Many financial institutions (FIs) have a powerful opportunity to deepen their relationships with small and mid-sized businesses (SMBs). Research from the Aite-Novarica Group reveals that 65% of SMBs are exploring solutions beyond their primary financial institutions—not out of preference, but due to unmet needs[i]. This signals a strong demand for more tailored, responsive services—an open door for FIs to step in, innovate, and become trusted partners in SMB growth.
“Inherently, we see a need for financial institutions to take advantage of that and prevent SMBs from being serviced by third parties or non-financial institutions using bank-like services,” says Matt Wilcox, Deputy Head of Financial Solutions Group and President, Digital Payments for Fiserv. “We really want to help financial institutions protect those relationships.”
The Right Partners, Solutions, and Services
To help financial institutions meet the unique needs of small businesses, Fiserv partnered with Melio, a leading accounts payable and receivable platform for small and medium businesses. “Melio’s platform integrates cash flow management, accounts receivable and accounts payable solutions to help small and medium-sized businesses…maximize cash flow and save significant time managing their payment operations,” explains a news release.
According to Wilcox, by combining Melio’s solutions with Fiserv's processing network and its work in the payment space, they built out a product called Cashflow Central, which enables SMBs to understand their money, payables, and overall cash position.
“Our mindset is to provide financial institutions with everything they need to meet the needs of SMBs,” says Wilcox. “We recognize that innovation extends beyond Fiserv’s four walls. We look for solutions from companies that are the best in their field to help FIs meet the needs of their SMB clients.”
Wilcox emphasizes that payments are central to the solutions and services they offer for their SMB clients or members. “Small businesses often need cash quickly but get paid by paper check,” says Wilcox. “Through our network, SMBs can also send and receive payments instantly and improve cash flow for their businesses using real-time payments.”
Recent studies substantiate the priority of speed for SMBs. Research conducted by Datos Insights[ii] found that speed, security, and cost-efficiency are top priorities when it comes to payment methods. In fact, 87% of SMBs rank speed as either important or very important in their decision-making. The advantages offered by real-time payments—such as faster transactions, stronger fraud controls, and lower costs—align closely with what SMBs value.
Financial institutions that help SMBs meet these challenges position themselves as strategic allies, not just transaction processors. And that’s one way to remain competitive: by attracting more small-business clients, building deeper relationships, and earning long-term loyalty.
NEXT STEPS
As FIs look to build out their business payment offerings, they want to consider the opportunities in treasury and cash management. NEACH will be at AFP Boston—October 26-29—sharing insights on emerging strategies to better serve your SMB customers and members.
And don’t miss NEACH’s 2025 Future of Payments Symposium, happening November 3–4 at the Boston Marriott Burlington. Join us for a forward-looking discussion on the evolving payments landscape and what it means for your institution.
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AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.
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