Calmony is pleased to announce the relaunch of its client accounts for letting agents, now powered by Griffin, a regulated bank. This strategic partnership represents a significant advancement in Calmony's mission to overcome the problems that letting agents face with managing and holding client money.
One of the key highlights of this relaunch is that agents can now open individual client accounts on the Calmony platform, with deposits held by Griffin. These new accounts have been designed to address anti-money laundering concerns in the lettings sector and where possible, automate the required checks for unregistered letting agents to ensure compliance. By leveraging Griffin’s customer onboarding solution, Verify, and continuous transaction monitoring for unregistered letting agents, Calmony is able to effectively navigate AML challenges and the associated risks.
“We are thrilled to announce the reintroduction of our client accounts for letting agents, now bolstered with Griffin's backing" remarked Glyn Trott, Managing Director at Calmony. "This collaboration not only allows agents to maintain compliant client accounts, but to also manage all the operational aspects of their client accounting effectively.
Speaking on the relaunch, Adam Moulson, Chief Commercial Officer at Griffin said, “We are delighted to support the relaunch of Calmony’s Client Account product. This is one more win for the proptech industry, ensuring agents can confidently meet regulatory requirements while focusing on delivering exceptional service to their clients.”
“Griffin provides bank accounts for holding client money in compliance with the Client Money Protection (CMP) regulation” he added.
Glyn Trott continued, “It has been a challenging few years for agents trying to open and keep client accounts, with some agents forced down the route of expensive outsourcing. Banking as a Service provided by fully regulated banks is solving a real problem for letting agents and the proptech industry.”
So how does it work?
While Calmony provides the client accounting platform and support for the letting agent, monies deposited are held with Griffin, a regulated bank. Eligible deposits held with Griffin are protected by the FSCS for up to £85,000.
Letting agents onboarded via Calmony’s platform have a contractual relationship with Griffin who is responsible for opening a bank account in the letting agent's name. Griffin will also issue the annual Bank Safeguarding Letter required by Client Money Protection (CMP) schemes to ensure full compliance with the 2019 Client Money Regulations.
Agents who are not HMRC registered can still apply to open these Client Accounts. Griffin will carry out KYC and CDD checks on their landlords prior to opening these accounts.
Calmony's client accounts for letting agents are now live, marking a significant milestone in the evolution of financial solutions for letting agents. Letting agents are welcome to apply for access.
For more information about Calmony and its suite of financial services, visit calmony.co .
About Calmony:
Calmony is a specifically designed, digital Client Account for Lettings and Management agents as well as block management and Right to Manage agents.
Providing all the familiar features of traditional high street bank client accounts, Calmony goes beyond what banks can do for agents. Meaning that your customers get paid faster, and so do you.
Calmony is proud to be a part of AgentOS Proptech Group, alongside agentOS and agentPay, leveraging synergies within the group to provide comprehensive and integrated solutions for the property management industry.
About Griffin:
Griffin (Griffin Bank Ltd) is an API-first UK bank and full-stack Banking as a Service platform. It was founded by Silicon Valley engineers, David Jarvis and Allen Rohner (who co-founded tech unicorn CircleCI) and is led by a team of banking and technology executives from Form3, Swift, Barclays, Virgin Money, Lloyds and more.
Griffin is backed by leading investors Breega, EQT Ventures, MassMutual Ventures, NordicNinja, Notion Capital, and Seedcamp. Griffin is regulated by the PRA and the FCA. Griffin’s Firm Reference Number (FRN) is 970920.
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