One of the world’s largest market sectors is also one of its oldest: real estate. Unfortunately, for much of the country, the advanced age of the real estate rental system also means that real estate transactions are stubbornly stuck in the past, with 78% of landlords and tenants relying on paper checks for payments. In a world in which digital payment options are as numerous as they are reliable, why is paying rent still locked in the previous century?
Based on what JPMorgan Chase hopes to accomplish with the pilot program for its new digital rent payment platform called Story, with any luck, rent checks are soon to be a thing of the past. The software has been designed to work as an end-to-end property management service provider for the estimated $500 billion rent payment market.
According to Sam Yen, Chief Innovation Officer in JPMorgan’s commercial banking division, Story is a game-changer for property owners and managers. In addition to automating previously time-consuming processes, Story will offer “much more visibility across their entire portfolio to see exactly what’s been paid and what hasn’t been paid,” as Yen said in a recent interview.