WaFd Bank has selected CashFlow Central from payments and financial technology provider Fiserv to streamline its small business banking offerings.

Through the partnership, WaFd Bank’s small business customers can access a whole suite of capabilities to handle incoming and outgoing payments through their digital banking relationship.

This will enable the clients to save time as well as simplify their financial management.

Headquartered in Washington, WaFd Bank delivers products and services tailored to assist small businesses develop and scale. These include payroll, inventory systems, and customer engagement tools.

WaFd Bank commercial product and treasury solutions group head and senior vice president Jill Boyle said: “WaFd Bank has a common-sense, disciplined approach that resonates with our small business customers.

“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 maximise their money.”

Built by Fiserv in partnership with business-to-business (B2B) payments-as-a-service platform provider Melio, CashFlow Central is an integrated digital payment and cash flow management experience.

The solution supports small businesses by facilitating the sending of electronic invoices, accepting payments through automated clearing house (ACH) transfer or credit card, digitising supplier invoices, and enabling payments to both billers and suppliers via a bank account or credit card.

Besides, it can be extended to include features for card issuing, expense management, and merchant services.

Fiserv digital payment solutions president Matt Wilcox said: “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.

“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.”

Fiserv also aims to integrate CashFlow Central into the company’s end-to-end treasury management offering Commercial Center. This is expected to take place in Q4 2024.