Client accounts for agents
Open a client account with online banking, payment app and same-day bulk faster payments
What is Calmony?
Calmony is a specifically designed, digital Client Account for letting, estate and management agents as well as block management, build to rent and RTM (Right to Manage) agents.
Providing all the familiar features of traditional high street bank client accounts, Calmony goes beyond what banks can do for agents. Meaning that your customers get paid faster, and so do you.
No more...
Worrying about not getting an account or losing your existing client account status
Expensive 'same-day' BACS fees or slow manual online banking payments
Paying expensive percentage fees for Payment Collection systems such as GoCardless, PayPal, WorldPay and Stripe who also collect their fee from the gross payment leaving you to top it up manually
Logging in to multiple payment platforms just to pay your customers
Manually entering your payments into online banking or BACS
You get...
A dedicated client account
Open in a matter of days instead of weeks if you pass our AML checks
Calmony Faster Payments
Allows you to bulk pay your customers in minutes instead of days
Calmony Payment App
Request payments from your customers and set up standing orders from your tenants
Calmony Online Banking
Online account access to request and make payments
Upload payment
Using your existing CRM, you can export BACS files and upload to Calmony for paying your landlords same day and in one go
In 2018 the 5th EU AML directive meant UK banks were required to strengthen their controls around AML. This has resulted in banks:
- Not opening new client accounts
- Converting existing client accounts to business accounts
- Insisting on and charging between £8 and £22 for a client account per landlord
Protecting you
With Calmony, once you are approved and continue to meet CMP requirements, there is no future risk of losing your client account.
CMP Requirement
All letting or property management agents handling client funds are mandated to be part of a recognised Client Money Protection (CMP) scheme. These funds must be securely held in an “account at a bank or building society that is authorised by the Financial Conduct Authority (FCA)”.
For comprehensive details on these regulations, please refer to the official guidance at Gov.uk.
Calmony’s designated client bank accounts are facilitated through Griffin, a bank that holds authorisation from the FCA and is also featured on the Bank of England’s approved list of Banks. These accounts are established directly between the letting agents and Griffin, with Calmony providing state-of-the-art online banking technology to manage access and facilitate transactions.
Additionally, Griffin is responsible for issuing the annual Bank Safeguarding Letter required by your chosen CMP scheme provider, ensuring full compliance with the 2019 Client Money Regulations.
By choosing a Griffin client bank account through Calmony, agents are not only meeting but exceeding the legal requirements set forth for client money protection, ensuring both compliance and peace of mind.
How Calmony protects
against AML & Client Account Fraud
Money In
The payer’s account name and number are shown within Calmony so we know the origin of all payments. They can be returned directly to the payer with a single click if required.
Money out
All payees must have an approved Calmony Verify check, AML check or AML exemption in order to reduce the risk of fraud.
Agents fees
Agent income can only be transferred to an approved trading account in order to minimise the risk of client money being transferred to personal accounts.
AML checks
To ensure we are not committing an AML breach, all payees must be either Calmony Verify or AML checked using the built-in tools; or upload your own in-house AML checks.
CMP Monitoring
Calmony monitors the level of payments being made to trading accounts, directors and shareholders in order to look for early signs of the misuse of client funds.
CMP
Calmony will report to you and your CMP provider recommending a spot check if there is any suspicious activity - protecting you and your clients.
Want to get started?
Apply now online
Have any questions?
Then get in touch
How Calmony differs from a Bank
Calmony is not a bank but an e-money institution authorised under the UK Electronic Money Regulations and is FCA registered 850923.
An Electronic Money Institution (EMI) is a provider of e-money. This money is stored electronically in digital wallets with the physical money held in a bank account with the Bank of England. As Calmony is not a bank, it is not allowed to pay interest on client money.
Calmony brings together the technology and services that banks, BACS and payment providers offer, all under one Calmony.app
End to End Security
Calmony uses two factor authentication to access your account and to make payments, in addition to restricting payments out to chosen users.
Paid Full Amounts
Services like GoCardless take their fee from your payment, meaning you have to top it back up before you pay your landlord.