In a deal which illustrates the potential impact of open banking, customers of property management software firm Resident will no longer have to input financial data.
Resident will be able to automatically import bank feeds into its platform.
The service is believed to be a first for a proptech, and will save customers, including property managers, owners, landlords and leaseholders, a significant amount of time.
The arrangement has been made possible via a partnership between Resident and financial firm TrueLayer.
Francesco Simoneschi, CEO and co-founder of TrueLayer, said: “Before open banking, such a move for a proptech startup would have been incredibly challenging both technically and financially.
“Now, it is straightforward and enables Resident to gain a competitive edge – precisely how open banking was intended to operate.”
“will save customers, including property managers, owners, landlords and leaseholders, a significant amount of time” How?
GAAP for client cash still demands the money in the bank account is reconciled; has what was due to be paid in been paid? Standing orders and direct debits end up in the client cash account so don’t have to be input, there is no time saving there.
From this brief story I simply don’t understand what time is being saved.
I’m not not knocking this I want understand what it is they are doing in more detail.
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Robert, it offers real benefits for the complacent agent!
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Hi Robert
Resident is specifically a block management software, although we are releasing our lettings product this year. Our current open banking release is already live for managing agents with client accounts held with RBS, Lloyds and Barclays. It enables bank account data, for both debits and credits, to automatically be sent from the individual client accounts to the reconciliation accounts pages within our software, for each individual block, without the need for manual or CSV entry. The vast majority of our clients hold individual trust accounts for each block and therefore on average have in excess of 100 individual client accounts, sometimes held with more than one bank. We anticipate that the time saving on manual data entry across this number of bank accounts is between one and two days per week. I know other platforms, specifically in the lettings sector as opposed to the block management sector, enable automatic bank feeds, but where I believe we are unique is enabling feeds to unlimited bank accounts for each client, as opposed to just a single rent account.
Version 2 of our open banking feature, in addition to linking feeds from NatWest, HSBC, AIB and Danske Bank, will automatically reconcile all receipts & payments (including standing orders, direct debits and one off payments) by matching reference numbers which will be a further time saver.
One of the most common complaints from leaseholders / directors of management companies is lack of transparency of their financial information. The speed of open banking combined with our leaseholder portal gives them total transparency combined with upto date information on bank account balances and financial reporting.
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Thank you. Good luck with it, lots of hard work, lots of miles ahead.
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