IRIS partners with Experian to simplify financial product applications

Slough-headquartered IRIS Software Group has partnered with Experian to simplify and broaden access to financial products and services for workers paid using their software.

The partnership will enable the one-in-six UK 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.

Winston Poyton, Senior Product Director at IRIS Software Group, said: “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.”

Read more - Starling Bank to plant a tree for every app referral

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.

Emma Davies, Strategy, Markets and Portfolio Director at Experian, said: “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.”