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WaFd Bank to Streamline Payments for Small Businesses with CashFlow Central from FiservFiserv, Inc. (NYSE: FI), a leading global provider of payments and financial technology, announced today that WaFd Bank has selected CashFlow CentralSM from Fiserv to enhance their robust small business banking offerings. WaFd Bank small business customers will be able to access a full range of capabilities to manage incoming and outgoing payments via their digital banking relationship, saving them time and simplifying their financial management. "WaFd Bank has a common-sense, disciplined approach that resonates with our small business customers," said Jill Boyle, Senior Vice President and Head of the Commercial Product & Treasury Solutions Group at WaFd Bank. "Ready access to funds keeps small business opportunities flowing, and integrating CashFlow Central from Fiserv will enable us to help our customers simplify and streamline billing and payment processes so they can save time and maximize their money." CashFlow Central, created by Fiserv in partnership with leading B2B payments-as-a-service platform provider Melio, is an integrated digital payment and cash flow management experience that allows small businesses to send electronic invoices, accept payments via ACH transfer or credit card, electronify supplier invoices, and pay both billers and suppliers via a bank account or credit card. The solution can be extended with capabilities for expense management, card issuing, and merchant services. According to a 2023 Datos Insights survey of U.S. based small businesses generating between $100,000 and $20 million in annual revenue, 56% consider cash flow and invoice/bill payment management an ongoing pain point. CashFlow Central ositions financial institutions to address this pain point and compete in the growing small business space, which encompasses more than 34 million businesses in the United States. Financial institutions that offer CashFlow Central can benefit from new sources of revenue through premium services, card usage and increased deposits. "The technology needs of small businesses can be easily overlooked, leaving them to find their own patchwork of solutions or to rely on tools designed for consumers," said Matt Wilcox, president of Digital Payment Solutions at Fiserv. "By taking a holistic approach to serving their small business clients, WaFd Bank is helping them streamline operations and improve cash flow to enable their long-term success." The addition of CashFlow Central is the latest example of the WaFd Bank commitment to being the best bank for small businesses. The bank offers products and services designed to help small businesses establish and grow, including payroll, inventory systems and customer engagement tools. Fiserv continues to expand access to CashFlow Central, with integration into Commercial Center from Fiserv, an end-to-end treasury management offering, expected in Q4 2024. About WaFd Bank WaFd Bank is headquartered in Seattle, Washington, and has 210 branches in nine western states. To find out more about WaFd Bank, please visit our website www.wafdbank.com. About Fiserv Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move money and information in a way that moves the world. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale and business management platform. Fiserv is a member of the S&P 500® Index and has been recognized as one of Fortune® World's Most Admired Companies™ for 9 of the last 10 years. Visit fiserv.com and follow on social media for more information and the latest company news. About Melio Melio is a leading B2B payments technology company that enables small and medium-sized businesses to quickly and seamlessly transfer and receive payments, helping them improve cash flow and workflow. Melio offers accounts payable and receivable as a service through integrations with the platforms of financial institutions, software providers, and marketplaces, transforming how money is moved between businesses. Melio has headquarters in New York and an R&D center in Tel Aviv. For more information, visit meliopayments.com.
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