Salt Edge and Domopay introduce Pay by Bank for rent collections in Italy
Domopay, a proptech company building the financial backbone of the Italian rental industry, has partnered with Salt Edge, an open banking provider with over 13 years’ experience, to introduce Pay by bank for rent collection. The collaboration marks a major market milestone, processing Italy’s first-ever rent payment via open banking.
Domopay combines open banking payments with data-driven tenant screening to help landlords and property managers simplify rental operations. It gives them greater control and visibility over properties and the possibility to identify potential payment issues in time.
The gap Domopay set out to solve
For the Italian rental market, which has over 50bn EUR in annual rent payments, this partnership addresses a long-standing challenge. More than 90% of these payments are still made through traditional bank transfers, leaving tenants, landlords and property managers to handle much of the process manually.
With Salt Edge Pay by bank added to Domopay, landlords and property owners using the app will be able to receive instant account-to-account rent transfers, lowering the likelihood of payment disruptions.
Italy’s rental market has been running on manual bank transfers for decades – landlords anxiously checking their accounts, chasing tenants, and reconciling payments by hand. Open banking changes all of that. Domopay is making rent collection as seamless and automatic as it should be — and Salt Edge’s technology is what makes it possible at scale. We’re just getting started.
Fabrizio Raimondo, co-founder & CEO, Domopaysaid: “Domopay saw Salt Edge as the right partner, having recognised the potential for recurring rent payments as a use case, underexplored by most other PIS providers.
Pay by bank is expanding into use cases people encounter in their everyday lives, and rent payments are a strong example of that evolution. Together with Domopay, we’re helping digitalise a process that has remained slow and largely unchanged for years, bringing more convenience for tenants and greater visibility and efficiency for landlords and property managers”.
Virgiliu Bodrug, Pay by bank Expert at Salt Edge said: “Adding Pay by bank to rent payments streamlines the rental process for all the parties involved:
Landlords benefit from more reliable payment collections, with fewer data-entry errors and real-time visibility over incoming transfers. They can also set up automated reminders for tenants for recurring rent payments.
Property managers gain an instant, detailed overview of each payment. As rent transactions usually land in the property owner’s account with Pay by bank, they can track delays or defaults and act promptly before the owner even notices.
Tenants can initiate and approve rent payments through secure bank authorisation with a simple tap, skipping lengthy manual entries and reducing the risk of transfer errors”.