Los Angeles, CA, June 15, 2020 (GLOBE NEWSWIRE) -- (via Blockchain Wire) Did you know that the term “trust but verify” has its roots in a Russian proverb? Even though Ronald Reagan popularized it, the truth of the term is what matters most: in a world of endless and sometimes conflicting information, the need for verification is paramount.
Of course, historically, the most basic way to verify employee data is to just ask their employer. If someone is trying to secure a loan or line of credit, and they claim that they make a certain amount from a particular job, a lender might contact the employee and verify the claim through conversation.
If one can imagine the amount of time and energy required each year to facilitate these conversations, the volume is tremendous, with some estimates that over $100 billion is spent annually on these efforts. The human capital in terms of time and energy is significant, and so a new market of companies has been generated over time to help large organizations with verification processes. Equifax’s The Work Number (TWN) is the dominant player in this industry, with access to over 33 percent of the American population as well as 75 percent of the Fortune 500. TWN has created a two-way data stream between employers and themselves wherein employers provide workforce information in exchange for TWN’s interfacing with the government on unemployment claims and other administrative items. As result, TWN can resell its data to businesses requesting verifications. Because Equifax’s control of the market is so large, it controls the standard for how income and employment verification is processed. Thankfully, Argyle has been able to innovate here.
Argyle can run employment and income verifications on over 20 million accounts, or approximately 13 percent of the United States labor force. According to our projections, we should be able to cover 50 percent of the labor force by the end of the year.
Argyle is automating the same verification processes that many firms have been using for decades. Because the truth for any verification can always be sourced to the employer, Argyle enables verifiers to get direct access to this through direct relationships with employers.
How do we achieve this? Employees continually generate data like attendance, income and employment status simply by going to work each day. Through their extensive employer network, Argyle enables access to this self-generated data in a way that has not been offered thus far.
If your business conducts income and employment verifications, Argyle stands ready to provide a less expensive, faster and more precise way of accessing the information you need to run your business in a much more efficient way.
Contact:
Shazir Mucklai
Imperium Group
214.557.9789
shazirm@aol.com