Fiserv and Melio Partner to Streamline Payments for SMEs

Fiserv, Inc., a global leader in financial services technology solutions, is joining forces with B2B payments platform Melio to better cater to the payment needs of small businesses.

Introducing CashFlow Central

Fiserv is set to launch CashFlow Central, a product created in partnership with Melio. This advanced solution will integrate Fiserv’s market-leading biller and merchant network and payment capabilities with Melio’s renowned accounts payable and receivable workflows. The initiative aims to make it easier for financial institutions to cater to small businesses and regain market share that has been lost to direct-to-business competition.

The solution will be accessible through Fiserv’s financial institution clients, including the more than 3,500 institutions that currently use Fiserv’s CheckFree® for bill payments. CashFlow Central will also leverage the consumer and merchant payment platforms already employed by these institutions.

Addressing Small Business Needs

Historically, the payment needs of small businesses have been largely underserved, with manual and paper-based processes still prevalent. Moreover, existing capabilities are often disjointed, with most small businesses using two to four tools to manage payments.

CashFlow Central aims to address these issues by offering a fully-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 all supplier invoices, and pay both billers and suppliers via a bank account or credit card.

A Comprehensive Solution

The capabilities of CashFlow Central can be extended to include expense management, card issuing, and in-store and online merchant payments through Fiserv’s Clover® point-of-sale and business management platform. This offers a comprehensive suite of small business payment capabilities through financial institutions.

John Gibbons, head of the Financial Institutions Group at Fiserv, commented on the development, stating that the integrated experience is designed to meet the needs of small businesses, enabling them to pay and get paid electronically and instantly.

Matan Bar, CEO and co-founder of Melio, echoed this sentiment and emphasized the potential of CashFlow Central to help small businesses, the backbone of the U.S. economy, minimize busywork and maximize their cash flow. He added that the partnership would create significant value for banks and their small business customers.