Token.io brings Open Banking to property

Token.io has partnered with UK property marketplaces, StuRents and Mashroom, to give renters, landlords and agents access to Open Banking services, including bank direct payments and data aggregation.

Token’s platform allows financial services firms build bank direct payment methods and data aggregation solutions via Application Programming Interfaces (APIs).

StuRents operates a national student property platform that combines a student-centric property search with online contract signing, payment facilitation, property management and research capabilities. It will integrate Token’s technology to expand the payment options available to tenants and property managers who transact within StuRents’ ecosystem.

Co-founder Tom Walker said: “The last 18 months have presented the UK rental sector with a series of seismic legislative changes that have fundamentally challenged the business models of property managers up and down the country.”

He explained that last year’s card fee ban, coupled with the recently introduced ban on tenant fees have emphasised the need for cost-efficient and frictionless payment mechanisms.

Mashroom is an end-to-end property lettings platform that combines technology and community to give landlords and agents a way to let, secure and maintain properties. In addition to offering bank direct payments to customers, by using Token's platform it will be able to securely access renters’ data to validate rental affordability before entering into a contract.

Chief value officer Alexander Badalyan, Mashroom said that collecting rent has always been a tedious manual process with high processing costs.

“Mashroom is committed to equipping landlords and tenants with state-of-the-art technology and integrating Token’s platform means we can provide our customers with simple to use value-added services, as well as PSD2-compliant access to banks for data and payments requests,” he commented, adding: “We are nearing the launch of our platform and look forward to offering our customers bank-direct payments and next-generation affordability assessments.”

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