Commonwealth Bank of Australia (CBA) has unveiled a strategic collaboration with MRI Software to enhance the residential real estate sector’s payment processes.
The partnership aims to streamline the payment experience for Australian real estate agents, property managers, and tenants through the integration of CBA’s forthcoming Smart Real Estate Payments solution with MRI’s Property Tree software.
In what the companies have called “an Australian banking first”, the collaboration promises to ease the administrative load for tenants, real estate agents, and property managers by automating and digitising the making, collecting and reconciling rental payment processes.
The new solution will offer tenants a user-friendly way to manage their rent payments, featuring flexible payment workflows, the ability to update payment methods, and access to payment history and upcoming payments.
“This digitised solution will make it simple and easy for everyone in the rental ecosystem to make and receive rental payments,” CBA Group Executive of Business Banking Mike Vacy-Lyle said.
“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 support major digital payment methods, including BPAY, direct debit, PayTo, and cards, enhancing flexibility for users.
“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.
MRI Software Asia Pacific Senior Vice President and Executive Managing Director, David Bowie, said innovation was at the core of Property Tree and the partnership with CBA was another way MRI could deliver better outcomes for property management clients.
He said for MRI Property Tree clients, the payments solution would mean increased efficiency, with instant clearing and access to funds, while the administrative burden would also be replaced with automation when making, collecting and reconciling rental payments.
It will also mean better security, as the direct integration will mean no personal, private information will be stored by the agent.
Mr Bowie said costs would also be reduced for the agency and tenants.
“At MRI Software, we understand the importance of processing transactions in a timely, reliable, and modern way,” he said.
“This is a significant leap forward towards addressing friction points and payment security for our Property Tree clients.”
