Teal offers a simple web-flow for lenders to integrate within their respective lending journeys. Here, Teal enables the user to connect to their payroll provider, so we can extract their income and employment data, and then share it fully digitally with the lenders via our API. Our web-flow is fully customisable and can be kept within a lender’s brand guidelines, to keep the user experience seamless.
Connectivity Teal’s web flow can be embedded within the lender’s user journey, forwarding the customer to Teal at the point of affordability underwriting. The user will then be redirected to Teal’s user consent and payroll data sharing flow.
User consent The user will have to consent to sharing their payroll information with Teal and the Lender, in order to successfully proceed to the lenders’ service. Teal collects users’ consent to store and manage their data securely by Teal.
Connecting the payroll After consenting to the storing and managing of their payroll data, the user will be asked to select their payroll provider or HR platform used to manage their payroll. If Teal has connectivity to their platform, the user will be requested to share their login credentials (username and password). Credentials are stored safely, following highest encryption standards.
Payslip reader If Teal does not have connectivity to the user payroll provider yet, there is a backup option for the user to upload their payslips directly. The user is required to upload a number of payslips, depending on the loan they are applying for and requirements of the respective lender. The system won’t allow to submit unless all required documents are uploaded. Teal validates if the required documents are uploaded (check the date of payslips, or duplicate) and verifies them. If the documents are valid, the payslips are parsed and the data (income, tax, employment information) is extracted, and securely exposed via API to the lender.
Fraud check In order to mitigate the risk of fraudulent documentation, Teal offers a fraud check layer for the payslip analysis. Documents are checked for authenticity, controlling for consistency between creation and modification dates.
Data sharing The data is exposed via API to lenders where they can integrate into their underwriting web flow to identify borrowers and obtain proof of their employment, income, and address.
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