Open banking is revolutionising the way we manage our finances, and it plays a significant role in the tenant referencing process as well. Goodlord's open banking provider is Tink, who offer a seamless and secure experience.
What is Open Banking?
Open banking allows you to grant permission to your bank to share specific financial information digitally and securely with authorised third-party providers. This technology is used by over 7 million UK consumers and businesses to manage their finances, access credit, and make payments.
How Does It Benefit You?
During the referencing process, letting agents or their referencing providers use open banking to obtain an accurate snapshot of your financial behaviour. This eliminates the need for you to collect and share all your bank statements and proof of income, speeding up your move-in process. It can also improve your credit score with certain providers by showcasing your financial reliability.
Is It Safe?
Safety is a top priority. You can verify that a provider is authorised by consulting the open banking list of regulated providers. Your security details will remain confidential, and you can opt out of any open banking connection at any time.
By leveraging open banking, Property Genius aims to make the tenant referencing process as efficient and secure as possible.