A portfolio management platform has launched an Open Banking integration for landlords.
The Open Banking concept as it applies to the rental sector means it is a secure method through which landlords can share financial information with merchants or service providers or to authorize a payment directly from their bank account.
Lendlord has been approved by the Financial Conduct Authority to partner with Open Banking platform Plaid, and enable users to link an unlimited number of bank accounts to their Lendlord account.
Lendlord claims this means landlords can fully automate their cashflow and rent collection and make it easier to manage their bookkeeping and tax returns.
Landlords will also be able to easily review their expenses breakdown and up-to-date profit and loss position across their entire portfolio.
Aviram Shahar, chief executive of Lendlord, says: “Landlords who make the most of this Open Banking integration will have greater visibility over the cashflow position of their properties and be able to automate key processes – saving them time and giving greater peace of mind.”
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