Commonwealth Bank of Australia (CBA) has announced a strategic collaboration with real estate software provider MRI Software to deliver a market-leading solution to the residential real estate sector, and a more seamless experience for Australian real estate agents, property managers and tenants.
In an Australian banking first, the collaboration will see the integration of CBA’s future Smart Real Estate Payments solution into MRI’s Property Tree software, which 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.
It will 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.
“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,” said CBA Group Executive of Business Banking, Mike Vacy-Lyle.
The future Smart Real Estate payments solution will accept major digital payment types (BPAY, direct debit, PayTo and cards) and will simplify the process of switching between payment types to provide optionality for customers.
“The safety of payments remains one of our core priorities and the new solution will provide a safer and more secure digital experience for tenants, real estate agents and property managers,” Mr Vacy-Lyle said.
“At MRI Software, we understand the importance of processing transactions in a timely, reliable and modern way. Today’s announcement is a significant leap forward towards addressing friction points and payment security for our Property Tree clients,” said David Bowie, Asia Pacific Senior Vice President and Executive Managing Director for MRI Software.
Mike Vacy-Lyle and David Bowie Mike Vacy-Lyle and David Bowie
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 per cent 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.1
1Subject to eligibility criteria and based on individual client circumstance. Offer available until 31 December 2024.