Skip To Content
Back to blog home

Basiq partners with Resly to connect to customers bank accounts

Basiq is excited to announce our partnership with Resly, a first-of-its-kind property management system for property and strata managers. By using Basiq, Resly is able to connect to their customer’s live bank feeds, enabling them to process their end of month in one click and under 30 seconds.

When holding money for property owners and tenants it is critical to ensure the right funds go into the right accounts. As part of this process, agents need to update their accounting records within two business days of receipt or payment. Using Basiq, Resly is able to securely access live banking data from over thirty financial institutions. This means Resly can automatically update their property management system with data from customer’s trust accounts.

How Resly uses Basiq

According to Resly co-founder and CTO Rico Chen, having access to customer’s bank accounts is an important part of simplifying the account reconciliation process.

“Without the ability to automatically sync software with live banking data, customers would need to take extra steps to download and upload statements outside of their accounting package. By using Basiq, we were able to get up and running quickly so that we could focus on creating a powerful auto-match function based on the most up-to-date data.”

Resly’s auto-match function allows users to reconcile accounts in one click and a matter of seconds, a vast improvement on manual approaches that can take upwards of five hours. Automating this process not only saves valuable time and resources but also reduces the propensity for human error.

Unlike competitors, Resly is also 100% cloud-based. Multiple users can access and update information anywhere and anytime, eliminating the need to print out reports and alternate work between hard copy and digital documents.

Resly further simplifies property management by allowing customers to directly manage reservations from over 100 different booking websites, within the same platform. Resly co-founder Sam Steel states:

“When designing Resly it was important to differentiate ourselves from the typical desktop software. As new players, our advantage is that we aren’t held back by inefficient legacy systems. Instead, we’ve purpose-built Resly to provide a new and better way to manage property finances and bookings.”

Currently, many of Resly’s customers have been heavily affected by COVID and its impact on tourism. In an effort to help customers, Resly is supporting local, Queensland properties by providing their software free of charge for two months. Additionally, to assist companies interested in using this time to adopt a more efficient system, Resly is waiving any set-up or migration fees.

For customers who are not familiar with connecting their bank accounts or having their financial information stored online, Resly is hosted by Google, giving customers access to secure cloud storage. By partnering with Basiq, they also ensure that customers can connect their bank accounts easily and with bank-grade security.

To learn more about how access to live banking data can benefit your use case, get in touch with the Basiq team.

Learn more about Resly here.

Article Sources

Basiq mandates its writers to leverage primary sources such as internal data, industry research, white papers, and government data for their content. They also consult with industry professionals for added insights. Rigorous research, review, and fact-checking processes are employed to uphold accuracy and ethical standards, while valuing reader engagement and adopting inclusive language. Continuous updates are made to reflect current financial technology trends. You can delve into the principles we adhere to for ensuring reliable, actionable content in our editorial policy.