According to HousingWire, Experian has connected its income and employment verification platform called Verify with Workday, one of the largest human capital management software providers. This integration expands the pool of payroll data available for real-time verification purposes across multiple financial sectors.
The Verify network now has the potential to access information on more than eighty million payroll records, which represents a significant portion of U.S. payroll employees. This expanded network includes payroll provider connections, direct employer records, and consumer-authorized verification data, all working together to streamline the verification process.
The main benefit here is speed and efficiency. When lenders, landlords, and other financial institutions can access income and employment information in real time through this network, they no longer need consumers to manually gather and submit documentation. This removes a major bottleneck that typically delays important decisions for people applying for mortgages, auto loans, rental housing, and other financial products.
Workday is rolling out a new solution called Workday Total Benefits in late October that will include the ability to verify income and employment through Experian. This means HR teams won't have to spend time chasing paperwork from employees, and employees won't have to put their lives on hold waiting for verifications to complete.
What I am seeing locally in the Bay Area and East Bay is that anything making the lending process faster and more transparent is a win for everyone involved in a transaction. When we can close deals quicker because verifications happen seamlessly in the background, it takes pressure off both buyers and sellers who are already juggling a lot of moving parts.
