JP Morgan has supported Payload’s new payment facilitator status, which Payload will utilise to deliver a unified and API-driven fintech platform. Payload’s payment platform aims to tackle the more complex payment workflows of industries like real estate, insurance, and legal payments, among other verticals, that the traditional fintech industry has struggled to support.
Payload is a financial technology platform that automates the flow of incoming and outgoing payments across numerous industries. Payload uses an API architecture to integrate into key business platforms, simplifying manual payments using ACH, real-time payments and the major card networks.
In 2020, Payload launched an initiative to digitise traditionally manual Earnest Money Deposits (EMD) for real estate transactions. Since then, Payload has expanded to encompass all real estate transactions including agent invoicing and closing disbursements. In two years, Payload has integrated with several real estate operating platforms, leading to wide adoption by real estate and title companies throughout the US and Canada.
An area of opportunity for fintechs is in the real estate transaction cycle. In 2021, USD 3.6 trillion was exchanged in the US from the acquisition and sale of real estate. However, the real estate industry lacks the digital infrastructure lacks the digital infrastructure to bring these changes online.
As many real estate stakeholders are individuals or small entities making high-volume transactions, the exchanges are lengthy, featuring frequent compliance checks and involving many stakeholders. Closing commercial or residential real estate deals involve banks, appraisers, inspectors, brokers, insurance companies, and property managers, each with different incentives and workstreams.
Property fintech creates a way for real estate investors to cut out redundant intermediaries in real estate transactions. The benefits of fintech include helping to reduce costs, reducing friction, and increasing investment opportunities throughout the property evaluation and purchase process. As proof to that, between 2014 and 2020, the total number of real estate tech deals has continually been increasing, summing up to a total of 501 deals in 2020 alone.
Before big data, many of the decisions made in real estate were mainly based on experience and limited analysis of trends. Now, property professionals use real-time, detailed information from multiple sources to make more informed decisions.
Real estate service providers who focus on delivering bespoke, customer-centric property solutions can increase customer satisfaction. In addition, data insights can be used to help meet the needs of buyers and sellers. In this way, service providers can position themselves as the real estate partners of choice for prospective customers.
The advancement of technology and the creation of new data sources have affected almost every aspect of property management, beginning with the implementation of the business model, human resource management, and cost optimisation. The number of businesses attempting to deal with the speed, depth, and specifications of these shifts is also increasing.
Therefore, big data simplifies the process of purchasing property by making it more transparent and providing a wide range of options for buyers. In brief, big data is an important player in the real estate market whenever it comes to the end customer due to its ability to facilitate customer evaluations of a wide range of real estate parameters.
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