Throughout this partnership, the CashFlow Central from Fiserv service will be launched, representing an integrated digital payment and cash flow management experience. The product is set to combine the easy-to-use accounts payable and receivable workflows of Melio with the biller and merchants’ network and payment capabilities of Fiserv, in order to allow small businesses to send electronic invoices, electronify all supplier invoices, accept transactions and payments via ACH transfers or credit card, as well as pay both billers and suppliers via a bank account or credit card.
CashFlow Central was designed to leverage customer and merchant payment platforms that are already used by financial institutions in order to speed time to market, simplify back-office operations, as well as enable small business clients to benefit from an improved experience.
Moreover, CashFlow Central will enable FIs to regain market share from direct-to-business competition by meeting the needs, preferences, and expectations of small businesses, especially in the payment and invoicing domains. The service will be available through Fiserv financial institution clients.
The solution can be further extended with capabilities for expense management and card issuing, as well as online and in-store trader payments through the Clover point-of-sale and business management platform from Fiserv. This is set to deliver a comprehensive and sage end-to-end suite of small enterprises' payment capabilities through FIs. Fiserv’s recent partnerships and developments
US-based payment and financial technology company, Fiserv provides its customers and users with a secure and efficient suite of services, encompassing account processing solutions, digital banking tools, card issuer processing, network products, payments, ecommerce, as well as merchant acquiring and processing, among others. The firm announced multiple partnerships and launches in the last couple of months, covering several different geographic areas around the world.
In October 2023, the company announced its collaboration with branded payments technologies firm Blackhawk Network. According to the press release published at the time, Fiserv was set to leverage the strategic deal in order to expand access to walk-in bill payment methods for cash-preferred clients and users.
In addition, customers who preferred to pay for household bills (such as rent or topping up their digital accounts in person with cash) were given the possibility to make payments from more than 60,000 locations across the United States. This was made possibly as Fiserv doubled its CheckFreePay agent network size so that it featured over 30,000 retailers that extended gift cards via BHN.
Earlier in the same month, Fiserv introduced a new set of APIs, aiming to offer financial institutions and enterprises improved Embedded Finance capabilities. Through the process of delivering acceptance, banking, and card issuing businesses offering to customers and partners via APIs, Fiserv focused on improving the manner in which payment facilitators, FIs, and software platforms met the needs, preferences, and expectations of their users.
In addition, businesses were enabled to expand their service models, which gave clients the possibility to receive financial solutions directly from the businesses’ platform.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now