Designated client account banking solution launches… with official help
The service meets all regulatory requirements for client money protection schemes with each landlord having their own designated client account.
Lettspay has launched a designated client account banking solution for letting agents and property managers in partnership with Griffin Bank.
Griffin is an API-first cloud banking bank. It was founded by Silicon Valley engineers David Jarvis and Allen Rohner (who co-founded tech unicorn CircleCI) and is led by a team of banking and technology executives from Form3, Monzo, Swift, GoCardless and more.
CLIENT ACCOUNTS
As revealed by The Neg last month the solution addresses the increasingly complex and challenging issues letting agents and property managers face with both non-designated client accounts and client money protection scheme membership.
LettsPay and Griffin have been working with the Department of Levelling Up, Housing and Communities (DLUHC) to ensure that the new client banking solution is fully compliant and is already integrated with several leading proptech CRMs and with others under development.
The upgraded system now meets all requirements under industry specific regulation including client money protection schemes as designated by DLUHC. Each landlord has their own designated client account and funds are not pooled in an agent’s undesignated client account.
Garret Foxon, Founder of LettsPay
Garrett Foxon, Chief Executive and Founder of Lettspay, says: “We are delighted to announce our partnership and integration with Griffin. This has come into existence after a long period of design and due diligence and the client banking solution we have built with Griffin is fit for the lettings industry both now and, crucially, into the future.”
BENEFITS OF AUTOMATION
He adds: “Our automated client bank account solution has been operating successfully for many years and this integrated solution ensures that agents using our platform retain all of the benefits of automation and also have a future proof and compliant bank account.”
The new designated client account solution was launched at an exclusive event at Canada Square, Canary Wharf attended by over fifty of leading software, banking and property professionals including Hamilton Fraser, the Property Redress Scheme, Goodlord, The Lettings Hub, Loop, the UK Association of Letting Agents and SafeAgent.
Robyn Hall - The Negotiator
https://thenegotiator.co.uk/lettspay-launches-designated-client-account-banking-solution-with-griffin-bank/