WaFd Bank Enhances Small Business Banking Offerings with CashFlow Central from Fiserv

Learn how WaFd Bank is enhancing their small business banking offerings with CashFlow Central from Fiserv. Streamline payments and save time with their comprehensive services.

Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial technology, has announced that WaFd Bank has chosen CashFlow CentralSM from Fiserv to bolster their comprehensive small business banking services and streamline payments. This move will empower WaFd Bank's small business customers with a wide array of tools to efficiently manage incoming and outgoing payments through their digital banking platform, ultimately saving time and simplifying financial management processes.

CashFlow Central, developed by Fiserv in collaboration with prominent B2B payments-as-a-service platform provider Melio, offers an integrated digital payment and cash flow management experience. This solution enables small businesses to send electronic invoices, accept payments via ACH transfer or credit card, digitize supplier invoices, and make payments to billers and suppliers using a bank account or credit card. Additionally, the platform can be expanded to include features for expense management, card issuance, and merchant services.

A recent 2023 Datos Insights survey of U.S.-based small businesses generating between $100,000 and $20 million in annual revenue revealed that 56% of respondents identified cash flow and invoice/bill payment management as ongoing pain points. CashFlow Central is strategically positioned to help financial institutions address these challenges and compete effectively in the rapidly expanding small business sector, which comprises over 34 million businesses in the United States. Institutions offering CashFlow Central can unlock new revenue streams through premium services, increased card usage, and higher deposits.

The adoption of CashFlow Central underscores WaFd Bank's commitment to being a top choice for small businesses. The bank provides a range of products and services tailored to assist small businesses in establishing and expanding their operations, including payroll solutions, inventory systems, and customer engagement tools. Fiserv is actively working to broaden access to CashFlow Central, with plans to integrate the platform into Commercial Center from Fiserv, a comprehensive treasury management solution, by Q4 2024.

The partnership between WaFd Bank and Fiserv through CashFlow Central represents a significant step towards enhancing small business banking services and addressing key pain points in cash flow management and payments processing. This collaboration underscores the commitment of both organizations to supporting the growth and success of small businesses in the United States.