “Accessing financial products and services is stressful enough without the added pressure of gathering crucial documentation to help confirm payroll information. It’s a hassle for the financial provider, the employer and, most importantly, the applicant.

“Experian’s Work Report™ helps to ease this pain by providing a seamless, digital alternative to traditionally cumbersome processes, helping enable a quicker, more efficient turnaround and improved customer outcomes. We are delighted to be working alongside The Access Group to help take this process one step further into the digital age.”

Charles Butterworth - Managing Director, Access People - said, “Supporting customers with digital transformation is at the heart of our software solutions at Access. Paying people right ‘first time, every time’ is the standard by which payroll teams are now held to, but it is no longer the only benchmark. With Millennials and Gen Z making up a significant percentage of the workforce, people have come to expect a consumer-grade experience from their work tech, including solutions that facilitate pay. Unlocking digital-first experiences that meet these changing employee expectations is, therefore, increasingly important to our customers and their people.

“By partnering with Experian, we’re able to provide our customers with even greater digitisation of their payroll processes while their employees keep control of their data and personal finances. Experian’s Work Report™ service will enable customers to facilitate a frictionless way for their people to apply for lending, whether that be car finance, a mortgage, or another loan. The solution is an example of intuitive development of HR and pay solutions that add further value for our customers in supporting the wider employee experience.”

Experian’s partnership with Access will relieve employees of the administrative burden of pursuing employers for copies of their payslips; and from HR and Payroll, who are tasked with finding and sharing the data with employees. It also helps employers avoid having to share paper-based payslips; reducing their carbon footprint.

A recent Experian survey of 230 HR and payroll professionals reportedly revealed that many large organisations receive an average of 150 requests a month from employees to source and share their payroll data. This equates to devoting 11 hours a month of an HR and Payroll team’s time to managing these requests.

Organisations that are still relying on sharing paper-based payslips also have a significant impact on the environment. Even small firms with less than 10 employees could potentially be generating 1.3m tonnes of CO2 a year, or 26kg of paper, by sharing paper-based payslips.

Source: Business Wire

(Quotes via original reporting)