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StuRents Lands Open Banking Partner to Bring Benefits to Tenants and Property Managers

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

StuRents has announced a partnership with open banking provider Token.io that will enable students, landlords and agents to benefit from open banking services, including the ability to make direct bank transfers.

More specifically, bank transfers can now be sent within the StuRents platform rather than users having to log into their own online banking system separately.

Tom Walker, co-founder of StuRents, says: "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. 2018's card fee ban, coupled with the recently introduced ban on tenant fees have emphasised the need for cost-efficient and frictionless payment mechanisms."

"Being at the forefront of the rapidly evolving payments landscape was, and continues to be, a key focus for StuRents in delivering a market-leading payments infrastructure to property managers. The integration of Token's open banking technology is a great example of this continued commitment."

Token co-founder and CMO, Marten Nelson, added: "Open banking is not just about banking and financial services; it is about democratizing access to data to create better digital experiences that can supersede outdated and expensive processes."

"First movers StuRents and Mashroom have been quick to identify open banking opportunities for the property sector, and other Proptechs will follow."

Compared to conventional debit card rails, Token.io streamlines and reduces the cost of payment acceptance by over 50%, as well as enabling instant processing.