The 7-14 day waiting period is one of our lines of defence against rogue landlords. As we don't always visit the property ourselves, we have to be reasonably sure the property is available, under ownership of the OpenRent landlord, and has been moved into before transferring the tenant's money.
This is a requirement to ensure tenants using Rent Now are protected. In an ideal world we could obviously remove this from our system. As a company, we gain nothing by holding onto this money. It's an administrative cost and burden.
We notify the landlord as soon as the money has left our account and after that it should be with them as quickly as bank processing times allow. We hold on to the money for as short a time as possible, and the seven day variance just depends on the bank in question.