NextGen launches Open Banking-powered Automated Income Verification in ApplyOnline

NextGen, Australia’s leading technology solution provider to the lending industry, today announced the launch of its new Automated Income Verification feature within ApplyOnline^®, powered by Open Banking. This innovation marks a significant step forward in transforming income assessment for lenders, replacing outdated document-based processes with secure, data-driven automation.

Available for PAYG income in its first release, the feature leverages Open Banking to instantly verify an applicant’s declared income, enabling lenders to make faster, more confident decisions while reducing operational overhead and risk.

“Income verification has long been a friction point in the lending process,” said Tony Carn, 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.”

Addressing industry challenges

Although data analytics and AI are making significant strides, many lenders continue to rely on manually collecting and reviewing payslips and at best utilising OCR technology —a practice that slows down processing times, drives up operational costs, and can create a frustrating experience for applicants.

A smarter, seamless solution

The Automated Income Verification feature is available for lenders to activate in NextGen’s ApplyOnline lending platform for both broker and lender workflows, removing the need for any third party integrations or separate platforms.

• Secure Open Banking integration: Accesses real-time transaction data with applicant consent ensuring data accuracy, authenticity and compliance.
• Algorithm-driven analysis: identifies salary patterns, pay frequency, and employer consistency.
• Dynamic Assessor UI: Provides assessors with a clear view of income verification status and supporting data.
• Smart document handling: Automatically adjusts document requirements based on verification outcomes.

Why it matters for lenders

Lenders benefit from accelerated decision-making, with faster approvals and improved turnaround times, while reducing risk and fraud exposure through secure, accurate assessments powered by direct Open Banking data. By optimising operational efficiency and minimising manual work for assessors, Automated Income Verification enables lenders to deliver a more seamless origination experience with fewer document requests and quicker decisions, ultimately strengthening customer satisfaction through a smoother, more secure application journey.