WaFd Bank Taps Fiserv to Launch Digital Payment Solution

US-based WaFd Bank has collaborated with Fiserv to introduce a new digital payment and cash flow management solution tailored for its small business clientele.

Headquartered in Seattle, the full-service bank has opted for Fiserv’s CashFlow Central solution, selected by Jill Boyle, Senior Vice President, and head of the commercial product and treasury solutions group, to simplify and streamline billing and payment processes for customers.

Formerly known as Washington Federal, WaFd Bank presently offers an array of banking services customised for small businesses, including current and savings accounts, credit and payroll services, inventory systems, and customer engagement tools.

As a recent addition to its service portfolio, CashFlow Central empowers small businesses to electronically send invoices, receive payments via ACH transfers and credit cards, and settle bills and supplier payments through bank accounts or credit cards. Additionally, it offers supplementary features for expense management, card issuance, and merchant services.

Matt Wilcox, President of Digital Payment Solutions at Fiserv, believes that CashFlow Central will enable WaFd Bank to adopt a comprehensive approach in serving its small business clients, thereby enhancing operational efficiency and cash flow.

The solution is the outcome of Fiserv’s collaboration with B2B payments-as-a-service platform provider Melio, a partnership announced in October and set to be integrated into its treasury management offering in Q4 2024.