Subjects: PDT, LIC
Truework Announces Instant Network Growth to 48 Million Records, Adding Multiple New Data Partners
SAN FRANCISCO, Jan. 10, 2024 /PRNewswire/ -- Truework, the one-stop platform for income and employment verification, announced today it has grown its instant data network to 48 million active employees. This milestone marks more than a 30% increase in network size since last year. Driving this growth has been the addition of multiple new partnerships with payroll providers, human capital management (HCM) platforms as well as other verification providers.
In July of last year, Truework announced the launch of Truework Guardian, the first solution to help payroll providers, HCMs and other data providers securely automate verifications for every employee by applying a unique risk score. Similar to modern credit card systems where consumers are alerted about potential fraudulent transactions, Guardian notifies employees whenever a verification request is deemed suspicious, requiring additional authorization before sensitive data is shared.
As a part of its growth to 48 million instant employee records, Truework is also announcing a new partnership with Vault Verify, the innovative HR platform transforming internal verifications into a revenue-generating business for employers.
"Our partnership with Vault Verify and other data platforms showcases the importance of protecting employee data without incurring harmful delays that can derail high-stakes transactions like buying a home," said Ryan Sandler, Truework CEO. "More employees can now rely on Truework to make sure accurate data is shared instantly and only with authorized parties."
Protecting employee data is a shared focus for Truework and Vault Verify. On the back end, Vault Verify uses a highly secure approach to access and share data for verifications called the Vault EDGe Gateway. The Vault EDGe Gateway is a real-time API through which only employee data relevant to the transaction is extracted and shared, with no data retention or reuse beyond the one-time employee-authorized verification report.
The EDGe Gateway greatly reduces exposure risk while providing timely and accurate data. Employer clients of Vault Verify can further benefit from the added security of Truework Guardian to protect the data at every stage of the employee transaction.
"At Vault Verify, it is critical as an HR outsourcing vendor that we provide timely and accurate employment and income data to authorized parties, such as lenders, in a secure environment on behalf of our clients," said Tim Fessenden, CEO of Vault Verify. "Through our partnership with Truework, our customers and their employees can continue protecting their sensitive information once a verifier has requested data through Truework. Our business benefits by receiving aggregated verification requests, from a single trusted source, that we fulfill more efficiently through an integration with Truework's automated workflows."
As mortgage lenders, property managers and other verifiers look to execute cost-cutting measures amidst market challenges, Truework provides a one-stop income verification platform through Truework Income by connecting together every major verification method.
In August 2022, Truework reported their instant network size to be 35 million active employee records. Today's announcement marks an increase to 48 million employee records, representing 37% growth in network size since last year.
In November, Truework announced its entry into the tenant screening market to help property managers reduce evictions and mitigate income fraud on applications.
Accessing instant income data for millions of consumers provides value to businesses across mortgage lending, property management and other industries where income verification is either required or used to mitigate risk. Instant income verification helps improve the application experience while streamlining business operations on the backend.
Truework Instant is now one of the largest networks of instant income and employment data in the U.S.. Unlike legacy verification providers, the Truework Income platform combines a robust instant data network with other verification methods, like consumer-permissioned data, to eliminate process disruptions, maintain a competitive borrower experience and reduce the fiscal impact of verifying income.
About Truework
On a mission to create trust in every financial transaction, Truework provides a one-stop platform for income and employment verification that eliminates process disruptions, maintains a competitive applicant experience and reduces the fiscal impact of verifying income. Banks, lenders and property managers using Truework can verify 95% of U.S. employees.
About Vault Verify
Vault Verify creates value for HR by automating requests for verification of employment and income. Using an established real-time API integration, the Vault EDGe Gateway, we eliminate mass offsite data storage and provide up-to-the-second accurate information. Our clients eliminate labor costs, reduce data exposure risk, and receive a unique revenue-share model to provide funding for other HR projects.
SOURCE Truework
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