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Leader Bank leases online rent collection tech to StonehamBank

Leader Bank NA has leased ZRent, an online rent collection program developed by the bank for landlords, to StonehamBank.

ZRent automatically deducts rent payments from the tenant's bank account and deposits them directly into the landlord's account. Landlords can use the platform for free provided they have an account with the bank.

As per the licensing contract, the Stoneham, Mass.-based bank will be able to offer the service to its customers in 2017, the Boston Business Journal reported.

The publication cited Jay Tuli, senior vice president of retail banking for Leader Bank, as saying that the ZRent platform has resulted in the addition of 100 accounts and $2.3 million in new core deposits for the Arlington, Mass.-based institution. The platform currently processes $1.9 million of rent per month, according to the news article.

The Leader Bank executive told the news outlet that the bank is in discussions with other institutions having an interest in ZRent.

Leader Bank is a unit of Leader Bancorp Inc.