Given the prevalence of gig workers, freelance work and more recently, unemployment, verification of employment is more important than ever.
When a consumer applies for a new job or any kind of loan or credit service, companies will want to verify where they have worked in the last two years, what level of employment (part time, full time, contract, etc.) and to confirm that the consumer is in fact currently working.
Additionally, the length of time a consumer has been with a company is a good indicator of the likelihood that they will continue with their employment.
Someone who has been with a company for many years is more appealing to a lender than someone who started work a month ago.
How can companies gain verification of employment?
Traditionally, verification of employment comes in two forms: written verification of employment (WVOE) and verbal verification of employment (VVOE).
When a consumer requests a service, such as unemployment benefits, or a home loan, the service provider will reach out to the consumer’s employer or human resources department, requesting verification of employment.
This will be in the form of written documentation or verbal confirmation.
What is the issue with manual verification of employment?
This manual system is subject to human error and state law regarding what information can be disclosed and to whom.
It also relies on a person’s willingness and ability to provide verification of employment in a timely manner, meaning it can take up to a week.
As online, digitized solutions continue to emerge, service providers are increasingly looking to API solutions which can streamline verification of employment, thereby allowing them to serve a greater breadth of consumers in a more efficient manner.
How can Atomic’s API solution help verification of employment?
Atomic’s API solution gives verification of employment in real time by connecting directly to an end user’s payroll account through secure, credentialed access.
This capability removes the delay in services as well as the opportunity for fraud and error.
If you would like to find out more about Atomic’s verification of employment solution, get in touch today to request a demo or fill out the contact form at the bottom of this page.