Thirteen Group partners with PayPoint for the debut of Open Banking transactions in the housing market
In a significant move towards modernizing payment options for residents, PayPoint and Thirteen have partnered to integrate Open Banking technology into the housing sector. This partnership, first established in June 2024, is the next step in a collaborative journey aimed at providing more accessible and modernized payment solutions [1][4].
Thirteen, a housing group based in the UK, has launched Open Banking payments with PayPoint, positioning them as a pioneer in adopting this innovative payment method within housing. The move has demonstrated numerous benefits and impacts, including improved payment convenience, faster processing, enhanced financial inclusion, and increased transparency and security [1][4].
Improved Payment Convenience and Efficiency
With Open Banking, tenants can now make payments directly from their bank accounts through a secure online process, simplifying rent and bill payments. This streamlined approach reduces friction compared to traditional methods such as cash or card payments at outlets [1].
Faster Payment Processing and Reduced Costs
Payments made via Open Banking are typically faster and cheaper to process than card payments. This reduction in administrative burden and costs can benefit housing providers like Thirteen [1].
Enhanced Financial Inclusion
Thirteen’s use of Open Banking enables tenants, including those who may struggle with traditional payment channels, to access a more straightforward, transparent way to pay, supporting greater financial inclusion in social housing [1].
Improved Transparency and Security
Open Banking’s secure API connections enhance data security and provide transparent payment confirmation, increasing trust between tenants and providers [1].
Data-Driven Insights for Affordability and Support
While not specific to Thirteen, Open Banking technology generally offers housing providers better insights into tenants’ financial health, which can help tailor support services and affordability assessments, reducing rent arrears and improving tenant outcomes [3].
A New, Faster, Safer, and More Convenient Way to Pay
The integration of Open Banking by Thirteen, in partnership with PayPoint, will offer a smooth and secure payment experience for their residents. The dedicated payments app launched after the implementation of PayByLink allows customers to make payments through their own device [1].
PayByLink allows Thirteen staff to send pre-populated payment request links via SMS to customers. This feature, combined with the app's ability to generate barcodes for transactions at over 30,000 PayPoint stores nationwide, provides residents with multiple convenient payment options [1].
Strategic Milestone for PayPoint
The expansion of PayPoint's Open Banking technology into the housing sector is a strategic milestone for the company. Jo Toolan, managing director of payments and banking at PayPoint, has expressed excitement about this development [1].
Rob Thompson, strategic lead for rent and income services at Thirteen, has stated that working with PayPoint has allowed them to elevate their payment solutions [1].
The City council has also implemented PayPoint's 'OpenPay' for distributing funds, although further details about this are not provided in the given information [1].
This pioneering implementation by Thirteen and PayPoint exemplifies how Open Banking payments can deliver operational efficiencies, better tenant service, and financial inclusion benefits in the housing sector [1][4]. This experience signals growing adoption potential for Open Banking as a mainstream digital payment method across housing organizations in the UK.
Sources: [1] PayPoint and Thirteen Group: Empowering Social Housing with Open Banking Payments. (n.d.). Retrieved from https://www.paypoint.com/uk/news/paypoint-and-thirteen-group-empowering-social-housing-with-open-banking-payments/ [2] PayPoint. (n.d.). Retrieved from https://www.paypoint.com/ [3] Open Banking: How it can help housing providers. (2021, October 28). Retrieved from https://www.housing-tech.co.uk/opinion/open-banking-how-it-can-help-housing-providers/ [4] Thirteen. (n.d.). Retrieved from https://www.thirteengroup.co.uk/
- The partnership between PayPoint and Thirteen, using Open Banking technology, is revolutionizing payments in the housing sector.
- Tenants can now make easier and faster rent payments through secure online methods with Open Banking, compared to traditional cash or card payments.*payments via Open Banking are processed quickly and at a lower cost, benefiting housing providers like Thirteen.
- By adopting Open Banking, Thirteen is creating a more inclusive payment environment for all tenants, including those who may lack access to traditional payment channels.
- Open Banking's secure data connections provide a transparent and secure payment confirmation process, fostering trust among tenants and providers.
- PayPoint's integration of Open Banking into the housing sector marks a strategic milestone for the company.
- Thirteen's collaboration with PayPoint has enabled them to improve their payment solutions and deliver operational efficiencies, better service, and financial inclusion benefits to their residents.
- The City council has also benefited from PayPoint's OpenPay for distributing funds, though additional details about this implementation are not available.
- The example set by Thirteen and PayPoint's Open Banking implementation indicates growing potential for broader adoption of Open Banking as a mainstream digital payment method within the UK housing sector.
