In a significant move aimed at bolstering support for small businesses, WaFd Bank has partnered with financial technology giant Fiserv to integrate CashFlow Central into their banking services. This development promises to enhance how small businesses manage their finances, specifically targeting the seamless handling of payments and cash flow operations.

CashFlow Central, a product developed by Fiserv in collaboration with B2B payments provider Melio, offers a comprehensive suite of financial tools designed to assist small businesses in managing various financial tasks through a single integrated platform. This solution supports electronic invoicing, payment acceptance via ACH transfers or credit cards, and the digital processing of supplier invoices. Businesses can also execute payments to billers and suppliers directly from their bank accounts or via credit card. Additional features geared towards expense management, card issuing, and merchant services are expected to extend the platform’s capabilities further.

The initiative comes at a crucial time, as a Datos Insights survey conducted in 2023 highlighted that 56% of U.S. small businesses cite cash flow and invoice management as primary challenges. With more than 34 million small businesses operating across the United States, the need for efficient financial management solutions is more pressing than ever.

By offering CashFlow Central, WaFd Bank aims to address these challenges, providing small businesses with the tools they need to streamline their operations and enhance their financial health. This move is seen as part of WaFd Bank’s broader strategy to position itself as a leading banking partner for small businesses. The bank already offers an array of products and services tailored to support the growth and operational needs of small businesses, including solutions for payroll, inventory systems, and customer engagement.

Fiserv’s commitment to innovation in financial technology is evident in their ongoing development and enhancement of digital solutions that cater to the demands of modern businesses. The inclusion of CashFlow Central in WaFd Bank’s offerings not only solidifies their partnership but also underscores a shared commitment to improving the economic environment for small enterprises.

Scheduled for further integration into Commercial Center—a comprehensive treasury management offering from Fiserv—by the fourth quarter of 2024, CashFlow Central is poised to expand its influence and utility, potentially benefiting a broader spectrum of businesses.

As small businesses continue to navigate the complexities of financial management and growth, solutions like CashFlow Central represent vital resources that can lead to more sustainable operations and growth. WaFd Bank and Fiserv’s collaborative effort in this venture could very well set a new standard for how financial institutions support the small business sector in the future.