2 Aug 2021
Melbourne Australia: Frontier Software has partnered with Equifax Verification Exchange® to make employment income verification both safe and simple.
Proof of employment and employment income is a fundamental requirement when applying for many services, including a financial service such as a mortgage, personal loan, credit card or car loan. “Applicants for finance have to gather evidence of salary and employment in order to satisfy lending requirements”, says Nick Southcombe, CEO of Frontier Software. “For many employees, that can be an onerous and stressful experience, and payroll administrators are regularly approached to provide this information”.
Employees often take considerable time to gather payslips and service letters during working hours. Besides the lost productivity, printing salary information on shared devices risks personal data being made visible to co-workers.
Southcombe adds, “by partnering with Verification Exchange from Equifax, Frontier Software will enable its clients to offer an automated, secure employment income verification service to their employees that is consent driven. An employee must give an adequate consent to their financial service provider (much as they would for, say, a credit check) before the Verification Exchange service can be accessed.” Employees can simply advise the organisation seeking to verify their income to contact Equifax and, once they give their consent to that verifier, Equifax can then provide the required data.
Southcombe immediately saw the value proposition. “Organisations are looking for ways to improve productivity, reduce data handling risks and offer employee benefits. Making Equifax Verification Exchange services available to employees achieves exactly that, and it costs the employer and employee nothing. We are happy to offer this partnership as part of a Frontier Software solution.”