Here are 1-3 brief analogies for Fiserv (FI):

• Oracle or SAP for the financial services industry.
• The 'Intel Inside' for banks and payment systems.
• A specialized Amazon Web Services (AWS) for financial institutions.

• Clover: A point-of-sale (POS) and business management platform for small and medium-sized businesses, enabling payment processing, inventory management, and customer engagement.
• Carat: An enterprise payment platform designed for large businesses and global corporations, providing comprehensive payment acceptance, processing, and payout capabilities.
• Digital Banking Solutions: Provides online and mobile banking platforms, allowing financial institutions to offer customers secure access to accounts, bill pay, transfers, and other digital services.
• Core Account Processing: Offers core banking platforms and outsourcing services for banks and credit unions, managing customer accounts, deposits, loans, and general ledger operations.
• Payment Processing Services: Facilitates a broad range of payment transactions, including debit and credit card processing, ATM driving, Zelle person-to-person payments, and electronic bill payment.
• Risk & Compliance Solutions: Delivers solutions for fraud detection and prevention, anti-money laundering (AML) compliance, and regulatory reporting for financial institutions.

Fiserv (FI) - Major Customers

Fiserv (FI) primarily sells its technology and services to other companies (B2B), serving a vast client base within the financial services industry and merchant sectors. Due to the confidential nature of client relationships and the sheer number of organizations Fiserv serves globally, specific major customer names are not publicly disclosed.

However, Fiserv's major customer segments comprise the following types of companies:

• Financial Institutions: This is a core customer segment for Fiserv. It includes a wide range of organizations such as national, regional, and community banks, as well as credit unions and other financial service providers. Fiserv provides them with critical technology solutions for core account processing, digital banking platforms, payment processing, risk and compliance management, lending solutions, and data analytics.
  Examples of the types of public companies that operate in this segment (these are illustrative and not confirmed direct customers of Fiserv):
  • JPMorgan Chase & Co. (JPM)
  • Bank of America Corp. (BAC)
  • Wells Fargo & Company (WFC)
  • U.S. Bancorp (USB)
• Merchants: Fiserv serves businesses of all sizes that need to accept and process payments, ranging from small and medium-sized businesses (SMBs) to large enterprises, retailers, restaurants, and e-commerce platforms. Through brands like Clover and Carat, Fiserv offers point-of-sale (POS) systems, payment terminals, online payment gateways, and comprehensive merchant acquiring services.
  Examples of the types of public companies that operate in this segment (these are illustrative and not confirmed direct customers of Fiserv):
  • Walmart Inc. (WMT)
  • Target Corporation (TGT)
  • Starbucks Corporation (SBUX)
  • Amazon.com, Inc. (AMZN) (for third-party sellers utilizing various payment processors)

• Amazon.com, Inc. (AMZN)
• Alphabet Inc. (GOOGL)

Frank Bisignano, Chairman, President and Chief Executive Officer

Mr. Bisignano joined Fiserv in 2020. He previously served as Chairman and CEO of First Data Corporation, which Fiserv acquired in 2019. Prior to First Data, he was Co-Chief Operating Officer and CEO of the Mortgage Banking division at JPMorgan Chase & Co. He also held leadership positions at Citigroup, including Head of Global Transactions Services and CEO of Citigroup's Global Network Banking. First Data was a private equity-backed company (KKR) before its acquisition by Fiserv.

Robert Hau, Chief Financial Officer

Mr. Hau joined Fiserv as CFO in 2020. Prior to Fiserv, he served as the CFO of First Data, a former Fiserv subsidiary, from 2018 until the acquisition. He has also served as CFO at TE Connectivity and held executive roles at Honeywell International Inc. and General Electric. His background includes extensive financial leadership experience in large, global companies.

Guy Chiarello, Chief Operating Officer

Mr. Chiarello joined Fiserv in 2020 as Chief Operating Officer. He previously served as President of First Data. Prior to First Data, he was the Chief Information Officer at JPMorgan Chase & Co. He also held leadership positions at Morgan Stanley and possesses a strong background in technology and operations within financial services.

Brendan McGuire, Senior Executive Vice President, Global Head of Corporate Strategy and Business Development

Mr. McGuire joined Fiserv in 2020. He previously held several leadership roles at First Data, including Head of Strategy and Business Development. Prior to First Data, he was a Principal at McKinsey & Company.

Byron Vielehr, Chief Digital and Data Officer

Mr. Vielehr joined Fiserv in 2020. He previously served as Chief Product and Innovation Officer at First Data. Prior to joining First Data, he was Chief Operating Officer of North America at Dun & Bradstreet. He has also held leadership roles at Experian and McKinsey & Company.

The emergence of cloud-native, API-first core banking platforms poses a clear threat to Fiserv's legacy core banking systems for financial institutions. Newer players are offering more agile, scalable, and cost-efficient solutions that attract challenger banks and increasingly appeal to traditional institutions seeking modernization, potentially leading to long-term client migrations away from Fiserv's established offerings.

Secondly, Big Tech companies such as Apple and Google are increasingly moving beyond enabling payments to directly offering payment infrastructure and financial services. For example, Apple's "Tap to Pay" functionality allows merchants to accept contactless payments directly on an iPhone without external hardware, threatening traditional point-of-sale hardware and processing models. This expanding influence and direct engagement in the payment value chain by tech giants could disintermediate components of Fiserv's merchant acquiring and payment processing businesses.

The addressable markets for Fiserv's main products and services are as follows:

• Merchant Acquiring Solutions: The global merchant acquiring market size was valued at approximately USD 65.57 billion in 2022 and is projected to reach around USD 214.36 billion by 2032.
• Core Banking Solutions: The global core banking solution market size was valued at approximately USD 13.91 billion in 2022 and is projected to grow to about USD 53.07 billion by 2032.
• Digital Banking Platforms: The global digital banking platform market size was valued at approximately USD 4.9 billion in 2022 and is expected to reach about USD 21.0 billion by 2032.
• Card Issuing and Processing: While a specific market size for "card issuing and processing" alone is not distinctly available, the broader global payment processing market, which includes these services, was valued at approximately USD 90.87 billion in 2023 and is projected to reach about USD 331.78 billion by 2032.
• Billing and Payment Solutions: null

Fiserv (FI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of the Clover Platform: Continued robust growth is anticipated from the Clover point-of-sale and business management platform, primarily through increased adoption by small and medium-sized businesses (SMBs). This includes enhancing the platform's capabilities and expanding its market reach, leading to higher transaction volumes and new merchant additions.
2. Growth of the Carat Omnichannel Commerce Platform: Revenue growth will be fueled by the further expansion and adoption of the Carat platform among larger enterprises. Carat's comprehensive suite of omnichannel payment and commerce solutions is expected to attract more enterprise clients globally, supporting their complex payment needs across various channels.
3. Advancements in Digital Banking and Payments Solutions for Financial Institutions: Fiserv is poised for growth by continuing to provide innovative digital banking, payment processing, and risk management solutions to its financial institution clients. Modernizing core banking platforms, enhancing digital customer experiences, and improving operational efficiencies for banks and credit unions will contribute significantly to revenue.
4. Strategic Value-Added Services and Fintech Partnerships: Future revenue will also be driven by the cross-selling and upselling of value-added services such as data analytics, fraud prevention, and loyalty programs to existing clients. Additionally, strategic collaborations and partnerships with emerging fintech companies are expected to open new revenue streams and expand Fiserv's service offerings.
5. International Market Expansion: Fiserv's strategic focus on expanding its presence in key international markets is a critical driver. As digital payment adoption accelerates globally, particularly in emerging economies, Fiserv aims to capture a larger share of these growing markets through localized solutions and strategic acquisitions or partnerships.

• Share Repurchases
  • Fiserv repurchased 29.1 million shares of common stock for $5.4 billion in the first nine months of 2025.
  • The company repurchased $5.84 billion of stock in fiscal year 2024.
  • Fiserv's Board of Directors authorized the repurchase of an additional 60 million shares of common stock on February 20, 2025, which does not expire.
• Outbound Investments
  • In October 2025, Fiserv acquired a portion of The Toronto-Dominion Bank's merchant processing business in Canada, expanding the footprint of its Clover platform.
  • In April 2025, Fiserv agreed to acquire Brazilian fintech Money Money Servicos Financeiros S.A. to expand working capital solutions for Brazilian small businesses.
  • During the first quarter of 2025, the company completed three acquisitions outside the U.S. and acquired Payfare to enhance its embedded finance capabilities.
• Capital Expenditures
  • Fiserv expects capital expenditures to be approximately $1.8 billion for the full year 2025, an increase from earlier estimates.
  • Capital expenditures, including capitalized software and other intangibles, totaled $1.321 billion in the first nine months of 2025.
  • The primary focus of capital expenditures includes core technology modernization, enhancements to the Clover platform, and AI-driven operational excellence.