Deposify, the security deposit management service, announced Friday (Feb. 3) it has inked a banking partnership with People’s United Bank.
In a press release, Deposify said People’s United Bank is the first U.S. bank to support Deposify’s technology in the state of Massachusetts. Deposify provides landlords and tenants with mobile first trust accounts that enable them to manage and control how and when security deposits are paid via a secure online platform. Security deposits that are deposited using Deposify will be held in People’s United Bank for the duration of a tenancy, Deposify said.
“Deposify’s deposit management service helps solve potential problems with security deposits for all stakeholders by using technology that automates the processes,” said Pat Sullivan, Massachusetts president of People’s United Bank, in the release. “We are excited to partner with such an innovative FinTech company and to provide the banking support for its technology in Massachusetts.”
Deposify’s technology also helps landlords, leasing agents and brokers with security deposit-related compliance obligations and can help resolve possible disputes in days, avoiding litigation. The banking partnership with People’s United Bank serves landlords who are required by law to create trust accounts and helps tenants pay security deposits on residential lease agreements quickly through the use of a mobile application.
“We’re delighted to be working the team at People’s United Bank,” said Jon Bayle, founder and CEO of Deposify, in the same release. “When selecting our first U.S. banking partner, it was important for us that the bank had extensive real estate expertise and innovative in the adoption of technology. We found all that and more in People’s United. We’re very much looking forward to launching in Massachusetts in the coming weeks and planning to grow our banking partnerships throughout the northeast and beyond.”