Commonwealth Bank of Australia (CBA) has partnered 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.

Mike Vacy-Lyle, CBA group executive of business banking, 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.”

Re-disseminated by The Asian Banker