PropTech rental platform  Goodlord has partnered with an open banking platform to enhance its tenant referencing service.

Goodlord, which first integrated open banking into its referencing service in 2018, will use Tink’s Income Check technology.

This technology enables instant verification of a potential renter’s income with secure, up-to-date data directly from their bank account. Renters can consent to connecting to their bank account, where incoming transactions over more than 12 months can be instantly categorised as salary, pension, benefits, or cash deposits.  

Goodlord claims the integration also optimises approval rates, limits the number of incomplete applications, and minimises the possibility of fraud by enabling tenant income claims to be verified. 

Nicola Harding, Referencing Operations Manager at Goodlord, comments: “We’re very pleased to be partnering with Tink on our open banking capabilities. We’ve long been advocates of open banking technology. It plays a crucial role in both modernising the process for tenants, while also protecting agents and their landlords from fraud.”

Tasha Chouhan, UK banking and lending director at Tink, adds: “It’s great to see Goodlord continuing to pioneer the use of open banking, paving the way for fast, safe, and more accurate verification of income. In the current climate, it’s more critical than ever to have an up-to-date and comprehensive view of tenants’ finances, to know they can comfortably afford the rent. It also ensures those renters whose income payments are irregular, such as the self-employed or those working in the gig economy, have a fairer chance to secure a rental property.”