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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.
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.
https://www.ft.com/content/13ac6952-9126-44af-a1af-252a9625967a
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