Fiserv & Melio partner to expand payment capabilities for small businesses
By Delisha Fernandes
Fiserv, a global provider of payments, has partnered with Melio, a B2B payments platform, to enable financial institutions to better meet the payments needs of small businesses.
CashFlow Central from Fiserv, launched through an exclusive relationship with Melio, will combine the easy-to-use accounts payable and receivable workflows for which Melio is known with Fiserv’s market-leading biller and merchant network and payment capabilities.
“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. “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.”
CashFlow Central solution will be available through Fiserv financial institution clients, including over 3,500 using CheckFree® from Fiserv for bill payment. CashFlow Central will leverage consumer and merchant payment platforms already used by these financial institutions, speeding time to market, simplifying back-office operations and enabling small business customers to seamlessly transition to the new experience.
The solution can be extended further with capabilities for expense management and card issuing and in-store and online merchant payments through Fiserv’s Clover® point-of-sale and business management platform, delivering a comprehensive end-to-end suite of small business payment capabilities via financial institutions.
“Cash Flow Central will help small businesses, who are the backbone of the U.S. economy, to minimize busywork and maximize their cash flow,” said Matan Bar, CEO and co-founder of Melio. “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.”
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