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An agent’s guide to open banking
As the UK faces the biggest income squeeze in 50 years, agents and landlords find themselves at increased risk of tenancy fraud.
Latest figures from Barbon, the UK’s largest referencing group which includes Rent4sure, HomeLet and Let Alliance, show a 10% rise in fraudulent tenancy applications. Fraudsters are getting smarter and we’re seeing increasingly sophisticated methods being used to try to obtain access to properties to support criminal activity or sublet illegally.
Rigorous referencing should be the first line of defence when setting up a tenancy, so that nothing is left to chance and the landlord knows every effort has been made from the outset to protect their asset.
Technology is integral to accessing accurate financial information, and innovations such as open banking can be utilised to help significantly reduce the risks associated with renting out properties.
Four years on since its introduction into the UK, open banking now has over 5 million users. By the end of 2021, cumulatively over 26.6m open banking payments had been made – an increase of more than 500% in 12 months. The pandemic helped to embed the use of digital and financial services into our everyday lives, bringing a range of innovative products into more mainstream use.
As a letting agent, it helps make your applicants feel more comfortable with the process if they know what open banking is and why you’re using it within their reference. Potential tenants can be reassured that an open banking reference is a quick and secure way to get applications completed and that Rent4sure only has access to their bank information on a one-time basis.
Your Guide to Open Banking
Open banking is a secure way to allow customers of UK-regulated banks to share their financial information with authorised providers such as Rent4sure. The technology is established and secure and every open banking provider is 100% regulated.
How safe is open banking?
• Only rigorously tested software and security systems are used
• Individuals will never be asked to give access to their bank login details or passwords to anyone other than their own bank or building society and choose when, and for how long, they give access to their data
• Only apps and websites regulated by the FCA, or European equivalent, can enrol in the open banking directory
• If fraudulent payments are made, the individual’s bank or building society will pay their money back
• Customers are also protected by data protection laws and the Financial Ombudsman Service
Open banking and tenant referencing
Rent4sure customers can choose to reference an applicant using this technology. It’s simple, safe and speedy. Our Open Banking Reference uses the most up-to-date digital technology to provide a true snapshot of your applicant’s finances. Capturing data in this way allows the facts to speak for themselves so you can make an informed decision on whether to let.
What do applicants need to do?
Your applicant fills in our dynamic form, saving you time and effort, and gives permission to view their income and other relevant details from their online or mobile banking account. They won’t have to share passwords or login details with anyone other than their own bank or building society.
How does Rent4sure’s Open Banking Reference work?
You get an overview of your applicant’s monthly income over the entire past year and the sources of that income and see a true account of their financial and address history, to help you make an assessment about their suitability as a tenant.
It provides:
• A Credit Check and pre-tenancy
• Income Analysis including employment details
• Lists of any County Court Judgments and Bankruptcies, plus any previous linked addresses
At no extra cost, you can receive either or both of the following options:
• A previous Landlord Reference
• An Employment Reference, including further income details
What are the benefits
• Makes it easy to access accurate financial information
• Safe and secure for applicants
• Significantly reduces fraud risk
• No need to obtain paperwork, such as payslips, bank statements and contracts, making the process quicker and smoother
• Detailed results are returned swiftly, with a comprehensive and easy to understand Final Report that interprets the facts for you
More information about open banking can be found at https://www.openbanking.org.uk/.
Rent4sure is here to support letting agents at this challenging time
Our experienced and knowledgeable Customer Development team works in partnership with every customer, to provide the right service and protection for your agency’s unique needs.
Book a quick, no-obligation demo with Senior Customer Development Manager, Molly McGrath, or contact us on 0330 088 3774 to find out more about Rent4sure’s Open Banking Reference.
Latest figures from Barbon, the UK’s largest referencing group which includes Rent4sure, HomeLet and Let Alliance, show a 10% rise in fraudulent tenancy applications. Fraudsters are getting smarter and we’re seeing increasingly sophisticated methods being used to try to obtain access to properties to support criminal activity or sublet illegally.
Rigorous referencing should be the first line of defence when setting up a tenancy, so that nothing is left to chance and the landlord knows every effort has been made from the outset to protect their asset.
Technology is integral to accessing accurate financial information, and innovations such as open banking can be utilised to help significantly reduce the risks associated with renting out properties.
Four years on since its introduction into the UK, open banking now has over 5 million users. By the end of 2021, cumulatively over 26.6m open banking payments had been made – an increase of more than 500% in 12 months. The pandemic helped to embed the use of digital and financial services into our everyday lives, bringing a range of innovative products into more mainstream use.
As a letting agent, it helps make your applicants feel more comfortable with the process if they know what open banking is and why you’re using it within their reference. Potential tenants can be reassured that an open banking reference is a quick and secure way to get applications completed and that Rent4sure only has access to their bank information on a one-time basis.
Your Guide to Open Banking
Open banking is a secure way to allow customers of UK-regulated banks to share their financial information with authorised providers such as Rent4sure. The technology is established and secure and every open banking provider is 100% regulated.
How safe is open banking?
• Only rigorously tested software and security systems are used
• Individuals will never be asked to give access to their bank login details or passwords to anyone other than their own bank or building society and choose when, and for how long, they give access to their data
• Only apps and websites regulated by the FCA, or European equivalent, can enrol in the open banking directory
• If fraudulent payments are made, the individual’s bank or building society will pay their money back
• Customers are also protected by data protection laws and the Financial Ombudsman Service
Open banking and tenant referencing
Rent4sure customers can choose to reference an applicant using this technology. It’s simple, safe and speedy. Our Open Banking Reference uses the most up-to-date digital technology to provide a true snapshot of your applicant’s finances. Capturing data in this way allows the facts to speak for themselves so you can make an informed decision on whether to let.
What do applicants need to do?
Your applicant fills in our dynamic form, saving you time and effort, and gives permission to view their income and other relevant details from their online or mobile banking account. They won’t have to share passwords or login details with anyone other than their own bank or building society.
How does Rent4sure’s Open Banking Reference work?
You get an overview of your applicant’s monthly income over the entire past year and the sources of that income and see a true account of their financial and address history, to help you make an assessment about their suitability as a tenant.
It provides:
• A Credit Check and pre-tenancy
• Income Analysis including employment details
• Lists of any County Court Judgments and Bankruptcies, plus any previous linked addresses
At no extra cost, you can receive either or both of the following options:
• A previous Landlord Reference
• An Employment Reference, including further income details
What are the benefits
• Makes it easy to access accurate financial information
• Safe and secure for applicants
• Significantly reduces fraud risk
• No need to obtain paperwork, such as payslips, bank statements and contracts, making the process quicker and smoother
• Detailed results are returned swiftly, with a comprehensive and easy to understand Final Report that interprets the facts for you
More information about open banking can be found at https://www.openbanking.org.uk/.
Rent4sure is here to support letting agents at this challenging time
Our experienced and knowledgeable Customer Development team works in partnership with every customer, to provide the right service and protection for your agency’s unique needs.
Book a quick, no-obligation demo with Senior Customer Development Manager, Molly McGrath, or contact us on 0330 088 3774 to find out more about Rent4sure’s Open Banking Reference.