JPMorgan ( NYSE:JPM )
Chief Innovation Officer of JPMorgan ( NYSE:JPM ) Commercial Banking Division Sam Yen told CNBC on Monday that the bank is testing a payments platform that automates the invoicing and receipt of online rent payments as part of the banking giant’s massive investment in technology to compete with fintech startups. As a result, JPM stock surged slightly.
The bank hopes to shake up the traditional rent payment methods of cheque and money order, which are still utilized by 78% of tenants. The story is a piece of software developed by JPMorgan (JPM) with the final goal of making it into a comprehensive property management system.
Kurt Stuart, head of JPM stock commercial term financing for the Northeast area, told CNBC that rent collecting is the “most time-intensive procedure today for a real estate owner-operator.”
Landlords have traditionally used programs like Microsoft Excel and Intuit QuickBooks to manage their companies, Yen said, in addition to the time-consuming process of collecting and depositing paper checks. Even while newer, more real estate-specific systems like TurboTenant and Buildium have arisen, he claims that none of them have established themselves as market leaders.
Yen added that in addition to streamlining rent collection, the platform would ...
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