Who we are Teal is a European payroll API platform, building financial data solutions for the credit industry. Teal digitally connects to payroll and HR systems to access income and employment data with the user's consent at its core.
Our mission at Teal Our mission is to empower lenders with reliable, real-time affordability data to better assess their customers at any point in the customer lifecycle. We achieve this by connecting lenders to payroll providers via a single and easy to integrate API, embedding real-time income data into their onboarding and underwriting flows. We believe that with API based affordability information, lenders can serve their customers better by offering fully digital onboarding flows while also reducing default risk.
Affordability data With Teal, you can access affordability data crucial for the underwriting process at the most granular level. Teal can retrieve the following data:
- Income: Comprehensive view of a customer’s real time earnings by accessing their income and hourly wages, gross and net income, deductions such as insurance and pension contributions, as well as taxes
- Employment: Detailed employment status, with information such as role, tenure, and the employer's name
- Identity: Reliable customer authentication by providing user-permissioned access to personal data such as name, date of birth, address, email, and national insurance number
Underwriting Teal enables lenders to access payroll data, in order to assess the level of affordability of a borrower, by verifying their level of income and their employment status directly from the system of record. Additionally, lenders can also authenticate a customer’s identity based on data contained in payslips, where Teal can provide identity and address information.
Portfolio management Teal empowers lenders to do recurring checks on affordability via income and employment data. Lenders can manage their loan portfolio by having ongoing access to their borrowers’ data. Teal will notify them of any changes in to their customer’s income that might occur. This product will enable lenders to improve their risk models and ultimately reduce credit defaults. It also protects consumers, helping them to take on sustainable levels of debt based on their income.
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