ConnectID, an initiative by Australian Payments Plus (AP+), has pioneered a significant milestone in Australia's real estate industry by forming a partnership with RentBetter, a self-service property management platform. This revolutionary development will improve information privacy, security, and control for all rental agents and tenants throughout the country.
The timeliness of this partnership is noteworthy given the current renting crisis gripping Australia. RentBetter, by integrating into the ConnectID ecosystem, will deliver enhanced security, confidentiality, and control of personal and financial data, to address the prevailing challenges that agents and tenants grapple with.
The salient features of the RentBetter integration include enhanced privacy and security through digital identity verification measures. In practical terms, this means the duplication of sensitive data will be significantly reduced, mitigating potential risks. Another pivotal advantage is the increased control for both tenants and landlords over the information they share; a secure digital ID ensures individuals have complete visibility and control over shared data, thereby improving their confidence that their personal data remains secure.
The partnership provides peace of mind for all involved parties due to the advanced control over shared information. This development simplifies the overall rental experience while enhancing transparency, thus fostering trust among landlords and tenants.
CEO of RentBetter, Jeremy Goldschmidt, expressed his enthusiasm over the integration with ConnectID, highlighting that the real estate and property management industry has seen little change particularly regarding data and information privacy, over the past half-century. He noted there is a significant personal data volume shared, "creating unnecessary risk, but also unnecessary friction in the rental experience felt by everyone across the sector."
Given the recent rental adversities faced by Australians, numerous large public data breaches, and a heightened awareness of identity fraud risks, the innovative technology ensures strengthened identity verification and reduces the duplication of sensitive details, thereby lowering the associated risks. This process results in a "stronger trusted experience for landlords and tenants," Goldschmidt added.
The Managing Director of ConnectID at AP+, Andrew Black, believes using a secure digital ID offers peace of mind, improves visibility into the shared information, and assures personal data security. He pointed out the often-overlooked problem of oversharing sensitive data during the rental process, warning that storing and securing personal data, especially for smaller agencies, can be expensive and disastrous in the event of a breach.
Black sees Digital ID's introduction as an exciting development for the industry, remarking, "Not only can we start addressing these growing privacy and security challenges, but it can be done in a way that helps raise tenant trust but also be a solution that businesses of any size can adopt."
Overall, the collaboration between ConnectID and RentBetter provides a holistic approach to address privacy concerns, streamline operations, reduce associated risks, and cultivate a more secure and trusted rental experience for all involved parties, according to the companies.