TrueLayer to provide open banking services for rental startup Goodlord

Goodlord’s proprietary technology streamlines a range of lettings services, including deposits, contracts, compliance, tenant move-in assistance, insurance and referencing. The UK-based business has announced it has grown by 120% in the last 12 months.

TrueLayer provides an interface between financial institutions and third-party applications over an API. This allows companies to capitalise on new open banking and PSD2 rules by providing access to banking infrastructure. Goodlord is incorporating TrueLayer into its referencing solutions, providing participating tenants with instant assessment of their financial situation.

According to Goolord officials, Tenant affordability assessments using the lettings industry’s traditional methods can take days, are intrusive, prone to fraud, and directly stand in the way of making the renting experience stress-free. Goodlord said its use of open banking will allow UK tenants to move into properties faster, while offering a more efficient working process to agents and landlords.