Selling payments, processing, and financial technology services to banks and credit unions may not be flashy. But it is steady and profitable. Fiserv made $17.7bn in revenue last year, a 9% jump. Fiserv is one of the “Big Three” in bank technology. Alongside rival FIS and Jack Henry doing everything from tracking customer deposits to handling debit card transactions.
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Fiserv: the Steady Eddy that processes America’s readies
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Like FIS, Fiserv made the leap into merchant payment processing with a big acquisition. It bought First Data in a $39bn deal in 2019. Unlike its rival, which last month announced plans to spin off Worldpay, the payments business it bought for $43bn just four years ago, Fiserv has successfully integrated its big ticket purchase. Merchant payments — led by Clover, a rival to Square previously owned by First Data and Carat — is now Fiserv’s fastest-growing division. Revenue from the unit rose 12.5 per cent last year to $7.3bn.
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