Fiserv Secures Significant Agreement with TD Bank for Enhanced Presence in Canada
TD Bank Group, Canada's most valuable brand in 2025, has entered into a multi-year partnership with Fiserv, a leading global provider of financial services technology. This strategic alliance focuses on TD's Merchant Solutions business in Canada.
Under the agreement, TD Merchant Solutions will adopt Fiserv's advanced Clover point-of-sale (POS) system and payment processing technology to enhance its merchant services offering. This collaboration aims to provide TD's business clients with seamless access to modern payment solutions, enabling merchants to accept credit and debit payments with improved technology support.
In addition to the technology partnership, Fiserv is acquiring a portion of TD’s merchant processing business in Canada. This acquisition involves about 3,400 merchant contracts covering approximately 30,000 merchant locations currently served under TD Merchant Solutions. These merchants will transition to Fiserv’s processing platform and use the Clover system. The divestiture is described by TD as not material to its overall financial results and is subject to customary closing conditions, expected to close in late fiscal 2025.
Takis Georgakopoulos, Chief Operating Officer at Fiserv, stated that they are pleased to expand Clover's reach and increase their commitment to Canada through this partnership with TD. He also stated that the agreement reinforces their strong relationship with TD and underscores their shared commitment to delivering value to clients.
Barbara Hooper, Head of Business Banking for TD Bank Group in Canada, commented on the strategic relationship with Fiserv, stating that the partnership will directly benefit TD Bank Group's clients by combining Fiserv's merchant product offering (Clover) with TD's business banking solutions.
The acquisition will simplify TD's operating model, reduce costs, and is expected to enhance TD's financial performance over time. The financial terms of the transaction between Fiserv and TD Bank Group were not disclosed.
Fiserv trades publicly as FI. This partnership significantly expands Clover's footprint in Canada and supports TD's business clients with advanced payment technology. Both companies express commitment to a seamless client transition and enhanced merchant experience through this partnership.
TD AI Prism, a proprietary artificial intelligence foundation model built in-house, is part of TD Invent, the bank's strategic innovation initiative. TD AI Prism is designed to reshape how TD Bank Group predicts customer needs and delivers personalized experiences.
[1] TD Bank Group and Fiserv Announce Strategic Partnership to Enhance Merchant Services in Canada, TD Newsroom, link
[2] TD Bank Group to Sell Merchant Services Business in Canada, The Globe and Mail, link
[3] TD Bank Group to Sell Merchant Services Business in Canada, CTV News, link
[4] TD Bank Group to Sell Merchant Services Business in Canada, Financial Post, link
This strategic partnership between TD Bank Group and Fiserv, championed in business and finance, aims to provide TD's Canadian business clients with modern payment solutions through the application of technology from Fiserv's Clover system. The collaboration is expected to bolster TD's financial performance while widening Clover's footprint in Canada.
