Iris Software Group, one of the United Kingdom’s largest software firms, announced it is teaming up with Experian, the international information services company, in order to simplify and broaden access to improved financial products and services for the one in six UK workers who get paid using IRIS’ software.
The cost-of-living crisis has brought into focus the need for consumers to be in control of their personal finances.
Increasing prices and strict verification requirements for loan or mortgage applications are putting a lot of pressure on stretched UK workers.
And while consumers have gone digital – ‘generation now’ expects to be able to apply for a mortgage within a few minutes, not days – vital payroll and employment data doesn’t seamlessly connect into a digital-first world.
Via the Experian collaboration, IRIS is focused on eliminating this friction for millions of UK workers; offering the data security and ease of access they require when sharing payroll and employment data with financial institutions, lenders and other organizations.
The partnership should allow workers getting paid using IRIS’ payroll software, subject to their consent, to share a one-off real-time digital verification of their payroll, employment and income information from their employer to a “trusted” financial services provider of their preference.
This should help reduce the time and effort it takes to manually compile important payroll and employment documents when submitting applications for mortgages, loans or rental agreements, and allow data to be shared more securely.
The capability will be introduced during the next 12 months to all of IRIS’ payroll products and will be delivered via Work Report, an Experian product.
From September onwards, IRIS clients will be given the chance to opt out of the scheme, and the payroll data will be available, subject to worker consent, to all Experian clients using Work Report.
Winston Poyton, Senior Product Director at IRIS Software Group, said:
“The consumer world is moving at pace and businesses must be prepared to facilitate digital-first processes. By partnering with Experian, we can enable total employee-consented payroll data access so millions of UK workers can take control of their personal finances when buying a house or being approved for a car loan. We’re proud to be the cornerstone of payroll and look forward to rolling the capabilities out to all of our payroll products over the coming 12 months.”
Emma Davies, Strategy, Markets and Portfolio Director 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.”
