Letting agents are slashing administrative workloads and costs thanks to a sharp rise in the use of Open Banking, according to new figures from accounting platform Lettspay.
The proptech firm, which is set to process over £1.5 billion in rental payments in 2025, reports that more than 70% of all incoming rents are now being automatically reconciled within their platform, significantly reducing time-consuming manual processes and minimising the risk of human error.
More than half of these payments are made via Open Banking links sent directly to tenants each month.
These user-friendly, secure links allow tenants to pay rent straight from their bank accounts via Lettspay’s designated payment portal, eliminating the need for traditional standing orders.
STREAMLINING RENT COLLECTION
Matt Gibbard (main picture), Commercial Director at Lettspay, says: “The ease of using Open Banking and the removal of standing orders is streamlining the rent collection and reconciliation process for our clients.
“It automates critical elements, saves valuable time and resources, and removes the scope for error.”
Open Banking technology enables instant reconciliation, automatically allocating funds to the appropriate accounts and providing agents with real-time visibility of payments.
This automation allows letting and property management professionals to focus on service rather than spreadsheets.
NEW PRICING MODEL
In response to growing adoption, Lettspay has also introduced a new pricing model designed to further reduce costs for agents while retaining full access to its automated client accounting tools.
As regulatory scrutiny around client money handling increases, platforms like Lettspay are positioning themselves as essential fintech solutions, bringing efficiency, transparency and compliance to the lettings industry through smart automation and Open Banking innovation.
