Goodlord partners with Open Banking provider TrueLayer
Rental management platform Goodlord has partnered with TrueLayer to enhance its functionality and service offering to letting agents, landlords and tenants.
Founded in 2014, Goodlord’s technology streamlines a range of lettings services, including deposits, contracts, compliance, tenant move-in assistance, insurance and referencing.
TrueLayer provides an interface between financial institutions and third-party applications. This allows companies to capitalise on new Open Banking and PSD2 (Revised Payment Service Directive) rules by providing secure, clear and simple access to banking infrastructure.
Following PSD2, TrueLayer became one of the first UK companies to be authorised and registered as a payment institution by the Financial Conduct Authority.
To begin with, Goodlord is incorporating TrueLayer into its next-generation referencing solutions, providing participating tenants with an instant, hassle-free assessment of their financial situation.
Open Banking is a government-led initiative that enables consumers to share their banking data with businesses through a secure connection created by the banks themselves. Open Banking is currently supported by 8 of the largest 9 UK high street banks and covers 90% of the population.
By using Open Banking, Goodlord aims to enable tenants to move into properties faster, while offering greater peace of mind to agents and landlords.
Marvin Luksenberg, Goodlord’s head of referencing, commented: “Tenant affordability assessments using the lettings industry’s traditional methods can take days, are intrusive, prone to fraud, and directly stand in the way of making the renting experience simple and stress-free. As a leading referencing provider, we are excited to offer this groundbreaking technology to tenants throughout the UK and to continue improving the rental experience by developing and investing in technology.”
Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “Open Banking is really gathering pace. Each week we see new products and services that fuel disruption and improve the consumer experience. Goodlord is an excellent example of this process in action.
“By working with TrueLayer, Goodlord’s customers will be safe in the knowledge that they are using the most secure service available. By digitising the tenancy creation and progression, Goodlord cuts pointless, time consuming administration for agents while transforming the tenant and landlord experience.”
To date, Goodlord has raised over £10m in funding from investors such as GFC Capital, LocalGlobe, QED and Ribbit Capital.