Managing properties is no small task. Between tracking rent payments, juggling expenses, and preparing for tax submissions, it can feel like a full-time job. Fortunately, the right tools can make these tasks far simpler, saving you time and effort while improving accuracy. One thing to look out for in property management software is some kind of Open Banking feature or integration. This innovative system can streamline your property finances, automate tedious tasks, and make life as a landlord much easier.
At PaTMa, we have lots of experience using Open Banking to build tools for landlords, so we’ll share our knowledge and help you look out for the best tools for your business.
What is Open Banking?
Open Banking is a secure, government-regulated system that allows banks to share your financial data with third-party services, but only with your explicit permission naturally. This technology has been a game-changer for managing money, offering more visibility and control over finances than ever before.
For landlords, this means automating tasks like tracking tenant payments, monitoring expenses, and preparing for tax returns. Instead of manually recording all your transactions in a spreadsheet, Open Banking seamlessly transfers the transaction details to your management software where the system can use the data to create expenses, reconcile payments and allow you to easily check for payments without logging in to your banking app.
Why Should Landlords Care About Open Banking?
If you’re managing properties, especially multiple ones, financial tasks can pile up quickly. Open Banking offers landlords a way to stay on top of their finances without the usual stress. Here’s why it’s worth considering:
- Eliminate Tedious Data Entry
Imagine receiving a rent payment and having it automatically logged against the right tenant in your records. No manual data entry, no mistakes, just smooth, efficient updates. With PaTMa, that’s not a dream; it’s your new reality. - Better Oversight of Expenses
From maintenance costs to insurance premiums, landlords juggle a lot of expenses. Open Banking lets you view, categorise, and track them effortlessly, so you always know where your money is going. - Making Tax Digital (MTD) Compliance
With MTD deadlines looming, keeping digital financial records is more important than ever. PaTMa’s Open Banking integration ensures you’re not just compliant but ahead of the game, with ready-to-go tax submissions. - Stay Updated Without Constant Checking
PaTMa notifies you automatically when a tenant makes a rent payment. It’s one less thing for you to check, freeing up time to focus on more pressing matters.
How Secure is Open Banking?
It’s understandable if you’re a bit nervous about sharing your banking data, but Open Banking is heavily regulated and has some of the most secure technological protocols in place to keep you in charge of your data every step of the way. Here are just a few ways that PaTMa ensures your safety:
- You’re Always in Control
Only you can authorise access to your bank data. PaTMa never sees your login credentials, and permissions expire automatically after 90 days unless you renew them. - Read-Only Access
PaTMa’s Open Banking connection is read-only. The system can see your transactions to help you automate rent tracking and expenses, but it can’t move money, make payments or amend transactions. - Encrypted UK-Based Servers
Your data is stored securely on encrypted servers in the UK, following strict industry standards. You can trust that your information is in safe hands.
Getting Started with PaTMa’s Open Banking Features
Getting started with Open Banking is straightforward, no matter which property management software you choose. Here's an example of how a platform like PaTMa simplifies the process:
- Upgrade to the Pro Plan
Open Banking is available exclusively to Pro plan users. If you haven’t upgraded yet, it’s easy to do via your PaTMa dashboard. Pro plans include a free 14-day trial so you can get a feel for how useful Open Banking (and the other pro features) can be before you commit. - Connect Your Bank Account
Use the Bank Feeds tool to securely link your account. The process is quick and guided, ensuring you’re set up in minutes. - Enjoy the Benefits
Start automating rent tracking, logging expenses, and simplifying your tax prep, all while knowing you’re in full control of your data.
PaTMa: A Trusted Partner for Landlords
We’ve built PaTMa with one goal in mind: to make property management simpler and more intuitive for landlords like you. Our Open Banking integration is just one example of how we’re helping landlords save time, reduce mistakes, and focus on growing their portfolios.
Whether you’re managing one property or a hundred, PaTMa’s tools are designed to take the stress out of admin. And with our Pro plan, you’ll unlock all the benefits of Open Banking, making property finances easier than ever.
FAQs About PaTMa and Open Banking
Do I need Open Banking to use PaTMa?
Not at all! PaTMa’s core features, like tenancy tracking and compliance reminders, are available on all plans. Open Banking is an optional extra for those who want to save even more time on admin.
Can I revoke access to my data?
Absolutely. You can cancel permissions at any time via your bank. By default, access expires every 90 days unless you renew it.
What if I only manage one property?
Even single-property landlords can benefit from Open Banking. It saves time, reduces mistakes, and makes financial management easier, no matter the size of your portfolio.
Ready to Simplify Your Finances?
If you’re ready to simplify your property finances, explore software options that integrate Open Banking. With tools like automated rent tracking and expense management, you’ll save time, reduce stress, and stay organised. Platforms like PaTMa offer these features alongside intuitive design, making them a great choice for landlords.
