Snappt Launches AI-Powered Verification of Rent to Streamline Leasing and Combat Fraud

Snappt Announces AI-Enabled Verification of Rent Powered by Trigo to Combat Fraud and Improve NOI LAS VEGAS--(BUSINESS WIRE)-- Snappt, a leading platform for applicant trust in multifamily housing, announced at the NAA Apartmentalize conference the upcoming integration of Verification of Rent (VOR) powered by Trigo. This new feature, along with enhanced Verification of Assets (VOA) and bank account linking through a partnership with Mastercard's open banking platform, delivered by Finicity, represents a significant expansion of Snappt’s comprehensive financial verification capabilities. The Verification of Rent feature enabled by Trigo allows property managers to automatically and accurately validate an applicant's rental payment history, eliminating the cumbersome process of manually contacting previous landlords. Traditional credit reports often overlook crucial rental history data, making this automated system far more effective. According to Snappt, VOR can identify applicants who are four times more likely to default on their rent compared to traditional credit checks, which cover less than 5% of rental history. The new system offers 25 times more coverage than credit bureaus and boasts an 80% verification success rate, significantly higher than the industry standard of under 50%. "Leasing should be fast, secure, and grounded in trust," said James Hyde, CEO of Snappt. "Property managers are under increasing pressure to streamline the application process without compromising accuracy. Our new VOR feature addresses this need and sets a new standard, enabling operators to make confident decisions with minimal effort." In addition to VOR, Snappt's enhanced Verification of Assets (VOA) and bank account linking features further bolster the platform. These capabilities allow for real-time verification of an applicant's financial health, ensuring that property managers can assess candidates more accurately and efficiently. The expanded Applicant Trust Platform now offers a suite of tools designed to combat fraud, accelerate approvals, and protect the integrity of multifamily communities. The impact of these new features extends beyond just improving the leasing process. By providing reliable rent payment history, VOR helps property managers reduce the risk of default, thereby increasing property occupancy rates and Net Operating Income (NOI). Applicants who might have been denied due to incomplete or inaccurate credit reports can now demonstrate their reliability through verified rental history, leading to a more diverse and vetted pool of tenants. Snappt's commitment to setting the standard for fast, secure, and trusted leasing decisions is evident in the continuous expansion of its verification platform. The company has already established itself as a market leader in fraud detection, having analyzed over 13 million documents with a 99.8% accuracy rate. Snappt is unique in conducting proactive fraud research, a practice that has helped them remain at the forefront of the industry. Recently, they were ranked #1 in AI on the Inc. 5000 list, solidifying their reputation for innovation and reliability. For those interested in learning more about Snappt’s latest offerings, stop by booth #345 at the NAA Apartmentalize conference. Additional information is also available on the company's website at www.snappt.com/verification-of-rent. About Snappt Snappt is the premier verification platform tailored for the multifamily housing industry. Their advanced systems uncover the truth behind every application by detecting fraud and verifying identity, income, and assets, allowing operators to approve qualified residents with confidence and maintain the safety and integrity of their communities. As the market leader in fraud detection, Snappt stands out for its high accuracy and proactive approach to research. For more information, visit www.snappt.com.