Commonwealth Bank and MRI Software partner to deliver market-leading solution for residential real estate sector

Commonwealth Bank of Australia has announced a strategic collaboration with real estate software provider Management Reports International (MRI) 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 partnership 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,” said Commonwealth Bank Group Executive of Business Banking , Mike Vacy-Lyle (pictured left).

“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,” he said.

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,” 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 (pictured right), Asia Pacific Senior Vice President and Executive Managing Director for MRI Software.