mydeposits and The Depositary have agreed a partner integration for both Insured & Custodial tenant deposit protection schemes.

The new offering will enable agents and corporate landlords who work with mydeposits to access The Depositary features when concluding tenancies.

The Depositary, founded by Kristjan Byfield and An Deckers of base property specialists, aims to reduce admin for agents concluding tenancies. The platform also looks to address the issue of slow deposit returns.

Byfield commented: “Our brand new integration will mean mydeposit agents and corporate landlords up and down the country will now be able to benefit from the huge time-savings and enhanced customer journey that our platform delivers.

“Our integrations will reduce data entry and automate an array of tasks such as the conclusion of deposit protection, submission of reconciliation data as well as the creation and submission of dispute files. This is a huge step in our lofty goal of establishing a digital standard for UK tenancy conclusions that leverages technology to embrace best practise and maximum efficiency.”

The Depositary agent community currently comprises around 100 agency brands across England & Wales and has processed over 23,000 tenancy conclusions to date.

According to Byfield, The Depositary agent community is currently concluding more than 50 tenancies per day through the platform.

Tim Frome head of partnerships at mydeposits, said “I’ve been watching the Depositary closely since they launched and am delighted that we are launching our integration. mydeposits agents using the Depositary should benefit from a quicker and smoother deposit return process. If a dispute does need to be raised it then benefits our adjudicators as the evidence will be collated and they can see that efforts were made to negotiate the return of the deposit.”