A PropTech supplier claims its clients are embracing open banking, which enables individuals to authorise third-party access to their financial data.

Lettspay, an automated payment platform used by some in the lettings sector, claims 50% of its client now opt for open banking rather than traditional bank transfers. 

Lettspay says this trend benefits letting agents because when tenants pay via open banking, funds are automatically reconciled in real-time, reducing administrative workload and ensuring landlords receive their payments promptly. The firm suggests this minimises errors and cuts the risk of overdue payments and arrears. 

Lettspay commercial director Matthew Gibbard adds: “As the rental industry continues to modernise, the adoption of open banking is a clear indicator that tenants and agents alike are embracing financial technology that enhances efficiency, transparency, and financial stability. With automation playing an increasingly crucial role in property management, this shift marks a turning point in how rental payments are processed in the UK.

“Improving both the speed and efficiency of client accounting is core to the Lettspay proposition and enables time and resources in a lettings and property management businesses to be channelled into the delivery of improved services and business growth.”