Today, we’re proud to announce that Argyle will deliver credentialed payroll, a feature in Mastercard’s Verification of Income and Employment (VOIE) solution, for its Open Banking for Lending program. Through Argyle, Mastercard Open Banking can now offer lenders digital access to borrowers’ granular income and employment data, creating a more streamlined VOIE process and enabling smarter lending decisions.
Efficient verifications
The lending process can be labor intensive for borrowers and lenders alike. Between borrowers having to locate and upload income and employment documentation and lenders having to verify all requisite data, the process is often slowed by back-and-forth communications and manual reviews.
Mastercard Open Banking for Lending, powered by Mastercard’s open banking arm Finicity, addresses these challenges by providing lenders with tools and solutions to digitize the process. And now, Mastercard Open Banking for Lending has enhanced its VOIE solution to include consumer-permissioned access to income and employment data powered by Argyle’s payroll connection technology.
Because Argyle retrieves, with consumer permission, borrowers’ income and employment data directly from the source—borrowers’ payroll accounts— it eliminates the trouble of collecting income documentation and manually reviewing data, making for an efficient and convenient VOIE process for lenders and borrowers.
“We’re excited to make digital verification of income and employment widely available through Mastercard Open Banking, balancing our shared priorities of trust and innovation,” said Brian Geary, chief operating officer at Argyle. “These solutions empower all parties to take advantage of frictionless lending experiences and achieve faster and more accurate verification.”
Enhanced visibility
In addition to the hassles and inefficiencies of the lending process, many would-be borrowers struggle to secure loans due to insufficient credit history, and others face challenges providing evidence of income.
Adding to Mastercard Open Banking for Lending’s existing abilities to offer lenders a more holistic view of borrowers’ financial health, Argyle provides a comprehensive dataset of salary, wage, and other income and employment data that illuminates creditworthiness beyond traditional credit scores and enables accurate and inclusive lending decisions.
Together, Mastercard and Argyle are creating new lending efficiencies and pathways to credit that help consumers achieve their financial goals. Contact us to learn more about Argyle’s VOIE solution or to schedule a demo of our market-leading technology.
Read more on Mastercard’s Newsroom here.
