Property software company MRI and rental passport proptech firm Canopy have struck a distribution deal to offer estate agents and their tenants the latest Open Banking-based referencing and rent reporting technology.
Open Banking is an EU-wide system that forces banks to allow their customers to digitally share their bank account statements with third parties such as Canopy. This means tenants can agree to have their bank accounts ‘read’ and details of when, and how much rent they pay recorded.
The information is then used to both improve their credit score, speed up the referencing process, enable tenants to move into rented accommodation much faster, as well as reducing back-office costs for letting agents.
US firm MRI will offer this ‘rent tracking’ service via its property software suite to its UK customers which, both companies claim, also reduces the risk of rent arrears.
“We are committed to empowering renters by improving their access to better credit and building a more financially inclusive society,” says Tahir Farooqui, CEO of Canopy (see left).
“Our partnership with MRI, a global leader in real estate software, is a first step towards partnering with property software companies who are similarly focused on providing innovative solutions to property agents in the UK market as well as share our ethos of helping renters build a better financial future.”
Just over 14 months ago MRI bought UK-based rival Qube and at the time claimed to have a UK team of 350 people, making it one of the country’s largest proptech firms. In July last year it bought another property software rival, CML.
Read more about MRI.