As housing providers face growing pressure to reduce costs, improve cash flow, and meet rising tenant expectations, the way rent is collected is becoming increasingly important. Traditional payment methods remain widely used, but they can be costly, slow to reconcile, and prone to failure.
Payment Initiation Services (PIS), widely known as Pay By Bank and enabled by Open Banking, offer a more efficient alternative, allowing tenants to make secure, real-time bank-to-bank payments directly from their banking app.
In this thought leadership piece, we explore how Payment Initiation Services are helping housing associations modernise rent collection, lower transaction costs, improve certainty of funds, and deliver a simpler, more secure payment experience for tenants.
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