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• Fiserv is like the **Amazon Web Services (AWS)** for banks and businesses, providing the essential technology to manage accounts and process payments.
• Think of Fiserv as the **'Intel Inside'** for financial transactions, powering everything from your bank's core systems to the payment terminals at stores.
• Fiserv is like **Stripe** or **Square**, but on an enterprise scale, providing payment processing and core technology solutions for banks and large merchants.

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• Merchant Acquiring & Digital Commerce Services: Facilitates point-of-sale and online transaction processing for businesses.
• Clover Platform: A cloud-based point-of-sale and business management system designed for merchants.
• Carat Omnichannel Solution: Provides a unified commerce platform for large enterprises to manage payments across various channels.
• Core Account Processing: Manages customer deposit and loan accounts, general ledgers, and central information files for financial institutions.
• Digital Banking Solutions: Offers technology for online and mobile banking experiences for financial institutions.
• Card Processing & Services: Handles debit, credit, and prepaid card transactions, including card production and network services.
• Digital Payment Solutions: Provides non-card digital payment options such as bill payment, account-to-account transfers, and person-to-person payments.
• Security & Fraud Protection: Delivers products and services to safeguard transactions and data across all their offerings.
• Professional Services & Consulting: Offers expert advice and implementation support for financial and payment technology solutions.
• Financial & Risk Management: Provides tools for financial planning, analysis, and risk mitigation specifically for financial institutions.

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Fiserv (FISV) primarily sells its services and technology to other companies and organizations, not directly to individuals. Based on the provided description, its major customers fall into the following categories. Specific names of customer companies are not provided in the background information.

• Banks, Credit Unions, and Other Financial Institutions: These institutions utilize Fiserv's Fintech segment for core banking operations, digital banking solutions, financial and risk management, and its Payments segment for card processing and various network services.
• Merchants: Merchants are served by the Acceptance segment, which provides point-of-sale merchant acquiring, digital commerce services, mobile payment solutions, and the Clover platform.
• Corporate Clients / Businesses: This broad category includes various businesses that use Fiserv's offerings for payment solutions, security and fraud protection products, and other financial technology services.

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• Amazon Web Services (part of Amazon.com, Inc. (AMZN))
• Visa Inc. (V)
• Mastercard Incorporated (MA)

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Mike Lyons
Chief Executive Officer

Mike Lyons assumed the role of CEO for Fiserv, Inc. on May 6, 2025, after serving as President and CEO-elect. He has a career spanning three decades in the financial services industry. Prior to joining Fiserv, he served as President of The PNC Financial Services Group, where he oversaw all lines of business and contributed to strategic acquisitions and the expansion of PNC's national franchise. Before that, he held various leadership roles at Bank of America, including global head of corporate development and strategic planning, and led mergers and acquisitions in the private equity business. He also served as a portfolio manager at Maverick Capital, investing in financial institutions globally. Lyons co-founded Integrated Systems Inc. (INTS) in 1980, which merged with WindRiver Systems and was later acquired by Intel. He founded SafeView, Inc. in 2002, a government laboratory spinout focused on anti-terrorist physical security, and served as Chairman until its sale to L3 Harris in 2006. Lyons was also a co-founder and General Partner of Zilkha Venture Partners, an early-stage venture capital partnership. He has served as chair of the Board of Directors of Early Warning Services, LLC, which operates Zelle and PAZE.

Paul Todd
Chief Financial Officer

Paul Todd was appointed Chief Financial Officer of Fiserv, Inc. effective October 31, 2025. He is a seasoned fintech industry executive with years of senior leadership experience. Before joining Fiserv, he was a Partner at TTV Capital, a fintech venture capital firm, focusing on early-stage fintech investments. Prior to TTV Capital, Todd served as Senior Executive Vice President and Chief Financial Officer of Global Payments from 2019 to 2022. He was also the CFO of TSYS for five years before its merger with Global Payments in 2019. At TSYS, he held the role of Executive Vice President, responsible for strategy, mergers and acquisitions, product, and marketing, where he directed the company's diversification strategy, including the acquisitions of TransFirst, NetSpend, and Cayan. Before TSYS, Todd was President and CEO of the Synovus Financial Management (FMS) family of companies at Synovus Financial Corp. He began his career in Finance at The Procter & Gamble Company.

Guy Chiarello
Vice Chairman

Guy Chiarello serves as Vice Chairman at Fiserv, Inc., where he focuses on leading the strategy to deliver best-in-class products and technology transformation across the enterprise. He has been at the forefront of banking, technology, and innovation for over 30 years, having led product development and technology for three Fortune 500 companies. Prior to his current role, Chiarello served as Chief Operating Officer and Chief Administrative Officer at Fiserv. Before the combination of Fiserv and First Data Corporation, he was the President of First Data Corporation. His previous experience also includes serving as Chief Information Officer (CIO) at JPMorgan Chase & Co. and as CIO of Morgan Stanley.

Christopher M. Foskett
Vice Chairman

Christopher (Chris) M. Foskett serves as Vice Chairman at Fiserv, Inc., focusing on deepening client relationships and driving client satisfaction. He also holds the title of Head of Sales and Relationship Management. Before becoming Vice Chairman, Foskett served as Chief Revenue Officer and Executive Vice President and Chief Sales Officer at Fiserv. Prior to the combination of Fiserv and First Data Corporation, he was Executive Vice President, Head of Corporate and Business Development and Co-Head of Global Financial Solutions at First Data. His extensive background includes serving as Managing Director, Head of North American Treasury Services and Global Head of Sales for Treasury Services at JPMorgan Chase & Co. He spent 18 years at Citigroup in various executive roles, including Global Head of Mergers and Acquisitions, Head of Global Sales for Transaction Services, and Global Head of the Financial Institutions Group in the Corporate Bank. Foskett chairs the Board of Directors for Allied Irish Bank Merchant Services and is a member of the Board of Directors for Apiture.

Dhivya Suryadevara
Co-President, Financial Solutions, Sales and Operations

Dhivya Suryadevara was appointed Co-President, Financial Solutions, Sales and Operations at Fiserv, effective December 1, 2025. Before joining Fiserv, she most recently served as Chief Executive Officer of Optum Financial Services and Optum Insight at UnitedHealth Group. Her experience is noted to be exceptional across areas critical to Fiserv, including banking, payments, finance, and technology.

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Here are the key risks to Fiserv's business:

1. Growth Deceleration, Margin Pressure, and Execution Risk: Fiserv has recently experienced a "great reset" marked by sharp growth deceleration, missed revenue guidance, and margin compression. Management has acknowledged that prior growth assumptions were optimistic and that "deferred investments" have impacted profitability, leading to increased capital expenditures. A leadership transition and a strategic "reset" for 2026 as a transition year introduce execution risks regarding the company's ability to achieve new growth and profitability targets.
2. Intense Competition and Market Share Loss: The financial technology market in which Fiserv operates is highly competitive, with numerous existing and new competitors including other vendors, financial institutions, and payment network operators. This intense competition has contributed to market share erosion and a significant decline in Fiserv's stock performance, prompting the company to initiate restructuring plans to regain market confidence and competitive standing.
3. Regulatory and Legal Risks: Fiserv operates in a highly regulated environment, and non-compliance with complex U.S. and international regulations can result in severe penalties, fines, and limitations on its services. Additionally, the company is facing a class-action lawsuit alleging that it misled investors about its 2025 initiatives, which led to a substantial decline in share price, posing significant legal and reputational risks.

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1. Apple's Tap to Pay on iPhone: This technology enables merchants to accept contactless payments directly on their iPhone without requiring additional hardware, effectively turning a smartphone into a point-of-sale terminal. This poses a clear threat to Fiserv's Acceptance segment, particularly its Clover platform and traditional merchant acquiring services, by offering a direct, potentially lower-cost, and simpler alternative for merchants to accept payments, potentially eroding market share for certain business types.

2. Emergence and Adoption of Real-Time Payment (RTP) Networks: The growing availability and adoption of instant payment infrastructures, such as FedNow in the United States and similar initiatives globally, represent a fundamental shift in payment processing. These networks facilitate immediate, irrevocable account-to-account transfers, potentially reducing the reliance on traditional card networks and their associated interchange fees and processing services. This shift could impact Fiserv's Payments segment, which heavily relies on card transaction processing and services, by commoditizing payment flows and altering revenue models.

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

1. Continued Expansion and Innovation of the Clover Platform: The Clover platform is a significant growth engine for Fiserv, with targets for substantial annual revenue by 2025. This growth is supported by expanding its presence in new international markets, such as Japan and Brazil, and continuously adding value-added software and services. The platform empowers small businesses with integrated payment processing, business management tools, and customer engagement features.
2. Accelerated Digital Transformation and SaaS Adoption: Fiserv is heavily investing in solutions that facilitate digital payments, online banking, and mobile financial services. The increasing adoption of cloud-based solutions and Software-as-a-Service (SaaS) products across its client base, including banks, credit unions, and merchants, is expected to fuel revenue growth.
3. Strategic Investments in Product Innovation and Advanced Technologies, including AI: The company is focused on operational excellence, product innovation, and leveraging emerging technologies such as generative and agentic AI. These investments aim to modernize core banking and card issuer processing platforms, enhancing Fiserv's offerings and competitive advantage.
4. Expansion in Key Markets and Strategic Partnerships: Fiserv is pursuing strategic partnerships and product advancements, including new exclusive agreements (e.g., with Nubank and TD in Canada) and a focus on expanding its international presence. These collaborations and market penetrations, particularly in underpenetrated markets, are critical for driving consistent revenue growth. The company also continues its strategic focus on small and midsize banks and its merchant solutions segment.

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Share Repurchases

• In full year 2025, Fiserv repurchased 32.2 million shares of common stock for $5.6 billion.
• For the full year 2024, the company spent $5.5 billion on share repurchases.
• In February 2025, Fiserv's Board of Directors authorized the repurchase of an additional 60 million shares of the company's common stock, with no expiration date.

Outbound Investments

• In April 2025, Fiserv announced four strategic acquisitions to enhance its global footprint, embedded finance, and omnichannel payment solutions, including Payfare in Canada, CCV Group in Europe, Pinch Payments in Australia/New Zealand, and Money Money in Brazil.
• In September 2025, Fiserv acquired Smith Consulting Group (SCG) and entered a definitive agreement to acquire StoneCastle Cash Management to reinforce advisory services and cash-management capabilities.

Capital Expenditures

• Fiserv's capital expenditures were $1.763 billion in 2025, $1.569 billion in 2024, and $1.388 billion in 2023.
• Capital expenditures for 2025 increased to approximately $1.8 billion, partially reflecting "catch-up investments in technology modernization and resiliency" that had been deferred in prior years.
• The primary focus of capital expenditures includes investments in cloud-based core banking platforms, the Clover merchant operating system, Carat for enterprise businesses, and digital payments products.