Fiserv has revealed that WaFd Bank has selected its CashFlow Central offering to improve small business banking offerings.
Through this selection, WaFd Bank's small business customers will gain access to a range of capabilities for managing incoming and outgoing payments within their digital banking relationship, aiming to save time and simplify financial management tasks.
Officials from WaFd Bank noted that the bank's pragmatic and disciplined approach aligns well with the needs of their small business clientele. They also highlighted that integrating CashFlow Central from Fiserv will enable the bank to assist customers in simplifying and streamlining payments and billing processes, ultimately saving time and optimising financial resources.
CashFlow Central, developed by Fiserv in collaboration with B2B payments-as-a-service platform provider Melio, is an integrated digital payment and cash flow management solution for small businesses. It enables electronic invoicing, ACH transfers, credit card payments, electronic supplier invoice processing, and bill payments through bank accounts or credit cards. The solution can be expanded to include expense management, card issuing, and merchant services functionalities.
Ffnews.com cites a 2023 Datos Insights survey of US-based small businesses with annual revenues ranging from USD 100,000 to USD 20 million, which revealed that 56% consider cash flow and invoice/bill payment management as ongoing challenges. CashFlow Central aims to address this pain point for financial institutions, allowing them to better serve the growing small business segment, which comprises over 34 million businesses in the United States.
Officials from Fiserv emphasised the importance of holistic approaches to serving small business clients, noting that neglecting their technology needs can leave them with fragmented solutions or consumer-oriented tools. They commended WaFd Bank for prioritising their small business clients' needs and facilitating streamlined payment processes to support their long-term success.
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