JPMorgan Piloting Platform for Paperless Rent Payments
J.P. Morgan Chase is working on a digital payment platform for property owners and tenants amid growing demand for paperless rent payments.
The bank is testing Story, a platform designed for property managers and owners that automates online rent invoicing and receipts, with hopes of turning it into an all-in-one property management tool, CNBC reported.
“If you talk to residents to this day, they often say the only reason I have a checkbook still is to pay my rent,” said Sam Yen, the bank’s chief innovation officer.
Boston-based FinTech Rentdrop recently debuted a mobile app for digital rent payments, offering tenants and their property owners a choice in how rents are paid and received.
FinTech rental management platform Obligo recently teamed up with Wells Fargo to expand its product offerings, becoming the only security deposit alternative using bank-issued letters of credit for property owners and tenants.
Venterra Realty, a Houston firm that owns and manages 70 communities and more than 20,000 apartment units around the country recently rolled out its Autopay Discount, giving renters a $20 monthly credit for automatic electronic rental payments upon enrollment.