Through their digital banking relationship, WaFd Bank small company customers will have access to a comprehensive variety of options for managing incoming and outgoing payments, which will simplify and save them time when managing their finances.

"Our small business customers are drawn to WaFd Bank because of its practical and structured approach," stated Jill Boyle, Senior Vice President and Head of the Commercial Product & Treasury Solutions Group at WaFd Bank."Being able to integrate CashFlow Central from Fiserv will allow us to help our customers simplify and streamline payments and billing processes so they can save time and maximize their money. Ready access to funds keeps small business opportunities flowing."

Fiserv and Melio, a top provider of B2B payments-as-a-service platforms, collaborated to create CashFlow Central, an integrated digital payment and cash flow management solution that enables small businesses to pay suppliers and billers electronically, accept payments by credit card or ACH transfer, electronify supplier invoices, and send electronic invoices. It is possible to add capabilities for card issuing, merchant services, and expenditure management to the system.

A 2023 Datos Insights poll of small firms in the United States with annual turnover between $100,000 and $20 million revealed that 56% of them view cash flow and invoice/bill payment administration as a continuous source of difficulty. With more than 34 million small companies in the US, CashFlow Central puts banking institutions in a competitive and efficient position to handle this issue. Offering CashFlow Central to financial institutions opens up new revenue streams for them through increased card usage, premium services, and deposits.

According to Matt Wilcox, president of Fiserv's Digital Payment Solutions, "small businesses' technology needs can be easily overlooked, leaving them to find their own patchwork of solutions or to rely on tools designed for consumers.""WaFd Bank is assisting their small business clients in streamlining payments and enhancing cash flow to enable their long-term success by adopting a holistic approach to serving them."

The most recent illustration of WaFd Bank's dedication to being the greatest bank for small companies is the implementation of CashFlow Central. Payroll, inventory management, and customer interaction tools are just a few of the services and solutions the bank provides to assist small businesses in starting and expanding.

Fiserv is planning to integrate its end-to-end treasury management solution, Commercial Center, with CashFlow Central in Q4 2024, as part of its ongoing effort to increase access to the platform.