New and exciting ways to simplify your life through innovation from Sage brought to you by End 2 End Business Solutions. Sage Income Verification enables organizations to provide their employees’ payslip information to registered Financial Services Providers (FSP).
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Powered by Sage HR & Payroll, and endorsed by the Banking Association of South Africa, our valued customers now have the opportunity to participate in the Sage Income Verification program.
What is Income Verification?
Sage Income Verification enables organizations to provide their employees’ payslip information to registered Financial Services Providers (FSP), through a secure platform managed by Sage HR & Payroll. Participating FSP’s can then access the necessary payslips once the individual provides consent to the FSP during a financial application.
- Convenient and streamlined financial applications
- Supports responsible lending
- Secure platform reduces payslip fraud.
- Strengthens obligations set out by the Protection of Personal Information Act (POPI)
How does Sage Income Verification work?
Historically, when applying for finance through a Financial Service Provider (FSP), ‘John Brown’ would have been required to provide 3 months worth of payslips as well as the other legally required documentation. (FICA, Bank Statements and ID etc.)
Going forward, if John’s employer is participating in the Income Verification program, then John simply has to give the FSP consent to request the necessary payslips electronically.
Benefits to employer and employee:
Sage Income Verification presents a range of benefits to both the company and the individual, including the following:
- There are no additional costs to the employer or employee.
- Reduced phone calls from creditors to businesses for verification of employee income.
- Reduced phone calls from creditors for verification of employment.
- Stronger compliance to the POPI act (Protection of Personal Information).
- Reduces the need to supply physical documentation when applying for credit.
- Supports responsible lending practices.
- Reduces the time that employees spend out of the office to complete credit applications.
- Applications take less time to complete and receive approval from the FSP.
- Fully automated process.
- Consent driven program, eliminating abuse and fraudulent requests of information.
- Independent audits rated the security model of the highest standard internationally.
How to participate using Sage Pastel Payroll & HR
In order to participate, clients can go to Setup…Company Parameters. On the Company-tab, clients can select to participate.
Selecting the option to participate allows Sage Pastel Payroll & HR to upload all payslips to the secured online platform, from where the authorized users can access the pdf payslips.
Once clients have selected to participate, payslips will automatically be uploaded whenever the users do a Payroll Run or process an employee individually.
Users can also upload payslips for previous periods, by selecting View…Payroll Reports…Reprint Payslips.
Would love to hear from you.