Swan augments IESA's PropTech with embedded banking

This collaboration allows IESA to seamlessly integrate Swan's banking features into its property management software and app TucoBan. As a result, property managers and homeowners have access to secure, compliant, and user-friendly financial tools.

What is TucoBan and where does embedded banking come into play?

TucoBan is a 100% digital account designed for property managers and homeowners' associations and integrated with Gesfincas, an ERP software used by more than 80% of property managers. TucoBan has since experienced rapid growth, with account openings increasing at an average rate of 230% in July-September 2024.

Previously, handling banking operations outside of dedicated property management tools led to inefficiencies, resulting in time-consuming processes for property managers, high costs, and limited transparency for homeowners. TucoBan addresses these challenges by integrating banking features into property management software, streamlining daily operations.

Expected to help 80% of homeowner’s associations in Spain reduce up to 40% of their annual banking costs, TucoBan offers seamless financial management through its integration with property management systems. It offers real-time transaction visibility via a homeowners' association app, thereby boosting trust and efficiency between property managers and owners.

Bridging the gap between property management and banking

The launch of TucoBan exemplifies this commitment within its Property Management System especially strengthening and expanding the product family Pay. A further important step to digitise the property industry.

From overseeing the entire property lifecycle and streamlining financial management to supporting sustainable operations, IESA is paving the way in integrating advanced technology into property management. TucoBan stands out as a crucial initiative within the Pay product family, seamlessly embedding banking features to simplify financial processes.

By connecting to Swan's Banking-as-a-Service platform, TucoBan not only meets regulatory requirements but also sets a new benchmark for efficiency and user experience. This strategic move shows commitment to adapting to the needs of property managers and homeowners as part of a broader trend toward integrating advanced technology into everyday operations.

In a comment, officials from IESA said TucoBan was designed to simplify the day-to-day lives of homeowner's associations and property managers. For too long, traditional banking has anchored the property management sector with inefficiencies and high costs. Their partnership with Swan allows them to offer a niche, tailored solution that traditional banks can't provide.

Executives from Swan added that the PropTech sector is at the cusp of transformation across Europe, with embedded banking leading the charge. IESA is at the forefront of this change. They're happy to witness the rollout of TucoBan in Spain and look forward to further innovation across the continent. Additionally, IESA's commitment to sustainability, particularly in areas like water and energy consumption, resonates with their values.