Proptech company Goodlord has struck a partnership with open banking provider TrueLayer, which it says will improve its functionality and service offering to letting agents, landlords and tenants.
Goodlord’s proprietary technology streamlines a range of lettings services, including deposits, contracts, compliance, tenant move-in assistance, insurance and referencing. The business says it has grown by 120% in the last 12 months.
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.
It follows an EU directive (‘PSD2’) implemented earlier this year aiming at opening up the banking industry. Open Banking is currently supported by eight of the largest nine UK high street banks and covers 90% of the population.
TrueLayer provides an interface between financial institutions and third-party applications over an API. This allows companies to capitalise on new open banking and PSD2 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 referencing solutions, providing participating tenants with an instant, hassle-free assessment of their financial situation.
Marvin Luksenberg, Goodlord’s head of referencing, said: “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 ground-breaking technology to tenants throughout the UK and to continue improving the rental experience by developing and investing in technology.”
Goodlord said its use of open banking will allow tenants to move into properties faster, while offering greater peace of mind to agents and landlords.
Goodlord can’t seem to come up with their own innovations can they… they just copy whatever seems hot at that moment in time (right now open banking references) and spin it as ‘a revolution’.
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Good morning Sim-Eye13,
I think it’s fair to say that it is a much needed step within the lettings industry in order to offer a more streamlined, and digital experience.
Goodlord is building a unified, lettings platform that aims to make renting simpler and more transparent for everybody. By leveraging technology such as Open Banking, we are able to improve and expand our product offering whilst reducing costs for agents across the UK.
With the changes in legislation forcing agencies to reconfigure their business models, Goodlord is best placed to help agents embrace these changes.
Best,
Bradley
– Goodlord
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Classing Goodlord as a “startup” is pushing it a bit, isn’t it?
They’ve been going several years now.
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Good to see industry suppliers innovating in order to deliver higher levels of service! More please
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“I think it’s fair to say that it is a much needed step within the lettings industry in order to offer a more streamlined, and digital experience”……
The number of times we hear/read Proptech companies say this or a variation of such is multitudinous BUT not one of the exponents has ever explained WHY? We already offer a streamlined, digital service (not an ‘experience’) to landlords and tenants alike where wanted (not all do want it) and I’ve never really understood what added value someone like GoodLord brings to the party other than additional cost?
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Hi George,
Goodlord gives negotiators the tools they need to win more business, in less time. If you’re a letting agent yourself, I’d be happy to discuss how Goodlord could positively impact your agency?
Best,
Bradley
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