Companies that use PeopleSoft 8 ePay will be able to give employees access to their own salary data on demand, under an agreement between PeopleSoft Inc. and Talx Corp.
The Work Number is a Talx application that lets employees view their salary records via the ePay portal or by telephone. Each request generates a single-use salary key, which allows employees to send their records to loan originators, creditors, and others who must verify employment and compensation.
Ellie Mae Electronic Mortgage Affiliates Inc. in Pleasanton, Calif., recently signed on to use the service. Debbie Betts, director of vendor services, says time savings will be paramount. Today, many applications are still handled by mail, which can add two weeks to the loan process. Even if information is sent by fax, requests must be completed by hand and might not be attended to immediately. "With this system, it's instant," Betts says.
Talx charges a one-time setup fee of $6,500, plus a monthly maintenance of a few cents for each active file. For example, a company with 25,000 employees would pay a $700 monthly maintenance fee.