Leading security deposit management service, Deposify, today announced its banking partnership with People’s United Bank - one of the Northeast’s largest, community-based, regional banks, offering commercial and retail banking, as well as wealth management services, through a network of nearly 400 retail locations.
People’s United Bank is the first U.S. bank to support Deposify's technology in Massachusetts. Deposify provides mobile first trust accounts to landlords and tenants that lets them manage and control how and when security deposits are paid, using its secure online platform. Security deposits deposited using the Deposify service will be held by People's United Bank for the duration of a tenancy.
Deposify’s technology also assists landlords and leasing agents / brokers with security deposit-related compliance obligations and can help resolve possible disputes in days, avoiding unnecessary litigation. The banking partnership with People's United Bank serves landlords who are required by law to create trust accounts and helps tenants pay security deposits on residential lease agreements quickly through the use of a mobile application.
“Deposify’s deposit management service helps solves potential problems with security deposits for all stakeholders by using technology that automates the processes,” said Pat Sullivan, Massachusetts President, People's United Bank. “We are excited to partner with such an innovative fintech company and to provide the banking support for its technology in Massachusetts.”
“We're delighted to be working the team at People’s United Bank, “said Jon Bayle, Founder and CEO of Deposify. “When selecting our first U.S. banking partner, it was important for us that the bank had extensive real estate expertise and innovative in the adoption of technology. We found all that and more in People’s United. We're very much looking forward to launching in Massachusetts in the coming weeks, and planning to grow our banking partnerships throughout the northeast and beyond.”
“I am excited to welcome Deposify to Boston, a company with Irish roots that has chosen to expand in our city," said Mayor Martin J. Walsh. "Boston is open for business and we welcome the opportunity to further strengthen our talented workforce and expand our range of innovative companies with the addition of Deposify, which offers an innovative approach to finance management for rental transactions. I look forward to their continued success as they as they grow and expand in Boston."
Deposify, founded in Dublin, recently established their U.S. headquarters in Boston, acknowledging that the City’s strong history in technology innovation and access to technology expertise through its universities were driving factors. Deposify has partnered with the largest bank in Ireland, Bank of Ireland, and will be announcing other banking partnerships in Massachusetts and New York in the coming months.