Goodlord has partnered with open banking platform, Tink, as it continues to pioneer the use of technology in its lettings process.
The rent-tech platform will use Tink’s Income Check technology to offer fast and effective referencing to tenants, while improving its fraud detection capabilities.
The technology enables instant verification of a potential renter's income with secure and up-to-date data directly from their bank account.
Renters can consent to connecting to their bank account, where incoming transactions over more than 12 months can be instantly categorised as salary, pension, benefits or cash deposits.
The service provides an alternative to current affordability checks — making it possible to help landlords and agents verify income in a quick, safe and fully digital way — reducing the time it takes for applications to be approved.
Tink’s technology has been fully embedded into Goodlord’s platform, limiting the number of incomplete applications and optimising approval rates.
Nicola Harding, referencing operations manager at Goodlord, commented: “We’ve long been advocates of open banking technology — it plays a crucial role in both modernising the process for tenants, while also protecting agents and their landlords from fraud.”
Tasha Chouhan, UK banking and lending director at Tink, added: “In the current climate, it’s more critical than ever to have an up-to-date and comprehensive view of tenants’ finances, to know they can comfortably afford the rent.
“It also ensures those renters whose income payments are irregular, such as the self-employed or those working in the gig economy, have a fairer chance to secure a rental property.”
