Resident property management software will now automatically import transactions from multiple client accounts showcasing potential of Open Banking for proptech companies.
TrueLayer, a leading provider of financial APIs, has partnered with cloud-based block management software Resident.
The partnership will allow Resident to automatically import bank feeds into its platform – the first such service offered by a proptech company. This will save Resident’s customers – property managers, owners, landlords and leaseholders – a significant amount of time as they will no longer need to manually input financial data. Bank account information displayed on Resident’s platform will also be provided in real-time.
The service has been made possible by using TrueLayer’s platform and data made available by PSD2 and Open Banking.
TrueLayer provides an interface between financial institutions and third-party applications over an API. This enables companies to capitalise on Open Banking and PSD2 rules by providing secure access to banking infrastructure.
Francesco Simoneschi, CEO and Co-founder of TrueLayer, said: “This partnership showcases the benefits and promising future of Open Banking. Resident has quickly developed an innovative solution that provides tangible benefits to its customers who manage their own block properties.
“Before Open Banking, such a move for 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.
Kate Boyes, CEO and Founder of Resident, said: “By working with TrueLayer we’ve been able to develop a new solution for our customer’s that will save them time, provide more accurate up-to-date information and allow them to get the most out of our solution. This is just the first of a host of enhancements we plan to build to make Resident the best technology platform for managing agents and leaseholders.”
The partnership follows TrueLayer’s partnership with Zopa, Monzo and Starling Bank.
TrueLayer became one of the first UK companies to be authorised and registered by the Financial Conduct Authority (FCA) to provide APIs under Open Banking and PSD2. The confirmation means that it has passed rigorous security, management and operations assessments.
Resident securely stores financial, legal and maintenance information on one platform, allowing property managers and leaseholders to view and manage their properties and communicate efficiently.
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