RentRedi expands integration with Plaid

Enabled by Plaid, RentRedi’s automated Tenant Income and Asset Verification feature supplements landlords and tenants with a new security layer while also ensuring the match of both parties in the rental relationship. Landlords receive improved risk assessment, solidifying their ability to determine the likelihood of an applicant paying rent by offering a more comprehensive and accurate financial picture. Moreover, it minimises fraud by preventing the use of fake pay stubs and bank statements, a commonly leveraged method for applicants attempting to qualify to rent a unit they cannot afford.

RentRedi’s Tenant Income and Asset Verification supports the protection of rental applicants by allowing landlords to determine a tenant’s ability to afford rent without demanding them to offer physical bank statements and pay stubs, as well as disclose sources of revenue streams. The feature ensures the security of the applicant’s sensitive financial information and privacy. Furthermore, the company offers prospective tenants a comprehensive checklist to follow when filling out applications, guiding them throughout the procedure and increasing transparency in the screening process. According to RentRedi’s officials, the addition of the functionality and enhanced security underlines the company’s commitment to simplifying the renting process for both landlords and tenants. The integrations with Plaid provide customers with convenient and efficient rent collection processes and the expansion of the two companies' partnership delivers improved technology to users leveraging RentRedi’s web and mobile apps.

The expansion follows RentRedi’s decision to use Plaid during the rent collection process to connect financial accounts at any bank or credit union in the US for ACH transactions between landlords and tenants. The latest move allows RentRedi landlords and property managers to verify the income and assets of rental applicants who are undergoing the screening process. This is done by leveraging a trusted third party with direct access to information from financial institutions.

In addition to the expansion of its integration with RentRedi, Plaid also recently partnered with PortX, a financial infrastructure and integration tech company, to accelerate data access and innovation for financial institutions. Through this collaboration, the two companies merged the capabilities of PortX’s digital core banking integration experience and Plaid’s advanced features for connecting data between applications and bank accounts. PortX and Plaid intended to augment how financial institutions harness data for innovative products and services.

Source: Link