Client accounts for agents
Open a client account with online banking, payment app and same-day bulk payments
What is Calmony?
Calmony is a specifically designed, digital Client Account for Lettings and Management agents as well as block management 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.
Top Drawer! I have found Calmony to be easy to set up and use. The support of Jez and his team has been first rate. Calmony are well thought of by the whole team at YHPM Ltd. Highly recommended!James Cooke
Changing our clients over was easy and the dedicated support continues. We are big believers that things happen for a reason and so Goodbye HSBC and Hello Calmony.Donna Jackson
I was with Barclays for years and all of sudden they started threatening to close my account! Luckily Calmony stepped in and saved the day. It took a few days to open the account and the switchover was doddle. It fully integrates with my CRM software, agentOS, making my life easier.Ryan Woolfenden
I applied for a client account. It was set up in just a couple of days. The process was simple, communication was clear and had a fab personal touch. Nothing stuffy-bank about it. I am very impressed so far. Well done all at Calmony!Ellie Phillott
In 2018 the 5th EU AML directive meant UK banks were required to strengthen their controls around AML. This has resulted in banks:
With Calmony, once you are approved and continue to meet CMP requirements, there is no future risk of losing your client account.
The 2019 Client Money Protection regulations require that letting agents who hold client money to be a member of one of the approved schemes and that the money is held in a ring fenced designated client account.
With a Calmony client account you get and access a single designated client account that is in your company name with its own account number and sort code. Your client funds are held within designated Client Money Bank Accounts held at the Bank of England.
CMP schemes are mandated to protect client money while in the custody and control of a letting agent. They advise that if an agent chooses to use an EMI client account that they do their own due diligence, so that if client money is misappropriated by the EMI institution there would be adequate security and insurance.
Calmony has the highest Security Scorecard verified rating of A and Professional Indemnity Insurance cover of up to £2,000,000.
If the money is misappropriated by the CMP schemes member agent or their staff, then the CMP insurance would be triggered.
How Calmony protects
against AML & Client Account Fraud
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.