The UK’s leading RentTech platform, Goodlord, has partnered with Tink, Europe’s leading open banking platform, to maintain its cutting-edge approach to the use of financial technology in tenancy referencing.
Goodlord, who first integrated open banking into its referencing offer in 2018, will use Tink’s Income Check technology to offer fast and effective referencing to tenants whilst improving its fraud detection capabilities.
Tink’s Income Check technology enables instant verification of a potential renter's income with secure, 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.
Tink’s Income Check provides a robust alternative to current affordability checks, making it possible to help landlords and agents verify income in a quick, safe, and fully digital way. This enables Goodlord to streamline the income verification process and reduce the time it takes for applications to be approved.
The integration with Tink also optimises approval rates, limits the number of incomplete applications, and minimises the possibility of fraud by enabling tenant income claims to be verified.
Tink’s technology has already been fully embedded into Goodlord’s platform.
Nicola Harding, Referencing Operations Manager at Goodlord commented: “We’re very pleased to be partnering with Tink on our open banking capabilities. 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 & Lending Director at Tink added: “It’s great to see Goodlord continuing to pioneer the use of open banking, paving the way for fast, safe, and more accurate verification of income. 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.”