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Here are 1-3 brief analogies for Fiserv:

• Essentially the Amazon Web Services (AWS) for the financial industry, providing the crucial technology infrastructure for banks and payments.
• The Oracle or SAP for banks, offering the core software that manages their operations and customer accounts.
• Like Stripe or Block (Square), but for very large enterprises and banks, handling vast payment processing and merchant services.

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• Core Account Processing: Provides essential back-end technology and infrastructure for financial institutions to manage customer accounts, transactions, and balances.
• Digital Banking Solutions: Offers comprehensive platforms for online and mobile banking, enabling financial institution customers to manage their accounts and conduct transactions digitally.
• Payments Processing: Facilitates the secure and efficient processing of electronic payments, including debit, credit, ACH, and bill payment services for financial institutions and businesses.
• Merchant Acquiring & Processing (Clover & Carat): Delivers integrated point-of-sale systems and payment processing services, such as Clover and Carat, enabling merchants to accept various payment types.
• Risk & Compliance Solutions: Provides technology and services to help financial institutions address regulatory compliance, manage fraud, and mitigate financial risks.

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Fiserv (symbol: FISV) primarily sells its technology solutions and services to other companies, making it a business-to-business (B2B) enterprise. Due to the proprietary nature of their client relationships and standard confidentiality agreements, Fiserv does not publicly disclose a list of its specific 'major customer companies' by name.

However, Fiserv serves a vast array of organizations within the financial services and commerce industries. Its major customer categories, which represent the types of companies it serves, include:

• Financial Institutions: This is Fiserv's core customer base, encompassing:
  • Banks: Ranging from large national and regional banks to thousands of community banks across the globe. They utilize Fiserv for core processing, digital banking, payments, risk and compliance, and data analytics solutions.
  • Credit Unions: Fiserv is a leading provider of core processing and other technology solutions for credit unions of all sizes.
  • Wealth Management Firms: These firms use Fiserv's platforms for investment management, brokerage, and advisory services.
• Merchants and Businesses: Through its Carat and Clover platforms, Fiserv serves a wide spectrum of merchants:
  • Large Enterprise Merchants: Global brands and large companies that leverage Fiserv's Carat platform for omnichannel commerce, payment acceptance, and processing at scale. Specific client names are generally not disclosed publicly.
  • Small and Medium-Sized Businesses (SMBs): Millions of SMBs utilize Fiserv's Clover point-of-sale and business management solutions for payment processing, inventory, and customer management.

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• Alphabet Inc. (GOOGL)
• Microsoft Corporation (MSFT)

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Mike Lyons, Chief Executive Officer
Mike Lyons assumed the role of Chief Executive Officer at Fiserv on May 6, 2025. Prior to joining Fiserv, he served as President of The PNC Financial Services Group, where he oversaw all lines of business and was involved in strategic acquisitions. Earlier in his career, he held various leadership roles at Bank of America, including global head of corporate development and strategic planning, and was responsible for mergers and acquisitions in the private equity business. He also worked as a portfolio manager at Maverick Capital, focusing on financial institutions globally. Lyons also served as chair of Early Warning Services LLC, the operator of Zelle and PAZE.

Paul Todd, Chief Financial Officer
Paul Todd was appointed Chief Financial Officer of Fiserv, effective October 31, 2025. Before this role, he was a Partner at TTV Capital, a venture capital firm focused on early-stage fintech investments, indicating a pattern of managing companies backed by private equity firms. Todd previously served as CFO of Global Payments from 2019 to 2022 and as CFO of TSYS for five years prior to that, where he guided the companies through periods of rapid global expansion and played key roles in strategic and financial initiatives, including mergers and acquisitions. He also held senior leadership positions at Synovus Financial Corp. and its subsidiaries, including President & Chief Executive Officer of several entities like Financial Management Services Pty Ltd and Synovus Securities, Inc.

Takis Georgakopoulos, Co-President
Takis Georgakopoulos will become Co-President of Fiserv, effective December 1, 2025. He currently serves as Chief Operating Officer, Technology & Merchant Solutions, a position he assumed in April 2025, after joining Fiserv as an Executive Vice President in September 2024. Before joining Fiserv, Georgakopoulos was the Global Head of Payments for J.P. Morgan's Corporate & Investment Bank, where he oversaw all aspects of the business. Earlier in his career, he was a partner at McKinsey & Company, advising major banks and asset managers.

Dhivya Suryadevara, Co-President
Dhivya Suryadevara will serve as Co-President of Fiserv, effective December 1, 2025. She most recently held the position of CEO of Optum Financial Services and Optum Insight at UnitedHealth Group. Prior to that, she was the Chief Financial Officer at Stripe, where she led the company's Finance, Operations, Risk, and Global Partnerships functions. Suryadevara also served as the Chief Financial Officer at General Motors for 16 years, making history as the first woman to hold that role in the company's 110-year history. Her career began at PwC, followed by an internship at the World Bank and a role at UBS Investment Bank.

Guy Chiarello, Vice Chairman
Guy Chiarello serves as Vice Chairman at Fiserv, focusing on leading the strategy for best-in-class products and technology transformation across the enterprise. Before assuming the Vice Chairman role, Chiarello was the Chief Operating Officer at Fiserv, responsible for overseeing technology and operations. Prior to the combination of Fiserv and First Data Corporation, he was the President of First Data Corporation. His earlier career includes serving as Chief Information Officer (CIO) at JPMorgan Chase & Co. and Morgan Stanley.

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Key Risks to Fiserv (FISV) Business

1. Intense Competition and Rapidly Evolving Technology: Fiserv operates in a fiercely competitive financial technology sector, facing challenges from both established players and new, agile fintech startups that are constantly innovating. This intense competition, coupled with the rapid evolution of technology, poses a risk to Fiserv's ability to maintain its market position and could potentially erode its margins and growth assumptions. Specific competitors mentioned include PayPal, Square, Fidelity National Information Services (FIS), Global Payments, Jack Henry & Associates, and Toast, particularly impacting key growth drivers like the Clover platform.
2. Execution Challenges, Including Platform Integration and Acquisition Risks: Fiserv faces significant risks related to the execution of its strategies, particularly concerning platform integration and acquisitions. Acquisitions can lead to integration challenges, impact the balance sheet through goodwill and intangible assets, and potentially distract management, affecting organic growth. More recently, the company has experienced a sharp slowdown in growth, disrupted transaction volumes, and increased merchant attrition due to forced platform transitions, such as the migration of merchants from the Payeezy platform to Clover. These execution delays and challenges in adopting core platforms can erode Fiserv's margins and growth forecasts, and have even led to class-action lawsuits alleging misleading financial guidance.
3. Cybersecurity Risks and Operational Failures: As a leading global provider of financial services technology, Fiserv is exposed to significant cybersecurity threats. Increasing cyber threats pose substantial risks to its operations, reputation, and the security of sensitive data. A material security breach or operational failure in Fiserv's systems, or those of its clients, partners, or vendors, could have a material adverse effect on the company's business strategy, results of operations, and financial condition. Fiserv continuously invests considerable resources to assess, identify, and manage these cybersecurity risks.

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The increasing adoption of cloud-native core banking platforms by financial institutions, offered by competitors such as Mambu, Thought Machine, and Temenos. These platforms often provide greater agility, scalability, and lower total cost of ownership compared to traditional core banking systems, potentially eroding Fiserv's market share and future growth opportunities in its financial institution solutions segment if not adequately countered by Fiserv's own modernization efforts.

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Fiserv (symbol: FISV) operates in several key addressable markets for its main products and services:

• Merchant Acquiring/Acceptance: The global merchant acquiring market was valued at $25.43 billion in 2024 and is projected to grow to $42.16 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 10.6%. The U.S. online payment processing software market was valued at $27.9 billion in 2024 and is projected to reach $37.9 billion by 2032, with a CAGR of 4.0%. Within this, the global total addressable market for touchless payment methods is $25.2 billion, expected to reach $70.8 billion by 2029.
• Digital Banking Platforms: The global digital banking platform market was valued at $30.4 billion in 2023 and is projected to reach $168.3 billion by 2032, growing at a CAGR of 20.9%. North America held the largest market share in 2023.
• Payments and Network Services (General Digital Payments): The global digital payment market is projected to grow from $111.2 billion in 2023 to $193.7 billion by 2028, at a CAGR of 11.8%. The business-to-consumer (B2C) payment market is expected to reach $19.89 trillion USD by 2026.
• Core Banking Systems/Financial Technology Solutions: null
• Issuing Solutions: null
• Biller Solutions/Electronic Bill Presentment & Payment (EBPP): null

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Fiserv (FISV) is focusing on several key initiatives to drive future revenue growth over the next 2-3 years, despite anticipating a "critical investment and transition year" in 2026.

The expected drivers of future revenue growth include:

1. Expansion of the Clover Platform: Fiserv continues to invest in and expand its Clover merchant acquiring platform, which saw 26% revenue growth in Q3 2025. This platform is a significant growth engine for the company.
2. International Market Expansion: The company is strategically focused on expanding its operations into international markets, which is expected to contribute to overall revenue growth.
3. "One Fiserv" Action Plan and Technology Investments: Through its "One Fiserv" action plan, the company is committing to multi-year investments, including consolidating banking cores, enhancing client focus, and expanding spending on artificial intelligence (AI) and other innovative platforms like Finxact, Commerce Hub, and VisionNext. These initiatives aim to drive operational excellence, improve client service, and generate higher-quality recurring revenue.
4. Growth in the Merchant Solutions Segment: The Merchant Solutions segment has consistently demonstrated solid performance, with 5% organic growth in Q3 2025. This segment is a core component of Fiserv's business and is expected to continue contributing to revenue expansion.
5. Expansion of Real-Time Payment Capabilities: Fiserv is actively expanding its real-time payment capabilities and deepening partnerships with major financial institutions. This focus on advanced payment solutions is anticipated to improve visibility and scale, driving future revenue.

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Share Repurchases

• Fiserv repurchased shares totaling $2.6 billion in 2021, $2.5 billion in 2022, $4.7 billion in 2023, and $5.5 billion in 2024.
• In the first nine months of 2025, the company repurchased 29.1 million shares for $5.4 billion.
• The Board of Directors authorized the repurchase of an additional 60 million shares in November 2020 and reaffirmed this authorization in February 2025, with no expiration date.

Share Issuance

• In the first nine months of 2025, Fiserv completed a public offering of $2.0 billion in 5-year and 10-year senior notes.
• During Q2 2025, the company completed a public offering of 2.175 billion Euros in 3-year, 7-year, and 11-year senior notes.
• In August 2025, Fiserv completed a US$996.72 million fixed-income offering of 4.550% Senior Subordinated Unsecured Notes due February 15, 2031.

Outbound Investments

• Fiserv spent approximately $2 billion on acquisitions over the four years leading up to October 2024, focusing on "tuck-in type" deals.
• Key acquisitions include Finxact for $650 million in 2022 (boosting digital banking strategy), Ondot Systems for $270 million in 2021, and Bypass Mobile in 2020.
• Recent acquisitions in 2025 include Payfare (earned wage access firm), Australian payment facilitator Pinch Payments, and an agreement to acquire Money Money Servicos Financeiros S.A. in Brazil, as well as CardFree.

Capital Expenditures

• Capital expenditures, including capitalized software and other intangibles, were $1.388 billion in 2023 and $1.569 billion in 2024.
• For the full year 2025, capital expenditures are expected to be approximately $1.8 billion.
• Fiserv invested approximately $1.17 billion in research and development in 2024, a 13% increase from 2023, primarily for developing digital payments and processing technologies.