The Commonwealth Bank of Australia (CBA) has announced a strategic collaboration with real estate software provider MRI Software to deliver a market-leading solution for the residential real estate sector and a more seamless experience for Australian real estate agents, property managers and renters.
As an Australian banking first, the collaboration will integrate CBA’s future Smart Real Estate Payments solution with MRI’s Property Tree software, improving and reducing the experience of tenants, real estate agents and property managers in paying, collecting and reconciling rental payments becomes the administrative burden for these parties.
It offers tenants a more seamless way to pay rent, with the ability to provide flexible payment flows, update payment methods, and view history and upcoming payments, among other features.
“This digital solution will make it easy and simple for everyone in the rental ecosystem to make and receive rental payments. Almost one in three Australians rent their home and we want to ensure the processes around paying and receiving rent payments are simple and straightforward for everyone involved by automating and digitizing rent payments,” said Mike Vacy-Lyle, Executive of Business Banking at CBA Group.
The future Smart Real Estate payment solution will accept major digital payment types (BPAY, Direct Debit, PayTo and Cards) and simplify switching between payment types to provide customers with options.
“The security of payments remains one of our key priorities and the new solution will provide a more secure digital experience for tenants, real estate agents and property managers,” said Mr Vacy-Lyle.
“At MRI Software we know how important it is to process transactions in a timely, reliable and modern manner. Today’s announcement is a significant step forward in removing friction and payment security for our Property Tree customers,” said David Bowie, senior vice president and executive managing director for MRI Software in Asia Pacific.
Mike Vacy-Lyle and David Bowie Mike Vacy-Lyle and David Bowie
Regardless of the future Smart Real Estate Payments solution, CBA supports real estate agents in expanding their business by financing rent transfers. CBA currently provides loans of up to 60 percent of the value of apartment rentals. To reduce costs for real estate agents, CBA is waiving rental listing appraisal fees for a limited period of six months.1
1Subject to eligibility criteria and based on the client’s individual circumstances. Offer valid until December 31, 2024.
