Obligo Collaborates with BNY Mellon through the Bank's Ascent Program to Digitize the Rental Experience for Property Managers

Rhea-AI Summary

Obligo, a fintech company specializing in security deposit solutions, has successfully integrated with BNY Mellon's banking portal through the Ascent program, demonstrating its ability to serve real estate clients.

Insights

Financial Analyst

The successful integration of Obligo's financial technology with BNY Mellon's banking portal signifies a strategic advancement in the fintech and real estate sectors. This collaboration could potentially streamline the process of managing security deposits for real estate clients, which is traditionally a cumbersome and risk-prone aspect of property management. By leveraging BNY Mellon's established financial infrastructure, Obligo may enhance its service reliability and scalability, potentially leading to increased adoption rates among landlords and property management companies.

From a financial perspective, this proof of concept could pave the way for Obligo to tap into a wider customer base, thereby potentially increasing its revenue streams. Moreover, the association with a reputable institution like BNY Mellon could bolster investor confidence in Obligo, possibly impacting its valuation positively. The real estate industry, being highly sensitive to operational efficiencies and cost savings, may see this as an opportunity to reduce administrative overhead and mitigate financial risks associated with security deposits.

Market Research Analyst

The integration between Obligo and BNY Mellon could be indicative of a broader trend within the fintech and real estate industries, where partnerships between technology startups and established financial institutions are becoming increasingly common. Such collaborations can provide startups with credibility and access to a larger customer base, while enabling traditional banks to innovate and offer more competitive services.

Market research would suggest that the demand for more efficient financial solutions in the real estate sector is on the rise, as both renters and landlords seek to minimize transactional friction. If Obligo's solution is well-received by BNY Mellon's real estate clients, it could set a precedent for similar fintech solutions to be adopted industry-wide, potentially disrupting traditional security deposit management practices. This could lead to a shift in market dynamics, where agility and technological integration become key competitive advantages.

Legal Expert

Obligo's technology operates at the intersection of financial services and real estate law, where regulatory compliance is paramount. The integration with BNY Mellon's banking portal must adhere to strict regulations concerning financial transactions and data security. As Obligo expands its offerings within BNY Mellon's network, it is critical to ensure that all procedures are compliant with existing financial regulations, such as anti-money laundering (AML) laws and the Bank Secrecy Act (BSA).

Additionally, the management of security deposits is subject to state-specific landlord-tenant laws, which mandate how these funds should be held and returned. Obligo's technology must account for these legal nuances to avoid potential disputes and legal challenges. Ensuring legal compliance not only protects Obligo and BNY Mellon but also reinforces the trust of their real estate clients, which is essential for the long-term viability of this partnership.

The Ascent program validated Obligo's ability to integrate with BNY Mellon's banking portal and serve its real estate clients

NEW YORK, Jan. 17, 2024 /PRNewswire/ -- Obligo, the fintech company that builds trust between renters and landlords through financial technology through its suite of security deposit solutions, announced the completion of its proof of concept as part of BNY Mellon's Ascent Program, which seeks out exceptional technology companies offering cutting-edge solutions for financial industry challenges and collaborates with them to expedite growth. During the proof of concept, Obligo and BNY Mellon validated Obligo's ability to integrate into core banking services such that it would be able to provide its service to the bank's clients directly from their banking portal.

Obligo's product suite powers a trusted and streamlined rental experience for both landlords and renters. Obligo provides landlords and property managers the ability to maintain full protection, lower their overhead, and offer an appealing amenity for renters – who can choose to keep their security deposit, and instead use it to save, invest, or spend. As the industry's deposit-free integration partner of choice, Obligo can be easily embedded in property management and financial services software, offering scalable API architectures, top of the line customer service, and the highest standards of security.

"Obligo is making significant investments in building out our API integration infrastructure with strategic fintech and proptech software partners," said Roey Dor, CEO and Co-founder of Obligo. "By being part of BNY Mellon's Ascent Program, we have accelerated and strengthened our ability to collaborate with key financial institutions."

"With the saturation of proptech tools in today's housing market, property managers and renters alike are increasingly challenged by multiple application logins, interfaces and workflows," said Fabian Khoshbakht, Global Head of Client Insight & Innovation for Treasury Services at BNY Mellon. "We believe in innovating through collaboration and look forward to continuing to support Obligo in the security deposit management solutions space."

For more information, visit myobligo.com.

About Obligo

Obligo harnesses financial technology to build trust between renters and landlords, making the move-in and move-out process as simple as checking in and out of a hotel. As the first security deposit alternative utilizing bank-issued Letters of Credit supported by Wells Fargo, Obligo uses Open Banking and AI to determine renters' eligibility to rent deposit-free.

Founded in 2018 by brothers Roey Dor and Omri Dor, Obligo has raised more than $50 million and is looking to bring its industry-changing rental solutions to millions of homes across the United States.

About BNY Mellon

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Dec. 31, 2021, BNY Mellon had $46.7 trillion in assets under custody and/or administration, and $2.4 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Media Contact:
Keegan St. Onge-May
Obligo
keegan@myobligo.com
207-650-5071

View original content to download multimedia:https://www.prnewswire.com/news-releases/obligo-collaborates-with-bny-mellon-through-the-banks-ascent-program-to-digitize-the-rental-experience-for-property-managers-302037104.html

SOURCE Obligo

FAQ

What is the latest achievement of Obligo?

Obligo has successfully completed its proof of concept as part of BNY Mellon's Ascent program, showcasing its integration with BNY Mellon's banking portal.

What does Obligo specialize in?

Obligo specializes in providing security deposit solutions for renters and landlords through financial technology.

Who did Obligo integrate with through the Ascent program?

Obligo integrated with BNY Mellon's banking portal through the Ascent program.

What industry does Obligo serve?

Obligo serves the real estate industry by providing its suite of security deposit solutions.

What was the purpose of the proof of concept completed by Obligo?

The purpose of the proof of concept was to demonstrate Obligo's ability to integrate with BNY Mellon's banking portal and serve real estate clients.

What is the latest announcement from Obligo?

The latest announcement from Obligo is the successful completion of its proof of concept as part of BNY Mellon's Ascent program.