JPMorgan Chase wants to disrupt the rent check

  • JPMorgan is piloting a platform it created for property owners and managers that automates the invoicing and receipt of online rent payments, according to Sam Yen, chief innovation officer of JPMorgan’s commercial banking division.
  • “The vast majority of rent payments are still done through checks,” Yen said. “If you talk to residents to this day, they often say ‘The only reason I have a checkbook still is to pay my rent.’”
  • The bank 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, according to Yen.

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