4 min read
March 23, 2022

The Extensibility of Income and Employment Verifications

Doveryai, no proveryai or "trust, but verify," the famous Russian proverb speaks volumes for itself. Income and Employment verifications are not a new process, but manually conducting them adds the discrepancy in the process. 

The conventional manner of verification involves a couple of phone calls and exchange of emails which becomes a cumbersome and broken process as the volumes of such verifications increase, which raises eyebrows in the era of digitalization! 

Enable financial opportunities through Tartan

Tartan is an employee consent-driven data exchange platform that enables real-time work & income verification. We enable companies to build next-generation products and services for their customers with easy, real-time data connectivity to their payroll or HRMS system through a single API. The source of truth for any verification is directly sourced to the employer, empowering their employees.

What's in it for the business?

By integrating Tartan powered API, companies empower their workforce with easy and secure access to their data that further enable them with opportunities for tailored financial products and services such as insurance, faster loan approvals etc. And in the world of digitalization, the workforce will have a higher affinity with those companies who make their financial lives more manageable.

The use-cases are: 

1. Banking - Simplify the process for your customers

Still, doing age-old paper chase for verifications? Is onboarding customers slow and inefficient? We understand relying on your customers for proof of documentary verification makes it challenging to onboard new clients in significant volume, especially in today's environment.

Tartan provides solutions that power the best customer journeys for automating income and employment verifications in real-time. 

1. No more cumbersome process- Enable frictionless and paperless onboarding experience to access real-time data—quick start for automating verifications securely in a single click. 

2. Minimize reliance on manual processes - Allow your team to focus on what's most important—onboarding the right customers faster. 

3. User-permissioned income data - Get relevant payroll data that matters to you, with users' permission. 

2. Recruitment - Accelerate the process of hiring with pre-verified job applications

Getting multiple applications for a single job is frustrating, and verifying the source based on resume data is time-consuming, leading to delays in hiring and onboarding processes.

Tartan provides solutions that assist employers in doing a quick background check and prevent hiring fraud. Get a step closer to hiring with trust and transparency, where employers can seamlessly access verified job applications and employment history to make informed decisions. 

Tartan's proprietary data pipelines have been built from the ground up, focusing on delivering recent and complete information, allowing potential employers to see only verified job applications and onboard a candidate sooner.

1. Optimize offer letters: Provide application journey on the right foot by reducing friction to fast-track hiring process, onboard verified and qualified candidates to save cost. 

2. Minimize reliance on manual processes - Allow your team to focus on what's most important—onboarding the suitable candidates faster.

3. Screen fraud candidates- Reduce administrative burdens to verify a candidate in less than 120 seconds. 

3. Fintech: Verify creditworthiness for faster loan approvals. 

Traditionally, data providers have returned incomplete and stale information, which is no longer useful in today's environment.

Tartan provides solutions to digitally streamline the loan application process by accessing historical data in a few minutes. Understand customers' financial capacity to assess creditworthiness in real-time quickly and make accurate risk assessments with over 30+ accurate and verified data points. 

1. Lend at scale: Reduce risks of fraud to take the right underwriting decisions within minutes

2. No more waiting time: Reduce the window period of screening loan applications from days to minutes

3. A holistic product experience: Allow you to effortlessly implement the best practices from industry leaders in financial services.

4. The future of work: 

The gig economy in India is currently a pool of over 15 million freelancers in various fields, from IT and content generation to app-based jobs and social media marketing. The Indian gig economy is expected to increase to USD 445 billion by 2024.

The problems in gig economy are: 

1. The irregular earning patterns.

2. The lack of income and employment legitimacy

The plain truth is that these problems lead to difficulty understanding and verifying these workers' earnings and work history patterns, making it difficult for them to access financial products and services such as insurance, lending, and banking. 

Tartan provides an opportunity to capture more granular insights of such workers by providing source-based data for more efficient underwriting and holistic view of income and employment history of such workers in real-time. 

The big picture 

Are you ready to automate the income and employment verification process to empower workers in India? It's the right of every working Indian to access their work data to unlock finance and banking opportunities and have a stable financial status. Now, build on Tartan to unlock these opportunities for your company and workforce to verify and trust data better.

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