CashFlow Central from Fintech Fiserv Used By WaFd Bank to Streamline Payments for SMBs

Fiserv, Inc. (NYSE: FI), a global provider of payments and financial technology, announced that WaFd Bank has selected CashFlow Central from Fiserv to enhance its robust small business banking offerings.

WaFd Bank small business customers will be “able to access a full range of capabilities to manage incoming and outgoing payments via their digital banking relationship, saving them time and simplifying their financial management.”

Jill Boyle, Senior Vice President and Head of the Commercial Product & Treasury Solutions Group at WaFd Bank, said:

“WaFd Bank has a common-sense, disciplined approach that resonates with our small business customers. Ready access to funds keeps small business opportunities flowing, and integrating CashFlow Central from Fiserv will enable us to help our customers simplify and streamline billing and payment processes so they can save time and maximize their money.”

CashFlow Central, created by Fiserv in partnership “with B2B payments-as-a-service platform provider Melio, is an integrated digital payment and cash flow management experience that allows small businesses to send electronic invoices, accept payments via ACH transfer or credit card, electronify supplier invoices, and pay both billers and suppliers via a bank account or credit card.”

The solution can be extended “with capabilities for expense management, card issuing, and merchant services.”

According to a 2023 Datos Insights survey of U.S.-based small businesses “generating between $100,000 and $20 million in annual revenue, 56% consider cash flow and invoice/bill payment management an ongoing pain point.”

CashFlow Central positions financial institutions “to address this pain point and compete in the growing small business space, which encompasses more than 34 million businesses in the United States. Financial institutions that offer CashFlow Central can benefit from new sources of revenue through premium services, card usage and increased deposits.”

Matt Wilcox, president of Digital Payment Solutions at Fiserv, said:

“The technology needs of small businesses can be easily overlooked, leaving them to find their own patchwork of solutions or to rely on tools designed for consumers. By taking a holistic approach to serving their small business clients, WaFd Bank is helping them streamline operations and improve cash flow to enable their long-term success.”

The addition of CashFlow Central is “the latest example of the WaFd Bank commitment to being the best bank for small businesses.”

The bank offers products and services designed “to help small businesses establish and grow, including payroll, inventory systems and customer engagement tools.”

Fiserv continues to expand access to CashFlow Central “with integration into Commercial Center from Fiserv, an end-to-end treasury management offering, expected in Q4 2024.”

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