New emoov owner Mashroom has partnered with an Open Banking provider to help its soon-to-be launched lettings platform.

Mashroom is building a platform that will offer landlords a listing, rent collection, referencing and communication tools with their tenants.

It has also now partnered with Token.io to use Open Banking so financial data can be accessed and payments can be sent from within its platform rather than users having to log into their own bank accounts to provide relevant documents.

Token.io is also offering similar functionality with student property portal StuRents.

Alexander Badalyan, chief value officer for Mashroom, which has moved its launch to later this summer, said: “Collecting rent has always been a tedious manual process with high processing costs.

“We are 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 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.”

Marten Nelson, co-founder of Token, said: “Open Banking is not just about banking and financial services, it is about democratising access to data to create better digital experiences that can supersede outdated and expensive processes.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.”