ConnectID introduces Digital ID for real estate

ConnectID has integrated digital ID capabilities into its platform via its new member RentBetter, an Australian self-service property management platform.

ConnectID already allows people to reuse an existing trusted digital identity - such as with their bank - to verify their identity with a new third party. 

The organisation has now expanded into the real estate industry, designed to offer companies and consumers better information privacy, security and control for agents and tenants.   

The new collaboration is also expected to assist with privacy concerns and provide a solution to update operations, reduce risk and create a more secure and trusted rental experience.   

Announced on Wednesday, the initiative born out of the Australian Payments Plus (AP+), ConnectID said RentBetter joined, enabling the expansion of the digital identity exchange’s ecosystem.

RentBetter will use trusted sources such as a person’s bank for personal verification and is completed in real-time through a data exchange without the need for ConnectID to see or store the data.  

It’s expected the use of a digital ID will offer better visibility into the information being shared and build confidence that personal data remains secure

Andrew Black, managing director of ConnectID at AP+ said, “The oversharing of sensitive data during the rental process is all too common, but storing and securing personal data can be costly, particularly for smaller agencies, and in the event of a breach, devastating.”

Black said, “That’s why digital ID is so exciting for the industry, not only can we start addressing these growing privacy and security challenges, it can be done in a way that helps raise tenant trust but also be a solution that businesses of any size can adopt.” 

Jeremy Goldschmidt, CEO of RentBetter said, “As an industry, real estate and property management hasn't seen much change over the past 50 years, especially regarding data and information privacy.

"There’s an enormous amount of personal information that is shared, creating unnecessary risk, but also unnecessary friction in the rental experience felt by everyone across the sector,” Goldschmidt said.  

He added, “That’s why we’re so excited to be integrating with ConnectID."

"We’re in a time when Australian residents are being hit by a rental crisis, there have been numerous data breaches at large public companies, and consumers are generally quite alert to the risks of identity fraud. 

"The technology means we’re able to verify identity, but also reduce the duplication of sensitive information and consequently associated risk, all the while creating a stronger trusted experience for landlords and tenants," Goldschmidt concluded.