CBA, MRI Software partnership to automate rental payments
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The news: The Commonwealth Bank is collaborating with real estate software provider MRI Software to boost the automation and digitising of rental payments.
The context: Under the strategic collaboration, CBA’s future Smart Real Estate Payments solution will be integrated into MRI’s Property Tree software, to help tenants, real estate agents and property managers when making, collecting and reconciling rental payments and reduce the administrative burden on these parties.
Separately, CBA is also supporting real estate agents by waiving valuation fees for rent rolls — property management tools — for a period of six months. It currently lends up to 60% to agents against the value of their residential rent rolls.
CBA said the collaboration would provide tenants with a more seamless way to pay rent with the ability to provide flexible payment workflows, update payment method, and view history and upcoming payments, among other features.
The payments solution will accept major digital payment types (BPAY, direct debit, PayTo and cards) and will simplify the process of switching between payment types for customers.
What they said: 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,” he said.
The source: CBA media release
