Narvi Account: Multi IBAN Feature Use Case for Property Managers
Narvi lets companies generate unlimited IBANs, allowing them to manage different income flows and provide segregated bank statements.
A large property management company works with multiple property owners to manage their short-term lets. Often, property owners request to view their statements to see how their properties are performing. Managing the revenue of 200+ property owners became difficult for this property manager. They experienced a lot of complications with every income flow arriving into one bank account. Plus, they weren’t able to provide individual statements to property owners with a detailed account of earnings and property management fees. They then discovered Narvi. Narvi’s intuitive platform allows companies to generate unlimited IBANs. This was really helpful for this property manager as it allowed them to generate separate IBANs per rental property and, therefore, send segregated bank statements to each property owner.
How it works
The property management company was able to create a Narvi user account as normal. Once they created a user account, they could create multiple IBAN accounts by contacting Narvi directly.Each IBAN they generated was under their company’s name, but they were able to use separate IBANs to segregate the flow of revenue for each property owner. Once they had created their multiple IBAN accounts, they were able to give each account a nickname. This helped them further organize their IBANs in relation to each property owner.
Furthermore, they were able to use the “search” function to easily find the IBAN information of an account with a certain nickname. This made their process more efficient as they didn’t have to scroll through a long list of accounts.
Now, when a property owner asks to see how their properties have been doing within a certain time frame, the property management company can easily switch between IBAN accounts. From there, they can download a statement for the property owner as either a CSV file or a PDF. This statement provides the property owner information that is separate from all other IBAN accounts.
Narvi is excellent for property managers who want a solution to manage different properties and segregate both banking and accounting, providing a cleaner experience. With now 50 IBANs in the Narvi banking app, this property management company can easily see banking data related to each individual property owner and share how their property is performing with them in a clear and transparent way.
Published July 31, 2023Author:
Neil Ambikar, Co-Founder and CFO of Narvi Payments.
Neil Ambikar, Co-Founder and CFO of Narvi Payments.
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Narvi Payments Oy Ab is an Authorized Electronic Money Institution (EMI). Narvi’s EMI license is granted by the Finnish Financial Supervisory Authority (FIN FSA) with the registration number 3190214-6. Narvi’s license is Passportised to all European Union countries.
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