Goodlord teams up with Tink to streamline letting applications
British RentTech platform Goodlord has partnered with Tink to reimagine the letting process. Using Tink Income Check, Goodlord modernises applications for tenants while improving fraud protection for agents and landlords. Here’s how the partnership is paving the way for better experiences on all fronts.
Goodlord has chosen Tink to help it pioneer the use of open banking in the letting process.
Goodlord is adding Income Check to its reference checking process, refining its customer experience with the help of real-time data direct from tenant bank accounts.
Using Tink’s technology, Goodlord can simplify applications for the tenants, agents and landlords in its network.
Seeing the transformative potential of open banking early on, Goodlord first integrated the technology into its referencing offer in 2018. Today, Tink Income Check helps Goodlord’s network of tenants enjoy fast and effective referencing – simultaneously boosting its fraud detection capabilities for agents and landlords.
Better letting for tenants, agents and landlords alike
Already fully embedded in the Goodlord platform, the Income Check product makes it possible to instantly verify a potential renter's income with secure, up-to-date data – directly from their bank account. Renters then consent to connecting to their bank accounts, where incoming transactions can be automatically categorised as salary, pension, benefits or cash deposits going back over more than 12 months.
A robust alternative to current affordability checks, Tink Income Check technology empowers landlords and agents to verify income quickly, safely and in a completely digital way. Goodlord benefits by streamlining the income verification process and reducing the time it takes to approve applications. Additionally, this integration with Tink optimises approval rates, limits the occurrence of incomplete applications and minimises the possibility of fraud by enabling tenant income claims to be verified.
‘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,’ says Nicola Harding, Referencing Operations Manager at Goodlord.
‘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,’ continues Tasha Chouhan, UK Banking & Lending Director at Tink. ‘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.’
Instant verification is essential for seamless customer experiences in countless industries. Curious about how this and other open banking tools can help you get ahead? Get in touch.
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