Digital payments company Square unveiled on Tuesday a new suite of financial products for small businesses. The rollout of Square Banking includes new savings and checking products, with the savings accounts issued through Square Financial Services, the company’s industrial bank, a wholly-owned subsidiary of Square that began operations in March. Square Checking is offered in partnership with $1.2 billion Sutton Bank.

In a crowded field of digital payments providers, Square is looking to distinguish itself by offering attractive account terms and real-time access to funds.

“Square Banking sets itself apart in multiple ways,” Christina Riechers, Square Banking’s head of product, told Bank Automation News. “In addition to Square Checking and Square Savings having no account fees or minimums, Square Banking’s products are embedded directly at the source of our sellers’ cash flow, which allows us to give our sellers instant access to their sales, the ability to automate their savings by putting aside a percentage of each sale they make, and proactive loan offers that are based on their sales and potential rather than their personal credit history.”

The savings account for small businesses offers a 0.5% annual percentage yield, while the checking account gives sellers instant access to their sales and the ability to immediately use those funds via a Square debit card and ACH, or to pay their employees with Square Payroll. Square Banking is also offering Square Loans, rebranded from the previous and existing Square Capital, which provides loans to sellers based on their processing data, and sellers can automatically repay them with a percentage of their daily sales.

“Adding better savings rates for clients keeps more of their funds centralized,” Lane Martin, partner at consultancy firm Capco told BAN. “Square’s begun to push the boundaries of financial services firms offering ecommerce solutions to the market to embed their revenue models more closely with the services commercial and small business customer’s need. The blend of banking and ecommerce will tighten in years to come and intentional efforts in this realm in the near term should pay long term dividends.”

The Square Banking offering will also soon allow customers to deposit checks via the company’s point-of-sale app and instantly access loans from their checking accounts after the loan approval.

Given that the fintech has its own bank, Square has an advantage over other challenger banks since it is not beholden to a third party on some of its products. “They don’t have to partner with anyone, which means, in turn, they can keep their margins pretty tight, and they can make the play cost-effective,” Gilles Ubaghs, senior analyst at the research and advisory firm Aite Group, told BAN. “It’s an interesting play for a digital challenger within that traditional banking space.”

Square’s strong retail store footprint, brand recognition, customer-centric approach and ease of use of the products only add to the advantage, Ubaghs added.

Square’s latest product rollout comes on the heels of CEO Jack Dorsey’s announcement via Twitter that the fintech will be building an open developer platform for noncustodial decentralized finance. Square declined BAN’s request for comment on Dorsey’s announcement.