Secure Payslip Exchange
Convenient and Secure
The Secure Payslip Exchange platform ensures that explicit consent is obtained directly from the employee, prior to the release of their payroll information to the relevant Financial Service Provider (FSP). The FSP is then able to process the employee’s application and assess their creditworthiness, in accordance with the responsible lending practices mandated by law.
Instead of the employee providing 3 months’ worth of payslips, as well as the other legally required documentation (FICA, Bank Statements, and ID etc), by the employer participating the employee now benefits, by simply providing explicit consent, their payroll data can be shared securely in an encrypted format to the FSP.
Endorsed by the local banks of South Africa and recommended by the Banking Association of South Africa (BASA) to reduce fraud.
Benefits to Employers
- Trusted source to verify the value, classification and quality of income earned.
- Reduced need for physical, unverifiable supporting documents.
- Improved application turnaround time.
- Consent-driven program, eliminating abuse and fraudulent request of information.
- Independent audit trail thus boosting the security and lending assessment models.
Frequently Asked Questions
The Secure Payslip Exchange (SPX) is a platform that provides direct access to income and employment verification information in real time. This solution significantly reduces the risk of processing fraudulent documents as the information comes directly from the payroll source. The solution eliminates the need for detecting document tampering and OCR’ing information off a hard copy document. With the customer’s consent, SPX can securely and electronically retrieve payslips and payroll data directly from the payroll system. The data is transmitted seamlessly and safely, ensuring regulatory compliance while simplifying the authentication process by providing all the necessary information effortlessly.
As a leader in fraud prevention, Comcorp designed this system to combat fraud across the country and set a benchmark for future financial applications. By combining inputs from Comcorp’s partners and leveraging off Comcorp’s deep expertise in facilitating digital transactions, Comcorp has been able to arm its partners with this solution as an additional layer of fraud prevention..
With the rise in application and identity fraud, coupled with the growing demands of credit risk and affordability assessments, service providers face significant challenges in onboarding individuals accurately, efficiently, and securely. SPX directly addresses these concerns, delivering essential information with reliability and precision.
- All information transmitted, is encrypted by 256 Bit encryption, and is secured using SSL protocols.
- Payroll information requested is specifically encrypted using a unique encryption certificate, such that only the requesting party can decrypt the requested payroll data.
- The Secure Payslip Exchange obtains explicit consent from each employee prior to the release of any of their payroll data. Such consent may only be used for one payroll transaction at a time.
- The security model has been approved and adopted by the banks in South Africa.
The model makes provision that no third party ever holds any personal or payroll data.
Payroll data stays within the employer’s payroll systems and does not leave these systems until explicit consent from an employee is received for their payroll data to be encrypted and sent.
No data is stored by the Secure Payroll Exchange, in any format, through any of its processes.
What are the benefits of participating?
- The process assists companies with their efforts to comply with the Protection of Personal Information (POPI) Act.
- Income Verification through the Secure Payslip Exchange also aids in supporting responsible lending practices, and compliance with the National Credit Amendment Act and National Credit Regulations.
- There is a reduced risk of fraudulent income documents used in the onboarding process.
- Onboarding processes are streamlined as payslips are now sourced in real-time without needing to wait for an end customer to send or upload the documents.
- Revenue can be brought forward as lending deals spend less time in a queue waiting for the customer to submit documents.
Are you interested in utilising the solution?
Contact the Comcorp SPX team to request your involvement in the SPX programme to obtain an onboarding pack. Email: enquiries@comcorp.co.za
