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The proptech giant has a new strategic collaboration with Australia’s largest bank.
The Commonwealth Bank of Australia (CBA) unveiled the alignment, which is set to impact the residential real estate sector, claiming it as “an Australian banking first”.
The collaboration will see CBA’s future Smart Real Estate Payments solution integrated into MRI’s Property Tree software and will reportedly reduce the administrative burden on tenants, real estate agents and property managers alike.
According to CBA, it will enable tenants a more seamless way to pay rent, providing flexible payment workflows, the ability to update their payment methods, and view history and upcoming payments.
CBA group executive for business banking, Mike Vacy-Lyle, noted that with nearly one in three Australians renting their home, the banking giant “want[s] 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”.
“This digitised solution will make it simple and easy for everyone in the rental ecosystem to make and receive rental payments,” he shared.
And with payment safety a core priority, Vacy-Lyle said the new solution would provide “a safer and more secure digital experience for tenants, real estate agents and property managers”.
CBA outlined that the future solution would accept major digital payment types – including BPAY, direct debit, PayTo and cards. It will also simplify the process of switching between payment types.
David Bowie, the Asia Pacific senior vice president and executive managing director of MRI Software, said the technology group understands the importance of transactions being processed in a timely, modern and reliable way.
He said: “Today’s announcement is a significant leap forward towards addressing friction points and payment security for our Property Tree clients.”
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
