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November 1, 2022

JPMorgan plans digital rent payment platform pilot

US banking major JP Morgan Chase is reportedly looking to pilot a rent payment tool for property owners and tenants.

Dubbed ‘Story’, the digital payments platform is intended to replace paper cheques and automate online rent invoicing and receipts.    

The software is also expected to serve as an all-in-one property management tool.

As per the bank, nearly 78% of rental payments across the US are still made via cheques and money orders.

JPMorgan commercial banking division chief innovation officer Sam Yen was quoted as saying by CNBC: “If you talk to residents to this day, they often say ‘The only reason I have a cheque book still is to pay my rent’. So there are lots of opportunities to provide efficiencies there.”

Apart from automating rent invoices and payments, Story will also let landlords track which tenants have paid and which still owe payments.

On the other hand, renters can use the platform to get notifications on monthly rent payments, and keep track of payment history via a dashboard.  

The software will also offer tenants multiple payment options.

Furthermore, Story will offer analytics-based data to help landlords and property managers finalise rent levels, make investments and also screen new tenants.

Property owners and renters need not be JPMorgan clients to use the platform.

Currently available in 15 US states, Story is slated for a broader release next year, stated Finovate.

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