Token.io brings open banking to property sector

Token.io brings open banking to property sector

22 July 2019  Turnkey open banking platform provider, Token.io, today announces partnerships with two of the UK’s leading property marketplaces, StuRents and Mashroom, to enable renters, landlords and agents to benefit from open banking services, including bank direct payments and data aggregation.

StuRents operates a national student property platform that combines a student-centric property search with online contract signing, payment facilitation, property management and research capabilities. It has chosen to integrate Token’s open banking technology to expand the payment options available to tenants and property managers who transact within StuRents’ ecosystem.

Tom Walker, co-founder of StuRents, says: “The last 18 months have presented the UK rental sector with a series of seismic legislative changes that have fundamentally challenged the business models of property managers up and down the country. 2018’s card fee ban, coupled with the recently introduced ban on tenant fees have emphasised the need for cost-efficient and frictionless payment mechanisms. Being at the forefront of the rapidly evolving payments landscape was, and continues to be, a key focus for StuRents in delivering a market-leading payments infrastructure to property managers. The integration of Token’s open banking technology is a great example of this continued commitment.”

Mashroom is an end-to-end property lettings platform that combines technology and community to deliver an efficient way for landlords and agents to let, secure, and maintain properties. In addition to offering bank direct payments to customers, by using Token's platform it will be able to securely access renters data to validate rental affordability before entering into a contract.

Alexander Badalyan, Mashroom Chief Value Officer, comments: “Collecting rent has always been a tedious manual process with high processing costs. We’re working with Token to change that. Mashroom is committed to equipping landlords and tenants with state-of-the-art technology and integrating Token’s platform means we can provide our customers with simple to use value-added services, as well as PSD2-compliant access to banks for data and payments requests. We are nearing the launch of our platform and look forward to offering our customers bank-direct payments and next-generation affordability assessments.”

Token co-founder and CMO, Marten Nelson, adds: “Open banking is not just about banking and financial services; it is about democratizing access to data to create better digital experiences that can supersede outdated and expensive processes. First movers StuRents and Mashroom have been quick to identify open banking opportunities for the property sector, and other Proptechs will follow.”

Compared to conventional debit card rails, Token.io streamlines and reduces the cost of payment acceptance by over 50%, as well as enabling instant processing. For further information about Token.io, and how its technology enables new open banking revenue streams and improved customer experiences for TPPs visit: www.token.io.

Media Contacts

Beckie Richardson | beckie@iseepr.co.uk | +44 (0)113 350 1922

About Token

Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.

Token.io Limited is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.

Token’s team combines years of highly successful execution and innovation in the technology, banking and security sectors. The Token team comes from top companies like Google, Apple, Microsoft, Barclays, ACI Worldwide, HSBC, Twitter, and Square. Token’s CEO and Founder, Steve Kirsch, has invented several ground-breaking Internet technologies and has had multiple billion dollar exits.

Token is a recognised industry leader, winning Best Payments Newcomer in the 2019 Card and Payments Awards; Fintech Start Up of the Year in the 2019 FStech Awards; and the Open Banking category in the 2018 London Institute of Banking & Finance Financial Innovation Awards. Token was also named as one of the top ten companies to watch globally in the 2017 Financial Times Future of Fintech shortlist and named in CB Insights’ 2017 global annual ‘The Fintech 250’ ranking.

For further information, please consult: www.token.io or follow us on Twitter: @token_io and LinkedIn.

About StuRents

StuRents is a UK company that provides an integrated end-to-end ecosystem for students and property managers in the UK, supporting marketing, payments, online contract signing and tenancy management, whilst also delivering data analytics to institutional property developers and investors.

The online student property search on StuRents.com has listed student accommodation since 2008 and now covers over 700,000 student bed spaces nationwide. Beyond marketing, StuRents’ tenancy platform has helped transform the student rental sector by digitising the execution of tenancy contracts and automating the collection of rental payments.

By integrating marketing and online tenancy signing with automated rental payments and tenancy management, StuRents helps letting agents, purpose built student accommodation providers and other property managers automate and scale their businesses.

For more information, please visit www.StuRents.com.

About Mashroom

Mashroom is a peer-to-peer residential property management platform that removes the need for an agent by directly connecting incoming tenants with departing ones.

Mashroom provides landlords and departing tenants with all the necessary tools to list their property in order to secure an incoming tenant. In return the tenant is rewarded for a successful find. Incoming tenants are able to source listings on major letting portals, chat directly with departing tenants, make an offer, move in, pay and manage their tenancies.

Mashroom will officially launch in summer 2019. For more information, please visit www.mashroom.com.