Chennai-based financial infrastructure company M2P Fintech today announced its partnership with Tartan, a Bengaluru-based payroll management platform to roll out consent-driven payroll application programming interface (APIs) to lenders.
In a press release, M2P Fintech said the arrangement will enable partner banks and NBFCs to gain access to fully encrypted, comprehensive data directly from payroll systems to automate income and employment verification, thereby enabling lenders to issue loans and credit cards to New to Bank (NTB) customers.
Madhusudanan R, Co-Founder, M2P Fintech said although consent-driven payroll API is a relatively new way of validating the ability to pay, authenticating income and employment information has become a crucial point of differentiation for lenders. “Tartan’s Payroll API, by offering this ability, allows for underwriting journeys to be made seamless.”
A payroll and workforce platform connectivity company, Tartan helps users connect their employer-linked payroll or HR management system (HRMS) account to any app or business to verify income and employment status in less than a minute.
With the user’s consent, financial institutions use Tartan’s API to fast-track their income and employment verification, which improves underwriting and builds innovative new products.
“Verifications by and large have been a manual, inefficient, and error-prone procedure susceptible to human error and frauds. By allowing individuals to connect their HRMS account to our API, we can validate income and employment data from their employer in less than a minute,” said Pramey Jain, Co-founder and CEO, Tartan.