IRIS Kashflow Employee Verification simplifies the process of applying for loans, mortgages, and tenancy agreements by removing the manual process of gathering employment and income data.
IRIS Kashflow has partnered with Experian, the global information services company, to use their Work Report TM solution as the heart of the Employee Verification.
Details such as employment status, salary and time with employer, are what lenders need to process applications quickly and accurately. This basic information is made available to IRIS Kashflow Employee Verification from the payroll system in readiness for verification by Experian. Lenders can check the Experian Work Report TM solution to quickly reach a decision whether to approve the employee’s application or not.
This process is optional, and the employee making the application gives permission during the application process.
Employees start their applications in the normal way and then consent to verify their employment and income data via the Experian Work Report™ solution.
From an employee’s perspective the process could not be simpler.
Employees apply for a mortgage, loan, or other financial application online. When asked to provide evidence of employment and earnings, they are asked if they wish to instantly verify their information via the online service
If the employee consents, they provide basic details like their National Insurance number, the name of the employer and confirm that they consent to verify their data
Experian Work Report™ then checks these details and if the employee is found within the given employer’s records, the details supplied are then verified in seconds.
Making the application process much simpler speeds up the decision-making process and reduces the time to deliver an answer.
With IRIS Kashflow Employee Verification, the administrative burden on HR and Payroll departments is significantly reduced. Employee data is verified during the application process in real-time thereby reducing the time taken to process applications.
No more employee requests for payslips, P60’s and employment documentation and no need for them to hunt around for the information.
Increased efficiency
It removes the need for employers to provide PDF payslips and supporting letters
Time saving
It saves time as data is verified directly to the third-party provider in real-time
Improved employee financial wellbeing
Significantly reduces stress as there is no need for employees to find information. Moreover, affordability checks are conducted using the most up-to-date and accurate data
GDPR compliant
Data is shared under the terms of the General Data Protection Regulations (GDPR) and Experian is authorised and regulated by the Financial Conduct Authority
Making the application process much simpler speeds up the decision-making process and reduces the time to deliver an answer.
IRIS KashFlow Employee Verification service is available in KashFlow’s Payroll software as standard. Employers and Payroll Bureaus can choose not to make this service available to their employees or clients. It is possible to opt out of the service from the settings in the payroll product. Employees can rest assured that their data will only be instantly verified if they give consent during the application.
Please call and choose option 1 to speak to our HR solution advisors.
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