Numbers from Fiserv Inc. early Tuesday indicate the big processor’s payments and network business for financial institutions is growing at a steady clip, with September-quarter revenue in that business up 5% year-over-year, to $1.71 billion in volume. Riding that wave, the company’s top brass late Monday announced a deal with New York City-based Melio, a business-to-business payments-technology company.
The new partnership will peddle Fiserv’s CashFlow Central service to banks looking to enter or deepen their stake in the small-business payments market, Fiserv says. It will be available to start with through more than 3,500 institutions that already use Fiserv’s CheckFree service for bill payment, Fiserv said Tuesday. More than 3,500 institutions are using CheckFree.
“Digital payments, particularly with Melio, meet the needs of small businesses,” said Fiserv chief executive Frank Bisignano during a call early Tuesday to discuss his company’s third-quarter results. That, he added, will mesh well with Fiserv’s largest division, the merchant-acceptance unit. “Melio will be available to our merchant base,” Bisignano said.
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