End Payslip Fraud. Verify Income in Seconds.
Passbank transforms MOM-compliant payslips into tamper-proof Verifiable Credentials — issued by employers, owned by employees, verified instantly by banks, landlords, and immigration authorities.
vs. 3–10 business days manual
MOM Employment Act · W3C VC 2.0
OpenCerts Solved Trust for Degrees. Payslips Are Still Stuck in 2005.
In Singapore, OpenCerts pioneered cryptographically verifiable academic certificates for static, infrequently issued documents like diplomas. HR and payroll workflows operate in a very different world — and the gap is increasingly visible.
Today's Payslip Workflow
- PDF downloads from HR or payroll portals
- Email attachments and uploads to banks, landlords, and background check firms
- Manual inspection by operations teams, often followed by re-keying data
- Visual trust in unverified documents — unlike OpenCerts-backed certificates
- Days-long verification cycles and repeated back-and-forth with applicants
With Passbank Verifiable Credentials
- Cryptographically signed VC issued automatically each pay cycle
- Employee holds credential in secure digital wallet — no more downloads
- Verifiers integrate a VC verification API instead of reviewing PDFs
- Selective disclosure: share only "salary in band X–Y" instead of full payslip
- Days of back-and-forth collapse into minutes of automated verification
Payslip Fraud Costs Everyone
When candidates submit forged payslips, the damage ripples across the entire economy. Every stakeholder in the hiring and verification chain pays a price.
Employers & Recruiters
- Onboarding fraud — candidates inflate salaries from previous employers to negotiate higher packages
- Background check delays — manual verification calls to HR take 3–10 business days
- Compliance risk — onboarding based on fraudulent documents creates legal liability
Banks & Financial Institutions
- Loan fraud — falsified payslips inflate declared income, leading to over-extended credit
- KYC overhead — manual income verification is a bottleneck in loan processing pipelines
- Non-performing loans — fraudulent income claims correlate with higher default rates
Landlords & Property Agents
- Tenant qualification fraud — false payslips secure leases beyond the tenant's actual means
- Manual checks — agents call employers directly, disrupting HR departments and slowing deals
Employees
- Privacy exposure — sharing a full payslip reveals salary, CPF contributions, and deductions to every party
- No control — once a PDF payslip is sent, it can be copied, shared, or altered without consent
OpenCerts Trust Principles. Built for Payroll's Dynamic Reality.
The solution uses familiar trust concepts from OpenCerts — cryptographic signatures, verifiable provenance, and tamper-evidence — but adapts them for monthly issuance, short-lived validity windows, dynamic revocation, and selective disclosure. The payslip becomes a living, reusable trust object, not a one-off static file.
Monthly issuance, per-pay-cycle
Unlike OpenCerts which handles static one-off documents, Passbank issues a fresh VC every payroll cycle — automatically via your existing HRMS integration.
Short-lived validity windows
Credentials can be scoped to the last 3 months of payslips, matching real-world verification requirements for loans, tenancies, and employment checks.
Dynamic revocation
Employment ends or an error needs correcting? Instantly revoke or supersede specific credentials without any action required from the employee.
Selective disclosure
"Salary in band SGD 5,000–6,000" instead of exposing full net pay and CPF breakdowns. Employees control exactly what each verifier sees.
MOM Employment Act compliant · W3C VC 2.0
Three Steps to Trusted Payslips
From payroll run to verified credential — automatically, without changing your existing HRMS.
Employer Issues the Credential
At every payroll cycle, the employer's HR system sends a signed Verifiable Credential to the employee's Passbank wallet. This happens automatically via API integration with existing HRMS and payroll systems (SAP, Workday, BambooHR). The credential includes all MOM-mandated fields: basic salary, allowances, deductions, CPF contributions, net pay, and pay period.
Employee Controls Their Own Data
The employee receives the credential in their Passbank mobile wallet. They choose which fields to disclose to each verifier. A rental application might require only "employed full-time, gross monthly income SGD 5,000–6,000" — not the full payslip. The employee approves each verification request individually.
Verifier Confirms in Seconds
The verifier (bank loan officer, property agent, immigration authority) scans a QR code or receives a verification link. Passbank's verification API checks the cryptographic signature against the employer's published public key. Result: Authentic, issued by [Company], valid as of [date] — in under 3 seconds, with no phone calls.
What Organisations Have Achieved
Key outcomes reported after deploying Passbank payslip credentials.
< 3s
Verification time
From 3–10 business days (manual HR callback) to under 3 seconds
100%
Fraud rejection rate
Forged payslip attempts rejected at point of verification — invalid signature immediately flagged
60%
Privacy improvement
Reduction in full payslip disclosures via selective disclosure
0
HR callback volume
Verification callback load eliminated — HR teams recover time for higher-value work
Fraud detection
100% of forged payslip attempts rejected at point of verification — the invalid cryptographic signature is immediately flagged, with no manual review needed.
Employee privacy
60% reduction in full payslip disclosures — selective disclosure means employees share only what each verifier needs, reducing PDPA exposure.
HR productivity
Elimination of verification callback volume — HR teams recover significant time previously spent responding to income verification requests from banks and landlords.
MOM compliance
Full MOM Employment Act alignment — every issued credential contains all mandated itemised fields: basic salary, allowances, deductions, CPF contributions, net pay.
The Full HR & Recruitment Credential Stack
The Passbank credential infrastructure built for payslips extends naturally to the full HR and recruitment lifecycle.
| Credential Type | Issuer | Verifier | Use Case |
|---|---|---|---|
| MOM-Compliant Payslip | Employer payroll system | Banks, landlords, immigration | Income verification, loan applications, tenancy, EP/DP applications |
| Employment Letter | HR system | Recruitment agencies, clients | Role confirmation, contract verification |
| Professional Certification | Training providers, MOM WSG | Employers, clients | Skills verification at hire |
| Educational Credentials | Universities, polytechnics | Employers, HR teams | Qualification verification |
| CPF Contribution History | CPF Board | Employers, financial institutions | Employment history, retirement planning |
Five Ways Verifiable Payslips Transform Your Business
The impact extends beyond fraud prevention — this is a strategic repositioning from payroll engine to national trust infrastructure.
Builds on the OpenCerts trust model — designed for payroll's dynamic reality
Familiar trust concepts from OpenCerts — cryptographic signatures, verifiable provenance, tamper-evidence — optimised for monthly issuance, short-lived validity windows, dynamic revocation, and selective disclosure.
Instant, automated verification for banks, landlords, recruiters, and fintechs
Verifiers integrate a VC verification API rather than manually reviewing PDFs. They confirm issuer authenticity, credential integrity, and validity status in one API call.
Stronger privacy and data protection than document-based workflows
VC-based payslips improve on OpenCerts by enabling selective disclosure, consent-driven sharing via a digital wallet, and minimised data retention by verifiers.
New revenue and ecosystem play for the HR payroll provider
Your product shifts from "payroll system" to critical identity and trust infrastructure in Singapore's digital economy. Launch Verification-as-a-Service (VaaS) and create an API partner ecosystem around verifiable payroll data.
Faster, better outcomes for employees and verifiers
Employees get faster loan, rental, and job approvals with finer control over what data is shared. Verifiers get high-assurance, tamper-evident income data with automation and clear audit trails.
The Trust Triangle
Every Verifiable Credential ecosystem has three roles. Here's how the payslip VC model works for each.
HR Payroll Platform + Employer
The HR payroll technology provider acts as the technical issuer; the employer organisation's authority is represented and enforced through the platform.
- Generates MOM-compliant payslip data each pay cycle
- Issues a digitally signed VC with structured attributes
- Publishes public keys so verifiers can validate credentials
The Employee
The employee receives their MOM-compliant payslip credential in a secure digital wallet and controls when and with whom they share their payslip proof.
- Holds credential in mobile or web digital wallet
- Reuses credential across multiple verifiers while valid
- Approves each verification request individually
Banks, Fintechs, Landlords, Recruiters
Verifiers integrate with a VC verification service or gateway and automatically validate the credential's issuer authenticity, cryptographic signature, and validity status.
- Integrate once via VC verification API
- Automated validation — no manual PDF review
- Structured data directly into risk and decision engines
From Payroll Engine to National Trust Infrastructure
For the CEO of an HR payroll technology provider, this is not just a technical feature — it's a strategic growth lever. Your platform is perceived largely as a back-office payroll engine producing static documents. By turning MOM SG–compliant payslips into verifiable credentials, you become a central trust provider for Singapore's digital economy.
Challenge: Back-office perception
Your platform is perceived largely as a back-office payroll engine, producing static documents. Revenue is tied to payroll processing, not to the trust and verification value you create.
Opportunity: Become a trust provider
By turning MOM SG–compliant payslips into verifiable credentials, you become a central trust provider for banks, fintechs, landlords, and background screeners — not just an internal HR system.
Premium feature: Trusted employment & income credential
Offer a premium "trusted employment & income credential" feature to employers — a differentiator that justifies higher per-seat pricing and reduces churn.
API ecosystem: Partner integrations around verifiable payroll data
Create an app ecosystem via APIs and partner integrations. Banks, fintechs, property platforms, and background screeners pay for verified access — a new recurring revenue stream.
Verification-as-a-Service (VaaS) Market
Launch VaaS for the sectors that verify income and employment most frequently:
Banks & Traditional FIs
Loans, mortgages, credit cards — income verification at scale
Digital Lenders & BNPL
Creditworthiness and affordability assessments
Background Screening Platforms
Employment and income verification for recruitment
Real Estate & Property Management
Tenancy income checks and rental qualification
Built for Singapore's Regulatory Environment
Designed from the ground up for Singapore's compliance landscape — from MOM Employment Act to MAS TRM Guidelines. Aligned with existing national digital infrastructure.
MOM Employment Act compliance
Credential schema matches all itemised payslip requirements under the Employment Act (Cap. 91A) — all mandated fields included.
PDPA alignment
Selective disclosure architecture means employees retain control of personal data, supporting PDPA accountability obligations and minimising verifier data retention.
MAS Technology Risk Management Guidelines
Cryptographic key management, audit logging, and access controls aligned with MAS TRM Guidelines for financial institution verifiers.
OpenAttestation / OpenCerts compatible
Credential format compatible with Singapore's national digital credential infrastructure. Builds on, not replaces, the OpenCerts trust model.
Works With Your Existing Stack
A single REST API connector for all major HRMS and payroll platforms. Integrate the Passbank VC issuance endpoint once — payslip credentials flow automatically to employee wallets on every payroll run.
| System | Integration Method | Authentication | Time to Deploy |
|---|---|---|---|
| SAP SuccessFactors | REST API connector | OAuth 2.0 + mTLS | 2 weeks |
| Workday | REST API connector | OAuth 2.0 | 2 weeks |
| BambooHR | REST API connector | API Key | 1 week |
| Custom HRMS | REST API connector | API Key + mTLS | 3–4 weeks |
| Payroll SaaS | REST API connector | API Key | 1 week |
Ready to Become Singapore's Trust Infrastructure?
Join the organisations already issuing MOM-compliant Verifiable Credential payslips with Passbank. Get a personalised demo and see how your HRMS integrates in under 30 minutes.