Property software company AgentOS have received FCA approval to use open banking technology to speed up private sector rent payments. Open banking is a secure way for you to use financial products and services from regulated apps and websites.
AgentOS is aiming to use the technology to speed up the process and help letting agents process rent more efficiently. Agents will be able to automate payments through AgentOS, making it easy for tenants to pay their rent and easier for agents to collect it and pass it onto landlords.
AgentOS say that the new open banking technology will help agents reduce the amount of time it takes to process payments, allowing them more time to meet landlords to grow their business.
Glyn Trott, managing director of AgentOS said:
“We see what times of day agents are doing additional payment administration work,” “They are either getting up really early or, if the day gets away from them, they are logging in at 10pm or 11pm to manually manage payments.”
Trott says this is particularly the case for owners of independent agencies who like to keep in control of finances.
“But we’ve also seen the founders of larger agencies – or someone senior who is highly trusted – doing the same,”.
The authorisation from the FAC means that AgentOS are one step closer to providing automation to agents, meaning they will no longer have to manage pauyents.
That the system will aim to replace BACS which is an older and slower system that can take up to three days to process payments. Online banking is a quicker option but lacks the automation that open banking can provide.
Open banking is set to change the banking landscape and will allow agents to benefit from automated online banking.