Fiserv, Inc. a leading global provider of payments and financial technology solutions, today announced that WaFd Bank has selected CashFlow CentralSM to enhance its small business banking offerings.
WaFd Bank’s small business customers will gain a comprehensive suite of tools for managing incoming and outgoing payments through their digital banking platform. This integration with CashFlow Central will simplify financial management and save valuable time for business owners.
“Our small business customers appreciate our practical and reliable approach,” said Jill Boyle, Senior Vice President and Head of the Commercial Product & Treasury Solutions Group at WaFd Bank. “Easy access to funds is crucial for small businesses. CashFlow Central from Fiserv will allow us to empower our customers by streamlining billing and payment processes, ultimately saving them time and maximizing their financial resources.”
CashFlow Central, a collaborative effort between Fiserv and Melio, a leading B2B payments-as-a-service platform provider, offers an integrated digital payment and cash flow management experience. Key features include:
- Sending electronic invoices
- Accepting payments via ACH transfer or credit card
- Electronifying supplier invoices
- Paying billers and suppliers through bank account or credit card
The solution can be further expanded to include expense management, card issuing, and merchant services.
A 2023 Datos Insights survey revealed that 56% of U.S. small businesses generating between $100,000 and $20 million in annual revenue consider cash flow and invoice management a persistent challenge. CashFlow Central empowers financial institutions like WaFd Bank to address this critical need and become more competitive within the thriving small business sector, which encompasses over 34 million businesses in the United States.
By offering CashFlow Central, WaFd Bank can unlock new revenue streams through premium services, card usage, and increased deposits. Additionally, small businesses benefit from streamlined operations and improved cash flow management, fostering their long-term success.
Matt Wilcox, President of Digital Payment Solutions at Fiserv, commented: “The unique needs of small businesses are often overlooked, forcing them to rely on a patchwork of solutions or consumer-grade tools. WaFd Bank demonstrates a holistic approach to serving its small business clients by providing them with tools to streamline operations and improve cash flow, ultimately propelling their success.”
The integration of CashFlow Central reinforces WaFd Bank’s dedication to being the preferred banking partner for small businesses. The bank provides a comprehensive suite of products and services designed to support business establishment and growth, including payroll solutions, inventory systems, and customer engagement tools.
Fiserv is actively expanding access to CashFlow Central. Integration with Commercial Center, Fiserv’s end-to-end treasury management offering, is expected in Q4 2024.
