Fiserv, a technology provider for payments and financial services, has entered into a multi-year agreement with TD Bank Group, a Canadian banking and financial services corporation.
Under this arrangement, TD Merchant Solutions will employ Fiserv’s technology, notably using Clover, a point-of-sale system, to enhance its merchant business operations.
TD Bank Group Canadian business banking group head Barbara Hooper said: “At TD, we are focused on helping our business clients succeed.
“This strategic relationship with Fiserv will directly benefit our clients by combining Clover, Fiserv’s innovative merchant product offering, with our business banking solutions, providing our merchants with the capability to leverage the latest technology to process payments and grow.”
This partnership expands Fiserv’s presence in Canada and offers new avenues to scale the distribution of Clover hardware and software solutions.
Furthermore, Fiserv has made a purchase agreement to acquire part of TD’s merchant processing operations in Canada. This acquisition pertains to TD Merchant Solutions’ business in the country, encompassing around 3,400 merchant relationships across 30,000 locations.
These entities will transition to Fiserv’s processing platform and utilise Clover systems. The transaction aims to broaden the reach of the Clover platform while ensuring uninterrupted access for merchants to credit and debit payment solutions.
Aspects of this relationship include simplifying operations for TD Merchant Solutions and assisting in cost reduction efforts, thereby enhancing financial performance for TD over time. The deal is anticipated to finalise later this year, pending customary closing conditions.
Fiserv chief operating officer Takis Georgakopoulos said: “We are pleased to expand Clover’s reach and increase our commitment to Canada through this partnership with TD.
“This agreement reinforces our strong relationship with TD and underscores our shared commitment to delivering value to clients. I look forward to welcoming all businesses to our platform.”
Financial specifics of the transaction remain undisclosed. This transaction’s closure is expected by late fiscal 2025, after which the agreement between TD and Fiserv will be fully operational.
In conjunction with this partnership, Fiserv has disclosed its financial performance for the second quarter of 2025. The company reported an 8% rise in GAAP revenue to $5.52 billion compared to the same quarter in the previous year, with notable growth in both Merchant Solutions and Financial Solutions segments.
GAAP earnings per share increased by 22% to $1.86 for the second quarter of 2025. For the first half of 2025, GAAP revenue saw a 7% increase year-on-year to $10.65 billion, alongside a similar growth pattern in earnings per share.
