Speedier mortgage approvals with the payslip

Without pay data, the financial world would almost grind to a halt. As consumers, we are unable to apply for credit, a loan, secure a mortgage or rental property without this fundamental information. And it’s equally important for lenders to be able to access this info to keep the approval process flowing and business going!

The problem

Speedy digital transactions – those which we all take for granted in our daily lives - give us instantaneous access to financial tools and products. But in the case of pay data, manual sourcing by HR and payroll teams can often cause delays. Despite the emergence of APIs, Open Banking and greater digital user experiences, hurdles often remain when it comes to accessing HR and payroll data. This is because it often sits in inaccessible systems, resulting in days or weeks of anxious waiting which cause unnecessary hold-ups in the application process.

Payslip data is essential for life’s big moments

Imagine trying to rent a flat, find a new job, or secure a mortgage without verifying income or employment. It wouldn’t be possible. Everything in our lives depends on the accurate and timely availability of this data. So how do we make it easier for consumers to access their data for this purpose?

The solution

PayDashboard is just one of the network providers offering Experian's Work Report - the digital employment and income verification solution that enables users to share their info with lenders in seconds. This solution solves a multitude of challenges for all parties concerned:

1. Consumers can verify their employment and income with lenders in seconds rather than days or weeks
2. Lenders can process loan applications faster, while greatly reducing the risk of fraud
3. HR & payroll teams will no longer have the burden of having to manually source historic pay data for both current and ex-employees

In today’s economic climate, consumers need as many tools at their disposal as possible. PayDashboard’s verification capabilities are a great way for employers to enhance existing wellbeing programmes and boost employee financial wellbeing.

About PayDashboard

PayDashboard is the only online payslip that connects pay and reward with simple guidance and financial wellbeing tools for employees. Use PayDashboard with your existing software and processes to deliver powerfully engaging experiences to the people you pay.

If you would like to learn more about PayDashboard’s many great features, we’d love to chat. Get in touch for a free tour of the platform at a date and time that suits you.