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EXPERIAN LAUNCHES VERIFICATION SERVICE TO SUPPORT FASTER, MORE ACCURATE LENDING DECISIONS

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Work Report™ is the UK’s first service that automates the digital sharing of payroll information on behalf of the consumer

1 in 3 employees set to benefit through partnerships with Salary Finance and Sage

Consumers in the UK will be able to get access to better financial products and services, as Experian launches a new service to help lenders provide even faster, more accurate and bespoke lending decisions.

Work Report™ is the first digital verification service that will allow consumers to consent to digitally share their payroll information with another organisation. It provides connectivity to an employer’s payroll data to provide direct confirmation of a consumer’s gross and net income, as well as their employment status and tenure, in a matter of seconds.

For example, for lenders, the solution can be used as part of their affordability and credit checks when a new customer applies for financial products and services. It helps to provide a faster, more accurate, lending decision, reduce credit risk and create a better overall digital experience.

Work Report™ is part of a suite of configurable verification services provided by Experian that enables a consumer to confirm their identity and consent to share verified credit information, income, and expenditure in a single data exchange.

Additional to Work Report™, as part of the suite, the services include an Employer Search Engine powered by the UK’s first National Employer Database (NED), a single source of verified employer names, covering 99% of all UK employees. This can be used to accurately capture and standardise relevant data and enables verified employment information to be collected to inform a credit decision.

Employers who want to check the previous employment history of a new employee, with consent can also use the solution, as well as those wanting to automate sharing of payroll information to reduce cost and help employees access workplace benefits and services.

 

Paul Speirs, Managing Director of Digital Consumer Information at Experian, said: “There is an on-going requirement for people to share their personal financial information to access services – whether that’s applying for a mortgage, a new job or renting a new property. Work Report™ enables people to share their payroll data quickly, conveniently, and securely with their consent. It helps them to get access to better value services and proactively manage their financial lives. We’re excited to be playing such a significant role in moving these processes into the digital age.”

New Experian research shows that 97% of people asked to share their payroll data in the last three years did so. It also identified a healthy appetite to share payroll data with 72% happy to share data in a mortgage application and over 40% in other types of loans. Three out of four consumers willingly share their data where the value exchange and incentive to share is clear.

Younger people are more likely to give consent for direct access to their payroll data with 45% of 18-24-year-olds saying they would, compared to 37% of people aged 45-54. This trend has increased through the pandemic as lenders have invested in their digital services and consumers move online to source financial products, rather than talking to a representative, or entering a branch.

The service is produced in partnership with global Fintech platform Salary Finance https://www.salaryfinance.com/uk/ and recently onboarded payroll software provider, Sage. Work Report will give the opportunity for 1 in 3 (over 10 million) employees to share their employment details.

 

Asesh Sarkar, Co-founder and Global CEO at Salary Finance, said: “Salary Finance is working with Experian to create a unique network that will provide direct connectivity – with a consumer’s consent – to their employer’s payroll system to confirm their gross and net income directly from their employer, as well as confirming their employer and length of employment. This makes the sharing of payroll data quicker, safer, and more secure and has the power to enhance lending decisions and improve financial inclusion. The network is growing rapidly, and we expect it to reach 2 in 3 UK consumers by December 2021.”

 

Aaron Harris, Chief Technical Officer at Sage, said: “Our mission at Sage is to build experiences that connect, remove friction, and deliver insights to the organisations that make up our network. Sage software pays around 25% of employees in the UK. Removing friction between employees and service providers will provide the lender with verified, accurate, payroll information when offering items such as tenancy agreements, mortgages, loans, and other financial products and services, and the employee with a digital proof of employment. This will enable access to credit, in a new, frictionless faster way generating value to both parties as a trusted payroll provider.

“This is an example of the way technology can deliver value and knock down barriers, allowing individuals to harness the power of their data. At the centre of this service are our customers, who always remain in control of their data, deriving value from being part of Sage’s digital network.”

The launch of Work Report™ takes Experian’s verification services beyond Open Banking connectivity with the ability to now connect to payroll providers directly helping more organisations provide faster, more accurate and bespoke decisions online.

It signals Experian’s commitment to support the UK government’s Open Finance initiative which will enable consumers to take control of their personal financial information, share verified data with third parties and get quicker access to better value financial services.

 

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Transact365 launches seamless cross border payments in India

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  • Transact365 enables merchants to transact locally in India
  • Merchants can partner directly with Transact365 without needing to source local partners
  • Transact365 offers two local solutions – Unified Payments Interface (UPI), and NetBanking 

 

UK-based fintech Transact365 has added local India payments for merchants.  By using Transact365’s gateway solution, merchants can access new opportunities in India without having to form local payment partnerships or establish an Indian company. The move ensures merchants now have access to over one billion Indian-based consumers enabling them to pay faster in a familiar way.

Transact365 offers two local solutions tailored to the needs of the Indian market – Unified Payments Interface (UPI) and NetBanking.

Developed by the National Payments Corporation of India – UPI is an instant, real-time payment system that facilitates inter-bank transactions through smart phone devices, powering multiple bank accounts into a single mobile application of the 274 participating banks. UPI facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions.

NetBanking is a unique payment method facilitating online payment transactions in India. When a user makes a payment via NetBanking, the payment is initiated via the Transact365  gateway which allows the user to complete the transaction with the merchant in realtime in local currency.

Transact365 has also established a local payment distribution allowing merchants to pay clients in India in real time with fully automated api connectivity 247 365 Days a year.

Transact365’s launch in India is the first in a series of big market expansions planned for 2022. Having already expanded into Europe, Asia and Australia, Transact365’s payment gateway system ensures merchants of all sizes and sectors can access fast-growing markets seamlessly and quickly.

Dan Fernandez, CEO of Transact365, said: “We are pleased to announce that merchants can now use Transact365 to process payment transactions in India. By utililising local payment solutions, Transact365 ensures merchants can now facilitate payments in India, with users able to confirm their payment in a matter of seconds.

“Our expansion into India comes at an exciting time for the company. With customer and merchant demand for payment gateways rising, Transact365’s revolutionary system ensures more businesses are able to access consumers in rapidly expanding markets. Importantly, our launch in India will soon be followed by similar market expansion announcements throughout 2022.”

 

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Europe’s first blockchain neobank, BENKER, opens for pre-registration

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BENKER(http://www.benker.io/) is to become the first officially licensed blockchain neobank launched in Europe following approval by the Bank of Lithuania under the Electronic Money Institution (EMI) category. Now open for pre-registration, it is the first financial services provider in the European Union to operate entirely on blockchain.

The neobank will run on Natrix(https://natrix.io/), a purpose-built hybrid blockchain created for the financial sector to meet all GDPR, bank secrecy and regulatory requirements. BENKER will achieve the highest level of Compliant Client Autonomy, where users have complete control, autonomy and real freedom, assuring sustainability of the market where users and financial market participants are on the same level.

Viktor Bodnár, CEO of BENKER, hopes that the neobank will be a catalyst for fundamental transformation in personal finances, offering customers greater autonomy. On his vision for the future of the market, he said: “We’re introducing a new brand in financial services that can challenge the established order by extending existing legal and regulatory safeguards with the advanced technology-based guarantees achieved through blockchain. In obtaining our EMI licence we have been allowed to radically diminish client exposure to the actors of financial markets, and I see this as a move towards the ‘New World Order’.”

“By adding blockchain to the way in which customer accounts are managed securely, we are offering constant transparency, traceability and complete control over financial matters for our clients, creating the highest level of freedom. This is what we’re calling Compliant Client Autonomy and it’s an idea that is at the heart of BENKER.”

Following a two-year planning, development and application phase, and now with its EMI licences receiving full approval, the neobank will offer services for both individuals and SMEs, and a platform on which to buy and sell gold.

Bodnár finished: “We’ve worked hard to create a fully compliant and secure blockchain neobank, and I’m delighted that it is now going live in 2022. The result is a system in which clients and service providers are finally on the same level, and within all legal and regulatory requirements. This will make managing personal finances in the future more efficient than ever.”

 

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