Fiserv has teamed up with Melio to change the way financial institutions cater to small business payment needs.
Through the partnership, Fiserv has unveiled CashFlow Central, a digital payment and cash flow management solution that helps streamline small business operations and enhance their payment capabilities.
Empowering Small Businesses
What CashFlow Central aims to do is help financial institutions regain market share in the small business sector. According to both Fiserv and Melio, it’s designed to be a turnkey solution for small business payment and invoicing needs.
Through the solution, small businesses will be able to send electronic invoices, accept ACH transfer or credit card payments, and digitize supplier invoices.
Beyond payments, small businesses will also be able to use the solution for expense management, card issuing, and in-store and online merchant payments.
In general, the partnership is looking to better equip small businesses, who often don’t have all of the necessary tools and solutions at their fingertips—at least not when compared to larger organizations.
“Financial institutions are battling to regain market share from direct-to-business competitors, and small businesses are looking for solutions that combine commercial-level capabilities with the ease of use of a consumer payment solution,” said John Gibbons, Head of the Financial Institutions Group at Fiserv in a prepared statement. “Now financial institutions have an answer, a comprehensive, integrated experience that is just right for small businesses, enabling them to pay and get paid electronically and instantly. We believe this will be the first solution in the market to meet their needs.”
Matan Bar, CEO and Co-Founder at Melio also added:
“Cash Flow Central will help small businesses, who are the backbone of the U.S. economy, to minimize busywork and maximize their cash flow. The combination of innovative Fiserv payment capabilities and Melio’s accounts payable and receivable automation software will create significant value for banks and their small business customers.”
