iTOPS for Bond Management supports 400,000 residential tenancy bonds and 350,000 service requests every year
All residential tenancy bonds in the state of Victoria are required to be registered with and managed by the RTBA. The Authority is also required by law to record all changes in tenants, landlord or agents. The authority had set a target performance level of 99 percent of transactions being processed on the same day as receipt of the form initiating the transaction, and error rates of less than one percent. It required a robust technology platform as well as an efficient processing operation to achieve these goals. RTBA is a self funding agency and does not directly employ any staff. It wanted a solution that minimized capital expenses and provided ongoing bond management services.
The Integrated Technology and Operations (iTOPS) solution for Bond Management was the ideal solution for delivering the required business outcomes. The iTOPS solution includes a technology platform for lodging, managing and repaying the bonds as well as end-to-end services for managing the bonds. It has helped the agency achieve the business outcomes it was looking for:
RTBA paid only for the business outcomes – lodgement, servicing or repayment of a bond.
We made all technology, infrastructure and process related investments thus meeting one of the key goals of the Authority.
The iTOPS solution also includes a self service online system that allows users to view, make changes or initiate requests for their bonds.
No capital investment or ongoing support expenses
- Ability to service over 400,000 bonds and 350,000 service requests every year and support any future increases without hiring any staff
- Enhanced customer service with the online self service system