Fiserv and Melio Partner to Streamline Accounts Payable and Receivable for Small Businesses
October 23 2023 - 2:05PM
Business Wire
CashFlow Central from Fiserv will combine
intuitive workflows, market-leading payment capabilities, and the
industry’s largest network of billers and merchants
Fiserv, Inc. (NYSE: FI), a leading global provider of payments
and financial services technology solutions, is partnering with
Melio, a leading B2B payments platform, to enable financial
institutions to better meet the payments needs of small businesses.
CashFlow CentralSM 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 the
market-leading biller and merchant network and payment capabilities
of Fiserv.
CashFlow Central will enable financial institutions to compete
in the small business segment and regain market share from
direct-to-business competition by meeting the full range of small
business payment and invoicing needs. The solution will be
available through Fiserv financial institution clients, including
the more than 3,500 that currently utilize 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.
Small business payment needs have historically been underserved,
and manual and paper-based processes are still commonly used. In
addition, existing capabilities are often fragmented, with most
small businesses using two to four tools to manage incoming and
outgoing payments.
Fiserv is enabling financial institutions to address these pain
points with CashFlow Central, an integrated digital payment and
cash flow management experience that allows small businesses to
send electronic invoices, accept payments via ACH transfer or
credit card, electronify all supplier invoices, and pay both
billers and suppliers via a bank account or credit card. The
solution can be extended further with capabilities for expense
management and card issuing, as well as in-store and online
merchant payments through the Clover® point-of-sale and business
management platform from Fiserv, delivering a comprehensive
end-to-end suite of small business payment capabilities via
financial institutions.
“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.”
“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.”
In a world moving faster than ever before, Fiserv helps clients
deliver solutions in step with the way people live and work today –
financial services at the speed of life. Learn more at
fiserv.com.
About Fiserv
Fiserv, Inc. (NYSE: FI), a Fortune 500 company, aspires to move
money and information in a way that moves the world. As a global
leader in payments and financial technology, the company helps
clients achieve best-in-class results through a commitment to
innovation and excellence in areas including account processing and
digital banking solutions; card issuer processing and network
services; payments; e-commerce; merchant acquiring and processing;
and the Clover® cloud-based point-of-sale and business management
platform. Fiserv is a member of the S&P 500® Index and one of
Fortune® World’s Most Admired Companies™. Visit fiserv.com and
follow on social media for more information and the latest company
news.
About Melio
Melio is a leading B2B payments technology company that enables
small and medium-sized businesses to quickly and seamlessly
transfer and receive payments, helping them improve cash flow and
workflow. Melio offers accounts payable and receivable as a service
through integrations with the platforms of financial institutions,
software providers, and marketplaces, transforming how money is
moved between businesses. Melio has headquarters in New York, an
R&D center in Tel Aviv, and western U.S. headquarters in
Colorado. For more information, visit meliopayments.com.
FISV-G
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version on businesswire.com: https://www.businesswire.com/news/home/20231023277793/en/
Media Relations: Ann Cave Vice President, External
Communications Fiserv, Inc. +1 678-325-9435 ann.cave@fiserv.com
Additional Contact: Tova Cohen Communications Editor Melio
+1 929-443-9616 tova@melio.com
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