There is a good chance you have never heard of Aareon. But if you did, you probably have some touching points with property management. Aareon is a software-as-a-service provider for property management and its history goes back to the 1950s. German Aareal Bank owns the majority of Aareon, and together with Swan, it has just introduced a banking product in Spain (The Paypers).
But Aareon is not a new player in the world of embedded finance. The core product of Aareon is a property management system, which is basically an industry niche ERP for the property industry. In this product offering, Aareon already offers payment products which it advertises under the Aareon Pay brand. To be more specific, it offers a virtual IBAN solution to rental unit owners, which can then share unique IBANs with their tenants. This completely removes reconciliation efforts, as tenants do not have to add a purpose text for the monthly rent transfer anymore.
Now Aareon, or its Spanish subsidiary IETS to be precise, went a step further and launched a complete banking product in Spain under the brand TucoBan. The product is specifically designed for homeowner associations. These associations are common in Spain and other European countries and these associations are responsible for the public space around their own properties. Onboarding and managing such associations from a financial service point of view is not always easy and the product seems to address this need.
