NEW YORK--(BUSINESS WIRE)--To continue to support the multifamily housing market with innovative end-to-end risk management solutions, Assurant, Inc. (NYSE:AIZ), a global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases, announced today a new partnership with Deposify, a European fintech company, that has developed an industry-first technology solution for managing refundable cash security deposits.
As a result of this partnership with Deposify, Assurant’s property management clients will now have access to a cash security deposit management platform that simplifies the financial and operational process and mitigates the risks associated with traditional cash security deposits. Deposify’s technology platform also helps keep property managers compliant with each state’s security deposit laws and regulations by creating joint trust accounts that pay interest. Currently available in the Northeast, the service will be rolled out nationally in the coming months.
“Managing traditional cash security deposits is an incredibly inefficient process that places considerable burdens on landlords, property managers, brokers and tenants,” said Steve Hein, senior vice president of Multifamily Housing at Assurant. “Our partnership with Deposify will help drive time and cost savings for property managers by using Deposify’s innovative technology solution.”
Hein added that the partnership with Deposify positions Assurant as the only provider to offer a total deposit solution for property managers. “We now can provide property management companies with a comprehensive solution to help reduce the administrative hassle of managing traditional deposits, along with deposit alternatives that give prospective tenants options at move in. This offering enables us to meet the different needs of multifamily property managers and owners,” he said.
Before Deposify, managing cash security deposits was complex and costly, especially when managing large numbers of properties in multiple states. The Deposify platform helps owners and property management companies manage banking, payments, compliance and dispute resolution quickly and easily and at no charge. According to a recent national poll of renters by Assurant, 34 percent of renters had issues receiving their security deposit refund after they moved out.
“As one of the nation’s leading multifamily housing risk management providers, Assurant is the ideal partner for Deposify as we continue our expansion in the U.S. market,” said Jon Bayle, Founder and CEO of Deposify. “Assurant brings deep real estate experience and market knowledge to our partnership, as well as distribution on a national scale. Assurant’s security deposit alternative products complement our cash security deposit solution. Owners may prefer a cash security deposit; while residents may prefer an alternative to cash. Owners, property managers and residents can now access, for the first time, cash and alternative security deposit products in one place by Deposify and Assurant working together.
The security deposit market in the US is estimated at +$50bn, with a national average security deposit of $1,000 and +50m rental units.
Assurant, Inc. (NYSE: AIZ) is a leading global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world’s leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance and lender-placed homeowners insurance. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
Deposify is a European escrow as a service financial technology company – founded in Ireland in 2014, with US headquarters in Boston and an office in New York, Deposify launched its’ security deposit management service in the US in April 2018. Deposify is venture backed with investors including Bank of Ireland.
Learn more at Deposify.com and on Twitter @Deposify.