UK Car Lending

Iris partners with Experian to make it easier for Brits to apply for loans and mortgages

Iris Software Group, one of the UK‘s largest software companies, today announced its partnership with Experian, the global information services company, to simplify and expand access to better products and services. financial benefits for one in six UK workers who are paid with IRIS’ software.

The cost of living crisis has highlighted the need for consumers to take full control of their personal finances. Rising prices and strict verification requirements for loan or mortgage applications are putting even more pressure on already overstretched British workers. Yet as consumers have gone digital – the “current generation” expects to be able to apply for a mortgage in minutes, not days – crucial payroll and employment data does not connect easily to a digital world.

Thanks to the Experian partnership, IRIS eliminates these frictions for millions of British workers; provide the data security and ease of access they need when sharing payroll and employment data with financial institutions, lenders and other organizations.

The partnership will allow employees paid using IRIS payroll software, subject to their consent, to share a unique 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 significantly reduce the time and effort required to manually compile critical payroll and employment documents when applying for mortgages, loans or leases, and allow data to be shared more securely.

The functionality will be rolled out over the next 12 months to all IRIS payroll products and will be delivered through Work Report, a product from Experian. Starting in September, IRIS customers will have the option to opt out of the program and payroll data will be available, subject to employee consent, to all Experian customers using Work Report.

“The world of consumption is changing at a rapid pace and businesses must be ready to facilitate digital-centric processes,” comments Winston Poyton, Senior Product Manager at IRIS Software Group. “By partnering with Experian, we can enable full access to payroll data with employee consent so that millions of UK workers can take control of their personal finances when buying a home or a job. car loan approval We are proud to be the cornerstone of payroll and look forward to rolling out functionality to all of our payroll products over the next 12 months.

Emma Davies, Director of Strategy, Markets and Portfolio at Experian, said: “People are already sharing their personal financial information to access digital services, whether it’s applying for a mortgage, starting a new job or to rent a property. By leveraging the use of payroll data quickly and securely, with consumer consent, we can provide access to better services and help people make better financial decisions.