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Copyright © International Chamber of Commerce (ICC). All rights reserved. ( Source of the document: ICC Digital Library )
Fintech Obligo, which uses letters of credit (L/Cs) from banking giant Wells Fargo to back its security deposit alternative for landlords and tenants (DC World News, 1 July 2022), has partnered with Yardi to provide new software solutions primarily for real estate management.
Founded in 1984, Yardi is a prominent real estate technology company that provides comprehensive software solutions for property management and investment management.
With a fully embedded Obligo security deposit alternative within Yardi's residential property management software, the partnership eliminates deposit management for property managers, while residents benefit from increased financial flexibility.
Yardi benefits
Essentially, Obligo has partnered with the Santa Barbara, California headquartered residential property management specialist to provide a fully embedded security deposit alternative within its software solutions.
Yardi's platforms are widely used in the real estate industry for managing residential and commercial properties. Their products help with tasks like rent collection, lease management, maintenance requests, and financial reporting.
Obligo's L/C strategy
Obligo's holistic suite of deposit solutions meanwhile offers a trusted and streamlined rental experience for both property owners and renters.
The solution provides owners with the ability to maintain full protection, reduce bad debt, and offer an appealing amenity to prospective renters - who can choose to keep their security deposit, and instead use it to save, invest, or spend.
Unique L/C offereing
Obligo says it is now offering the only security deposit alternative utilising bank-issued L/Cs to provide landlords and tenants with security, flexibility and ease of transaction.
As the first security deposit alternative utilising bank-issued L/Cs supported by Wells Fargo, Obligo uses open banking and AI to determine renters' eligibility to rent deposit-free.
This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.