IRIS Software Group partners with Experian to make applying for loans and mortgages easier for millions of UK employees
IRIS Software Group (IRIS), one of the UK’s largest software companies, has today announced it is partnering with Experian, the global information services company, to simplify and broaden access to better financial products and services for the one in six UK workers who are paid using IRIS’ software.
The cost of living crisis has brought into sharp focus the need for consumers to be in full control of their personal finances. Rising prices and stringent verification requirements for loan or mortgage applications are putting even more pressure on already stretched UK workers. Yet while consumers have gone digital – ‘generation now’ expects to be able to apply for a mortgage in minutes, not days – crucial payroll and employment data doesn’t easily connect into a digital-first world.
Through the Experian partnership, IRIS is removing this friction for millions of UK workers; providing the data security and ease of access they need when sharing payroll and employment data with financial institutions, lenders and other organisations.
The partnership will enable employees 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 directly from their employer to a trusted financial services provider of their choice. This will considerably reduce the time and effort it takes to manually compile critical payroll and employment documents when applying for mortgages, loans or rental agreements, and enable data to be shared more securely.
The capability will be rolled out over the next 12 months to all of IRIS’ payroll products and will be delivered through Work Report, an Experian product. From September, IRIS customers will be given the opportunity to opt out of the scheme, and the payroll data will be available, subject to employee consent, to all Experian customers using Work Report.
“The consumer world is moving at pace and businesses must be prepared to facilitate digital-first processes”, comments Winston Poyton, Senior Product Director at IRIS Software Group. “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.”
Paul Speirs, Managing Director of Digital Consumer Information at Experian, says, “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.”