Fiserv, a global provider of payments and financial services technology, has signed a multi-year Strategic Managed Services program agreement with TD Bank Group. Under this agreement, TD Merchant Solutions will utilize Fiserv’s technology, including the Clover point-of-sale system, for its merchant business. This collaboration aims to deepen Fiserv’s presence in Canada and expand opportunities for Clover hardware and software-as-a-service (SaaS) solutions.
In addition to the managed services agreement, Fiserv entered into a purchase agreement with TD Bank Group to acquire a portion of TD’s Canadian merchant processing business. This acquisition encompasses a portfolio of approximately 3,400 TD merchant relationships, covering 30,000 merchant locations. These relationships are slated to transition to Fiserv’s processing system and the Clover platform. This transaction is expected to expand the reach of the Clover platform, aligning with Fiserv’s objective to deliver technology solutions to small and medium-sized businesses.
Takis Georgakopoulos, Chief Operating Officer at Fiserv, stated that the company is pleased to expand Clover’s reach and increase its commitment to Canada through this partnership with TD. He noted that the agreement reinforces the strong relationship between the two entities and their shared commitment to client value. Barbara Hooper, Group Head of Canadian Business Banking at TD Bank Group, highlighted that the strategic relationship with Fiserv will benefit TD’s business clients by integrating Clover’s merchant product offering with TD’s business banking solutions, providing merchants with current technology for payment processing and growth.
The transaction is anticipated to close later in the year, pending customary closing conditions. Financial terms of the transaction were not disclosed.
