Fiserv, Inc. is a global leader in payments and financial services technology solutions, recognized for its innovative approach to enabling money movement for financial institutions, businesses, and consumers worldwide. Headquartered at 600 N. Vel R. Phillips Avenue, Milwaukee, Wisconsin 53203, Fiserv operates as a publicly traded company on the New York Stock Exchange under the ticker symbol “FI” and is a constituent of the S&P 500 Index.
With a presence in over 100 countries, Fiserv supports more than 6 million merchant locations, nearly 10,000 financial institution clients, and manages over 1.7 billion accounts, touching nearly 100% of U.S. households. In 2024, the company reported total revenue of $20.5 billion, operating income of $5.9 billion, and net cash provided by operating activities of $6.6 billion, demonstrating its financial strength and operational scale.
Table of Contents
Fiserv’s mission is to deliver superior results and create meaningful value for its clients, associates, and shareholders through a commitment to innovation and excellence. The company’s comprehensive portfolio includes account processing, digital banking solutions, card issuer processing, network services, payments, e-commerce, merchant acquiring, and its flagship Clover cloud-based point-of-sale (POS) and business management platform. Its services are non-discretionary, ensuring high renewal rates under multi-year contracts, with 81% of 2024 revenue derived from account- and transaction-based fees.
Keyword-Driven Focus Areas
- Financial Technology Leader
- Global Payments Solutions
- Merchant Acquiring Services
- Digital Banking Platforms
- Clover POS System
- AI Integration in Fintech
- Bank Partnerships
- Small Business Solutions
- Enterprise Commerce Solutions
- Data and Intelligence
- Global Expansion
- Shareholder Value Creation
Detailed Company Profile
Fiserv, Inc. is a Wisconsin-based corporation with an I.R.S. Employer Identification Number of 39-1506125. As a leading provider of payments and financial services technology, Fiserv serves a diverse client base, including merchants, banks, credit unions, other financial institutions, and corporate and public sector clients. Its operations span the United States, Canada, Europe, Middle East and Africa (EMEA), Latin America (LATAM), and Asia-Pacific (APAC), with 85% of its 2024 revenue generated in the U.S. and Canada and 15% internationally.
The company’s business model is built on a combination of organic growth and strategic acquisitions, enabling it to deliver a wide range of products and services. Fiserv’s scale is unparalleled, processing over 90 billion transactions annually and supporting a robust technology infrastructure with more than 13,000 technologists. Its diversified distribution network, strong free cash flow generation, and client-centric approach have solidified its position as the number one financial technology company globally.
Business Segments
Fiserv operates through two primary reportable segments, realigned in the first quarter of 2024 to enhance operational performance: Merchant Solutions and Financial Solutions. Below is a detailed breakdown of each segment, including their business lines and contributions to revenue.
Merchant Solutions Segment
The Merchant Solutions segment provides commerce-enabling products and services to businesses of all sizes globally. It focuses on merchant acquiring, digital commerce, mobile payment services, security and fraud protection, stored-value solutions, SaaS, POS devices, and pay-by-bank solutions. The segment is divided into three business lines:
- Small Business:
- Description: Offers merchant acquiring solutions for small businesses and independent software vendors (ISVs), primarily through the Clover POS and business management platform. Clover enables small businesses to accept payments, manage orders, schedule services, and access vertical-specific business management tools. Additional services include Clover Capital cash advance and merchant anticipation programs for international operations.
- Key Features:
- Secure payment acceptance for credit, debit, gift card, and loyalty payments.
- Omnichannel commerce solutions integrating hardware and SaaS capabilities.
- Value-added services to enhance small business operations.
- Strategic Importance: Clover’s leadership in omnichannel commerce drives client penetration and value-based conversations, with new vertical software solutions introduced in 2024.
- Enterprise:
- Description: Provides integrated omnichannel operating systems for large businesses to orchestrate payments and create consistent customer commerce experiences. Solutions include payment acceptance, optimization, fraud mitigation, online electronic benefits transfers, pay-by-bank, and digital payouts. Commerce Hub, a next-generation gateway, supports e-commerce, omnichannel, and multi-acquirer solutions.
- Key Features:
- Maximizes approval rates, reduces declines, and lowers fraud and chargebacks.
- Manages stored value programs like gift cards and loyalty programs.
- Offers payment services for utilities, telecom, lending, and insurance providers.
- Strategic Importance: Enables enterprise clients to consolidate stored value in digital wallets and enhance customer engagement through omnichannel solutions.
- Processing:
- Description: Provides integrated merchant technology solutions to financial institutions, joint ventures, and third-party resellers like ISOs. These solutions support portfolio growth and management through real-time access to portfolio activity and pricing tools.
- Key Features:
- Combines Fiserv’s commerce-enabling technology with partners’ distribution capabilities.
- Supports strategic alliances, merchant alliances, revenue-sharing alliances, and referral agreements.
- Strategic Importance: Leverages Fiserv’s processing capabilities to strengthen partnerships and drive merchant portfolio growth.
Revenue Contribution: While specific revenue percentages for the Merchant Solutions segment are not explicitly detailed in the provided data, the segment is a significant contributor to Fiserv’s total revenue of $20.5 billion in 2024, with processing and services revenue (across both segments) accounting for 81% of total revenue.
Financial Solutions Segment
The Financial Solutions segment delivers products and services to financial institutions, corporate, and public sector clients, enabling the processing of customer loan and deposit accounts, digital payments, and card transactions. It is divided into three business lines:
- Digital Payments:
- Description: Provides debit card processing, debit network services, security and fraud protection, bill payment, person-to-person payments, and account-to-account transfers. Key products include CheckFree RXP for electronic bill payment and presentment, CashFlow Central for integrated digital payment and cash flow management, and Zelle for real-time person-to-person payments.
- Key Features:
- Tokenization, loyalty, and reward programs for debit card processing.
- Operates Accel, STAR, and MoneyPass networks for debit card purchases.
- Security and fraud management solutions using machine-learning-based predictive technology.
- Strategic Importance: Enhances financial institutions’ ability to generate transaction-based revenue and improve customer engagement.
- Issuing:
- Description: Offers credit card processing, prepaid card processing, card production, print services, government payment processing, and student loan processing.
- Key Features:
- CardHub provides mobile, customizable card management and alert tools.
- Supports card issuance through platforms like Optis (U.S.) and FirstVision (international).
- Strategic Importance: Strengthens Fiserv’s position in card issuing with modern, cloud-based platforms like Finxact.
- Banking:
- Description: Provides customer loan and deposit account processing, digital banking, financial and risk management, professional services, consulting, and check processing. The DNA core processing system is used by over 3,200 financial institutions, and Finxact is a cloud-native core platform.
- Key Features:
- Comprehensive account processing for loans and deposits.
- Digital banking solutions integrated with the SMB Integrated Suite and Experience Digital (XD).
- Risk management and consulting services for operational efficiency.
- Strategic Importance: Drives modernization of core account processing systems, positioning Fiserv as a leader in digital banking solutions.
Revenue Contribution: Similar to the Merchant Solutions segment, specific revenue percentages for the Financial Solutions segment are not isolated in the provided data. However, the segment’s contribution is integral to the 81% of total revenue from processing and services.
Revenue Breakup Summary:
- Total Revenue (2024): $20.5 billion
- Processing and Services Revenue: 81% ($16.6 billion)
- Merchant Solutions and Financial Solutions: Combined contribution, with no specific percentage split provided, but both segments are critical drivers of the 81% processing and services revenue.
- Other Revenue: 19% ($3.9 billion), including postage reimbursements and other non-core activities.
Products and Services Offered
Fiserv’s product and service portfolio is designed to enable commerce and financial transactions across various client segments. Below is a comprehensive list of key offerings, categorized by business segment, with details on their functionality and strategic importance.
Merchant Solutions Products and Services
- Clover POS and Business Management Platform:
- Description: A cloud-based POS and business management platform for small businesses, enabling payment acceptance, order management, scheduling, and vertical-specific business tools.
- Features:
- Accepts credit, debit, gift card, and loyalty payments.
- Integrates hardware and SaaS for omnichannel commerce.
- Offers Clover Capital cash advance and merchant anticipation programs.
- Strategic Importance: Drives small business growth and client penetration, with new vertical software solutions introduced in 2024.
- Commerce Hub:
- Description: A next-generation gateway and orchestration layer for enterprise clients, providing e-commerce, omnichannel, and multi-acquirer solutions.
- Features:
- Maximizes approval rates and reduces fraud and chargebacks.
- Supports payment acceptance, optimization, and digital payouts.
- Facilitates payment facilitators, marketplaces, and acquiring banks.
- Strategic Importance: Enhances enterprise clients’ ability to orchestrate payments and deliver consistent customer experiences.
- Stored Value Programs:
- Description: End-to-end solutions for gift cards, loyalty programs, and prepaid cards, both physical and digital.
- Features:
- Includes program management, e-commerce gift card storefronts, and fraud protection.
- Consolidates stored value in digital wallets for omnichannel engagement.
- Strategic Importance: Drives revenue and customer engagement for enterprise clients.
- Payment Services for Enterprises:
- Description: Solutions for utilities, telecom, lending, and insurance providers to collect payments and reduce costs.
- Features:
- Multi-channel payment collection.
- Enhances customer satisfaction with flexible payment options.
- Strategic Importance: Improves operational efficiency and customer experience for large businesses.
- Merchant Acquiring Solutions:
- Description: Technology solutions for financial institutions, joint ventures, and ISOs to manage merchant portfolios.
- Features:
- Real-time portfolio activity and pricing management tools.
- Supports strategic alliances and referral agreements.
- Strategic Importance: Strengthens partnerships and drives merchant portfolio growth.
Financial Solutions Products and Services
- CheckFree RXP:
- Description: An electronic bill payment and presentment product for financial institutions.
- Features:
- Allows customers to manage and pay bills online.
- Supports same-day or next-day bill payments.
- Strategic Importance: Enhances customer engagement and operational efficiency for financial institutions.
- CashFlow Central:
- Description: An integrated digital payment and cash flow management product for small businesses.
- Features:
- Supports accounts payable and receivable (B2B) transactions.
- Integrated with the SMB Integrated Suite and Experience Digital (XD).
- Strategic Importance: Meets the payment needs of small businesses, driving revenue for financial institution clients.
- Zelle for Business:
- Description: A real-time person-to-person payment service integrated into Fiserv’s offerings.
- Features:
- Enables fast and secure money transfers.
- Increases loyalty and attracts new accounts for financial institutions.
- Strategic Importance: Enhances transaction-based revenue and customer engagement.
- CardHub:
- Description: A mobile, customizable card management and alert tool for card issuers.
- Features:
- Drives engagement and revenue through card management features.
- Supports debit and credit card processing.
- Strategic Importance: Improves customer interaction with card issuers.
- DNA and Finxact:
- Description: Core account processing systems for financial institutions, with DNA used by over 3,200 institutions and Finxact as a cloud-native platform.
- Features:
- Supports loan and deposit account processing.
- Integrated with digital banking solutions like Experience Digital (XD).
- Strategic Importance: Positions Fiserv as a leader in modern core processing systems.
- Accel, STAR, and MoneyPass Networks:
- Description: Debit networks providing access to funds for debit card purchases.
- Features:
- Supports physical and online channels.
- Includes tokenization and fraud management solutions.
- Strategic Importance: Enhances debit card processing capabilities for financial institutions.
- Optis and FirstVision:
- Description: Card issuing platforms for the U.S. (Optis) and international markets (FirstVision).
- Features:
- Cloud-based issuing solutions for credit and prepaid cards.
- Supports card production and print services.
- Strategic Importance: Strengthens Fiserv’s position in card issuing globally.
Revenue Breakup Summary:
- Total Revenue (2024): $20.5 billion
- Processing and Services Revenue: 81% ($16.6 billion), encompassing all major products and services across both segments.
- Specific Product Revenue: Not explicitly broken down by product, but key products like Clover, Commerce Hub, CheckFree RXP, and CashFlow Central are significant contributors to the 81% processing and services revenue.
- Other Revenue: 19% ($3.9 billion), including postage reimbursements and non-core activities.
Company History
Fiserv’s history is marked by strategic growth through acquisitions, organic expansion, and innovation, positioning it as a global leader in financial technology. Key milestones include:
- Foundational Years: Established in Wisconsin, Fiserv began as a provider of financial services technology, focusing on account processing and payment solutions for financial institutions. Its early growth was driven by signing new clients and expanding product offerings.
- Merger with First Data Corporation (2019): A pivotal moment in Fiserv’s history was the acquisition of First Data Corporation on July 29, 2019. This merger combined Fiserv’s leadership in financial institution technology with First Data’s scale in merchant payments, creating a powerhouse with complementary business models. The merger generated significant synergies, which were reinvested into platform modernization and value-added solutions.
- Organic Growth and Innovation: Post-merger, Fiserv focused on organic growth by enhancing its product portfolio, particularly through the Clover POS platform and cloud-based solutions like Finxact. The company introduced new vertical software solutions and expanded its digital banking offerings, such as Experience Digital (XD).
- Global Expansion: Fiserv expanded its global footprint, operating in over 100 countries by 2024. Key international markets include EMEA, LATAM, and APAC, with Clover rolling out to Brazil, Mexico, Australia, Germany, the Netherlands, and Argentina.
- Financial Milestones: Fiserv achieved its 39th consecutive year of double-digit adjusted EPS growth in 2024, alongside four consecutive years of double-digit organic revenue growth. The company delivered on merger-related promises from 2019 and commitments from its 2020 and 2023 Investor Conferences.
- Leadership Transitions: Under Frank J. Bisignano’s leadership since the First Data merger, Fiserv transformed the financial technology ecosystem. In 2024, Bisignano was nominated as Commissioner of the Social Security Administration, leading to the appointment of Mike Lyons as President and CEO-Elect, ensuring continuity in strategic vision.
- Acquisitions and Divestitures: Fiserv has grown through strategic acquisitions, such as the Payfare acquisition in 2024 to enhance embedded finance capabilities. Divestitures, including the sale of its financial reconciliation business in 2023 and operations in Costa Rica, Korea, and Systems Integration Services in 2022, streamlined its portfolio.
- AI and Technology Investments: Fiserv’s “AI Inside” approach integrates AI into client servicing, fraud prevention, and data analytics. Investments in modernizing core platforms like DNA and Finxact have solidified its technological leadership.
Fiserv’s history reflects a virtuous cycle of sustainable revenue growth, operating margin expansion, and strategic reinvestment, positioning it for continued success.
Brands
Fiserv operates several proprietary brands that are integral to its product and service offerings. Below is a comprehensive list of key brands with details on their functionality and strategic importance.
- Clover:
- Description: A cloud-based POS and business management platform for small businesses, offering payment acceptance, order management, and vertical-specific tools.
- Features:
- Supports omnichannel commerce with integrated hardware and SaaS.
- Includes Clover Capital for cash advances and merchant anticipation programs.
- Expanded in 2024 with new vertical software solutions and a partnership with ADP.
- Strategic Importance: A leader in small business solutions, driving client penetration and revenue growth in the Merchant Solutions segment.
- Geographic Reach: U.S., Brazil, Mexico, Australia, Germany, Netherlands, Argentina.
- Commerce Hub:
- Description: A next-generation gateway and orchestration layer for enterprise clients, supporting e-commerce and omnichannel solutions.
- Features:
- Optimizes payment acceptance and reduces fraud.
- Supports payment facilitators, marketplaces, and acquiring banks.
- Strategic Importance: Enhances enterprise commerce capabilities, contributing to revenue in the Merchant Solutions segment.
- CheckFree RXP:
- Description: An electronic bill payment and presentment product for financial institutions.
- Features:
- Enables customers to manage and pay bills online.
- Supports same-day and next-day payments.
- Strategic Importance: Drives customer engagement and operational efficiency in the Financial Solutions segment.
- CashFlow Central:
- Description: An integrated digital payment and cash flow management product for small businesses.
- Features:
- Supports B2B accounts payable and receivable transactions.
- Integrated with the SMB Integrated Suite and Experience Digital (XD).
- Strategic Importance: Enhances small business offerings for financial institution clients.
- Zelle:
- Description: A real-time person-to-person payment service integrated into Fiserv’s offerings.
- Features:
- Enables fast and secure money transfers.
- Increases loyalty and attracts new accounts.
- Strategic Importance: Drives transaction-based revenue in the Financial Solutions segment.
- CardHub:
- Description: A mobile card management and alert tool for card issuers.
- Features:
- Customizable card management features.
- Supports debit and credit card processing.
- Strategic Importance: Enhances customer interaction with card issuers.
- DNA:
- Description: A core account processing system used by over 3,200 financial institutions.
- Features:
- Supports loan and deposit account processing.
- Integrated with digital banking solutions.
- Strategic Importance: A cornerstone of Fiserv’s banking solutions.
- Finxact:
- Description: A cloud-native core processing platform.
- Features:
- Modernizes account processing for financial institutions.
- Adopted by clients globally, including its first international client in 2024.
- Strategic Importance: Positions Fiserv as a leader in cloud-based core processing.
- Accel, STAR, and MoneyPass:
- Description: Debit networks for fund access in debit card purchases.
- Features:
- Supports physical and online channels.
- Includes tokenization and fraud management.
- Strategic Importance: Enhances debit card processing capabilities.
- Optis and FirstVision:
- Description: Card issuing platforms for the U.S. (Optis) and international markets (FirstVision).
- Features:
- Cloud-based issuing solutions for credit and prepaid cards.
- Supports card production and print services.
- Strategic Importance: Strengthens Fiserv’s global card issuing capabilities.
Revenue Breakup Summary:
- Total Revenue (2024): $20.5 billion
- Brand-Specific Revenue: Not explicitly broken down by brand, but Clover, Commerce Hub, CheckFree RXP, and CashFlow Central are significant contributors to the 81% processing and services revenue ($16.6 billion).
- Other Revenue: 19% ($3.9 billion), including non-branded activities.
Geographical Presence
Fiserv operates in over 100 countries, with a significant presence in the U.S. and Canada (85% of 2024 revenue) and international regions (15% of 2024 revenue). Below is a detailed breakdown of its geographical presence and revenue distribution.
- United States and Canada:
- Revenue Contribution (2024): 85% ($17.4 billion)
- Details:
- Primary market for Fiserv’s operations, supporting nearly 10,000 financial institution clients and 6 million merchant locations.
- Key products include Clover, Commerce Hub, CheckFree RXP, CashFlow Central, and core processing systems like DNA and Finxact.
- Operates debit networks like Accel, STAR, and MoneyPass.
- Headquartered in Milwaukee, Wisconsin, with multiple offices and data centers.
- Strategic Importance: The U.S. and Canada are Fiserv’s largest markets, driving the majority of its revenue and client base.
- International Regions:
- Revenue Contribution (2024): 15% ($3.1 billion)
- Sub-Regions:
- Europe, Middle East, and Africa (EMEA):
- Established franchises with Clover and FirstVision rollouts in Germany and the Netherlands.
- Supports enterprise and small business solutions.
- Latin America (LATAM):
- Clover rollout in Brazil, Mexico, and Argentina.
- Expanding Finxact and FirstVision adoption.
- Asia-Pacific (APAC):
- Clover rollout in Australia.
- Growing pipeline for FirstVision and other solutions.
- Europe, Middle East, and Africa (EMEA):
- Details:
- International revenue represents a growth opportunity, with only 15% of total revenue in 2024.
- Fiserv’s presence in over 100 countries supports global clients with localized solutions.
- Recent expansions include Finxact’s first international client in December 2024.
- Strategic Importance: International markets offer significant growth potential, with initiatives to expand Clover, FirstVision, and Finxact globally.
Revenue Breakup Summary:
- Total Revenue (2024): $20.5 billion
- U.S. and Canada: 85% ($17.4 billion)
- International (EMEA, LATAM, APAC): 15% ($3.1 billion)
Financial Performance
Below are the consolidated financial statements for Fiserv, Inc. for the years 2022, 2023, and 2024, presented in tables as derived from the provided data.
Consolidated Statement of Income
| (In millions, except per share data) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 20,456 | 19,093 | 17,737 |
| Operating Income | 5,900 | Not provided | Not provided |
| Net Income Attributable to Fiserv | 3,131 | 3,069 | 2,530 |
| Diluted Earnings Per Share | 5.38 | 4.98 | 3.91 |
| Adjusted Revenue | 19,123 | 18,085 | 16,848 |
| Adjusted Operating Income | Not provided | Not provided | Not provided |
| Adjusted Net Income | 5,123 | 4,632 | 4,205 |
| Adjusted Earnings Per Share | 8.80 | 7.52 | 6.49 |
| Diluted Shares Used | 582.1 | 615.9 | 619.0 |
Notes:
- Adjusted metrics exclude non-cash items, merger costs, severance, amortization, and other adjustments.
- 2024 GAAP EPS growth: 8%; Adjusted EPS growth: 17%.
- Revenue includes processing and services (81% in 2024) and other sources.
Consolidated Statement of Cash Flows
| (In millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net Cash Provided by Operating Activities | 6,631 | 5,162 | 4,618 |
| Capital Expenditures | (1,569) | (1,386) | (1,479) |
| Free Cash Flow | 5,233 | 4,016 | 3,515 |
| Adjustments | |||
| Distributions Paid to Noncontrolling Interests | (55) | (34) | (42) |
| Distributions from Unconsolidated Affiliates | 60 | 136 | 138 |
| Severance, Merger, and Integration Payments | 179 | 169 | 306 |
| Tax Payments on Adjustments | (36) | (34) | (64) |
| Other | 23 | 5 | 49 |
Notes:
- Free cash flow is calculated after adjustments for noncontrolling interests, unconsolidated affiliates, and other items.
- 2024 capital expenditures of $1.5 billion reflect significant investments in technology and infrastructure.
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Fiserv operates through a network of subsidiaries and associates, with limited specific details provided on ownership percentages and revenue contributions. Below is a comprehensive list based on the available data.
- Significant Subsidiaries:
- Fiserv Costa Rica, S.A. (Divested in 2022):
- Details: Previously a subsidiary, sold as part of portfolio streamlining.
- Revenue Contribution: Not applicable in 2024 (divested).
- Other Subsidiaries: The document references consolidated subsidiaries but does not list specific names or ownership percentages beyond Fiserv Costa Rica, S.A.
- Fiserv Costa Rica, S.A. (Divested in 2022):
- Wholly-Owned Subsidiaries:
- No specific wholly-owned subsidiaries are explicitly named in the provided data, but Fiserv’s consolidated financial statements include activities of wholly-owned entities.
- Associates and Joint Ventures:
- Wells Fargo Merchant Services:
- Details: An equity method investment, with a non-cash impairment recorded in 2024.
- Revenue Contribution: Included in non wholly-owned entity activities, contributing to $100 million in adjustments to adjusted net income in 2024.
- Other Joint Ventures:
- Details: Fiserv maintains strategic alliances and joint ventures for merchant acquiring and processing, with no specific names provided.
- Revenue Contribution: Included in non wholly-owned entity activities, with pre-tax gains of $201 million from equity investment transactions in 2022.
- Wells Fargo Merchant Services:
Revenue Breakup Summary:
- Subsidiary and Associate Revenue: Not explicitly broken down, but non wholly-owned entity activities contributed to adjustments in adjusted net income ($100 million in 2024, $133 million in 2023, $9 million in 2022).
- Total Revenue (2024): $20.5 billion, with subsidiary and associate contributions embedded in the 81% processing and services revenue.
Physical Properties
Fiserv’s physical properties include its headquarters and various offices and data centers globally. Specific details are limited, but key information includes:
- Headquarters:
- Location: 600 N. Vel R. Phillips Avenue, Milwaukee, Wisconsin 53203.
- Details: Serves as the primary administrative and operational hub.
- Strategic Importance: Centralizes corporate functions and supports U.S. operations.
- Other Properties:
- U.S. and Canada: Multiple offices and data centers supporting merchant and financial solutions, including technology infrastructure for processing over 90 billion transactions annually.
- International: Offices in over 100 countries, including EMEA, LATAM, and APAC, supporting localized operations for Clover, FirstVision, and Finxact.
- Data Centers: Critical for hosting cloud-based platforms like Finxact and processing systems like DNA.
Note: The document does not provide a detailed list of specific office locations, plants, or factories, but Fiserv’s global operations imply a network of facilities to support its extensive client base and transaction volume.
Board of Directors
Fiserv’s Board of Directors comprises experienced professionals who oversee governance and strategic direction. Below is a comprehensive list of directors as of February 20, 2025, with their roles:
- Frank J. Bisignano:
- Role: Chairman and Chief Executive Officer (outgoing, nominated as Commissioner of the Social Security Administration).
- Details: Led Fiserv through transformative growth, including the First Data merger. Known for operational excellence and strategic vision.
- Doyle R. Simons:
- Role: Lead Independent Director, set to become Chairman.
- Details: Oversees board operations and shareholder engagement, with a focus on governance and value creation.
- Stephanie E. Cohen:
- Role: Director.
- Details: Contributes to strategic oversight, with expertise complementing Fiserv’s financial technology focus.
- Henrique De Castro:
- Role: Director.
- Details: Brings industry experience to support Fiserv’s global expansion and technology initiatives.
- Harry F. DiSimone:
- Role: Director.
- Details: Supports board governance and strategic planning.
- Lance M. Fritz:
- Role: Director.
- Details: Contributes to operational and strategic oversight.
- Ajei Gopal:
- Role: Director.
- Details: Provides expertise in technology and innovation, aligning with Fiserv’s AI and platform modernization efforts.
- Wafaa Mamilli:
- Role: Director.
- Details: Enhances board diversity and strategic insight.
- Heidi G. Miller:
- Role: Director.
- Details: Supports financial and governance oversight.
- Kevin M. Warren:
- Role: Director.
- Details: Contributes to board strategy and client engagement initiatives.
- Charlotte Yarkoni:
- Role: Director.
- Details: Brings technology and operational expertise to the board.
Board Refreshment: Since 2024, Fiserv added three new directors to enhance board composition, improved its onboarding process, and expanded its director education program to ensure effective oversight.
Investment Details
Fiserv’s investment activities include strategic acquisitions, divestitures, and equity method investments. Key details include:
- Acquisitions:
- Payfare Acquisition (2024):
- Details: Enhanced Fiserv’s embedded finance capabilities, supporting merchants’ financial product offerings.
- Strategic Importance: Strengthens Fiserv’s position at the intersection of commerce and banking.
- First Data Corporation (2019):
- Details: Acquired on July 29, 2019, combining Fiserv’s financial institution technology with First Data’s merchant payment solutions.
- Strategic Importance: Created significant synergies, driving platform modernization and revenue growth.
- Payfare Acquisition (2024):
- Divestitures:
- Financial Reconciliation Business (2023):
- Details: Sold to streamline operations, contributing to a net gain on sale of businesses.
- Fiserv Costa Rica, S.A., Systems Integration Services, Korea Operations, and Merchant Contracts (2022):
- Details: Divested to focus on core businesses, resulting in a net gain on sale.
- Revenue Impact: Divestitures are adjusted in organic revenue calculations, with no specific revenue contribution provided.
- Financial Reconciliation Business (2023):
- Equity Method Investments:
- Wells Fargo Merchant Services:
- Details: A joint venture with a non-cash impairment recorded in 2024.
- Revenue Impact: Included in $100 million of non wholly-owned entity activities in 2024 adjusted net income.
- Other Equity Investments:
- Details: Contributed to $201 million in pre-tax gains in 2022 from certain equity investment transactions.
- Wells Fargo Merchant Services:
Investment Revenue Summary:
- Total Revenue Impact: Acquisition and divestiture impacts are adjusted in organic revenue growth calculations (16% in 2024).
- Non Wholly-Owned Entity Activities: Contributed $100 million (2024), $133 million (2023), and $9 million (2022) to adjusted net income.
Future Investment Plan
Fiserv’s future investment plans are aligned with its strategic vision outlined at the 2023 Investor Conference, with no changes planned under new CEO Mike Lyons. Key areas of focus include:
- Value-Added Solutions (VAS) Growth:
- Plan: Expand the portfolio of VAS, including new vertical software solutions on Clover and CashFlow Central for B2B transactions.
- Details: Partnerships like ADP enhance VAS penetration, with ADP reselling Clover and CashFlow Central.
- Investment Focus: Deepen client relationships and drive value-based conversations.
- Bank Partnerships for SMB Solutions:
- Plan: Accelerate growth in bank partnerships for merchant acquiring, leveraging Clover and the SMB Integrated Suite.
- Details: The SMB Integrated Suite, embedded in Experience Digital (XD), includes Clover, CashFlow Central, SpendTrack, and Zelle for Business.
- Investment Focus: Expand revenue potential for financial institution resellers in the SMB market.
- Modernizing Processing Platforms:
- Plan: Continue investing in core account processing systems like DNA (used by over 3,200 financial institutions) and Finxact (cloud-native platform).
- Details: Investments in Optis (U.S.) and FirstVision (international) to extend Fiserv’s lead in card issuing.
- Investment Focus: Enhance technological leadership and client adoption.
- Driving Data and Intelligence:
- Plan: Leverage Fiserv’s proprietary data from millions of merchants, card files, and bank accounts to enhance AI-driven solutions.
- Details: The Fiserv Small Business Index and AI engines reduce fraud, improve authorization rates, and generate sales leads.
- Investment Focus: Integrate AI into client servicing, fraud prevention, and advanced insights.
- International Expansion:
- Plan: Expand Clover, FirstVision, and Finxact in international markets, including Brazil, Mexico, Australia, Germany, Netherlands, and Argentina.
- Details: Finxact won its first international client in December 2024, with a growing pipeline for FirstVision.
- Investment Focus: Increase international revenue contribution beyond the current 15%.
- Capital Expenditures:
- Plan: Continue prudent investments, with over $1.5 billion spent in 2024.
- Details: Investments focus on platform modernization, technology infrastructure, and client-centric innovations.
- Investment Focus: Ensure resiliency, fortify the balance sheet, and reward shareholders.
- AI Integration:
- Plan: Pursue an “AI Inside” approach, integrating AI into client servicing, fraud and security, advanced insights, lead generation, pricing optimization, and developer productivity.
- Details: Collaborate with dedicated technology providers to enhance AI capabilities.
- Investment Focus: Drive operational efficiency and client value through AI.
Financial Commitment:
- Fiserv is on track to meet its 2023 Investor Conference targets through 2026, focusing on sustainable revenue growth, operating margin expansion, and strong free cash flow to support investments and shareholder returns.
Conclusion
Fiserv, Inc. stands as a global leader in financial technology, delivering innovative solutions that enable money movement for merchants, financial institutions, and consumers. Its two primary segments—Merchant Solutions and Financial Solutions—offer a comprehensive suite of products like Clover, Commerce Hub, CheckFree RXP, and Finxact, driving 81% of its $20.5 billion 2024 revenue from processing and services. With a presence in over 100 countries, a robust technology infrastructure, and a commitment to AI integration and platform modernization, Fiserv is well-positioned for future growth. The company’s financial performance, marked by 17% adjusted EPS growth and 16% organic revenue growth in 2024, reflects its operational excellence and strategic vision. Under new leadership, Fiserv continues to execute its 2023 Investor Conference blueprint, focusing on client success, shareholder value, and global expansion.
