This article is from the Australian Property Journal archive
THE nation’s largest lender, Commonwealth Bank has joined forces property technology (proptech) group MRI Software to transform digital payments for 1 in 3 Australian renters, which will benefit MRI’s real estate agents handling over $28 billion in rent payment transactions annually.
In an Australian banking first, the partnership will see the integration of CBA’s future Smart Real Estate Payments solution into MRI’s Property Tree software.
The partners are touting their partnership as a market-leading solution to the residential real estate sector which will provide a more seamless experience for Australian real estate agents, property managers and tenants.
They said it will improve the experience of tenants, real estate agents and property managers when making, collecting and reconciling rental payments and reduce the administrative burden on these parties.
The solution will also make it easier for tenants to pay rent, with the ability to provide flexible payment workflows, update payment method, and view history and upcoming payments, among other features.
CBA Group Executive of Business Banking, Mike Vacy-Lyle said this digitised solution will make it simple and easy for everyone in the rental ecosystem to make and receive rental payments.
“Nearly one in three Australians rent their home and we want to make sure the processes around making and receiving rental payments are both simple and easy for everyone involved by automating and digitising rental payments.
The future Smart Real Estate payments solution will accept major digital payment types including BPAY, direct debit, PayTo and cards, and will simplify the process of switching between payment types to provide optionality for customers.
The Early Adopter Phase will start in September with MRI Software Property Tree real estate industry clients, who manage about $28 billion in rent payment transactions annually.
MRI Software Asia Pacific Senior Vice President and Executive Managing Director David Bowie said the announcement is a significant leap forward towards addressing friction points and payment security for MRI’s Property Tree clients.
“At MRI Software, we understand the importance of processing transactions in a timely, reliable and modern way,” Bowie said.
Separate to the future Smart Real Estate Payments solution, CBA is supporting real estate agents to grow their business through the financing of rent roll acquisitions. CBA currently lends up to 60% against the value of residential rent rolls. To reduce costs for real estate agents, for a limited time CBA is waiving valuation fees for rent rolls for a period of six months.
