The digital payments platform Story is intended to replace paper cheques. Credit: Håkan Dahlström/Flickr (Creative Commons).

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.    

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.