Payments technology provider TransCard has introduced a new solution to facilitate multi-party payments for property management firms.

The solution, called SMART Disburse Multi-Party Payments, is capable of enabling the review and allocation of tenant security deposits.

Using SMART Disburse, the deposits can be paid digitally from various devices, including mobile, laptop, or personal computer.

It also allows lessees to select the mode of transaction for their security deposit sent to a debit card, directly to the client’s bank account or through paper check.

In case lessees select a real-time payment method, they can accept security deposit refunds in their bank account within seconds.

If a number of individuals are using a single lease, then lessees can digitally work together to allot funds.

The system simplifies the process of refund disbursements, which are automatically reconciled in the property management company’s record, according to Transcard.

In addition, SMART Disburse can support business applications, including insurance claim payouts, to several individuals and disbursements during the closing of real estate deals.

Transcard CEO Greg Bloh said: “As more consumers embrace digital payments for daily financial tasks, we’re giving lessees more options for how they receive security deposit refunds.

“As a global payment leader, we are always looking for ways to improve the customer experience.

“With SMART Disburse, we’re not just simplifying security deposit refunds for property management firms, we’re creating better customer experiences by adding choice and convenience to the refund process.”

In April last year, Transcard established a new business entity in the UK.