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The bank is piloting a platform it created for property owners and managers that automates the invoicing and receipt of online rent payments. JPM hopes to gain traction by offering users valuable insights through data and analytics, including how to set rent levels, where to make future investments and even screening tenants.
“The vast majority of rent payments are still done through checks,” Yen said in a recent interview. “If you talk to residents to this day, they often say ‘The only reason I have a checkbook still is to pay my rent.’ So there are lots of opportunities to provide efficiencies there.”
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