NextGen has launched automated income verification within its ApplyOnline platform, using Open Banking technology to replace manual document processes for Australian lenders.
The new feature, announced Thursday from Sydney, allows lenders to instantly verify applicants’ declared pay-as-you-go income through secure banking data rather than reviewing payslips manually. The technology aims to speed up loan approvals while reducing operational costs and fraud risks, a news release highlighted.
“Income verification has long been a friction point in the lending process,” said Tony Carn (pictured), chief customer officer at NextGen. “Automated income verification empowers lenders to move beyond manual processes and exploit the power of Open Banking to deliver a more cost efficient, secure, and customer-friendly lending experience.”
Many Australian lenders still collect and review payslips manually or use optical character recognition technology, creating delays and higher operational costs while frustrating applicants, according to NextGen.
The company’s solution integrates directly into ApplyOnline for both broker and lender workflows without requiring separate platforms or third-party integrations.
The system accesses real-time transaction data with applicant consent, ensuring data accuracy and regulatory compliance. Algorithm-driven analysis identifies salary patterns, pay frequency, and employer consistency.
Assessors receive a clear interface showing income verification status and supporting data, while the platform automatically adjusts document requirements based on verification outcomes.
Lenders gain faster decision-making capabilities with improved approval turnaround times. The Open Banking integration reduces risk and fraud exposure through secure, accurate assessments using direct banking data, NextGen said.
The automation optimises operational efficiency by minimising manual work for assessors, enabling lenders to deliver smoother application processes with fewer document requests and quicker decisions.
NextGen expects the technology will strengthen customer satisfaction through more secure application journeys and reduced processing times.
The automated income verification feature is available immediately for PAYG income verification, with additional income types expected in future releases.
