Fiserv Secures Strategic Managed Services Agreement with TD Bank
Fiserv and TD Bank Group Partner to Enhance Payment Solutions in Canada
In a strategic move, Fiserv and TD Bank Group have announced a multi-year agreement to improve TD Merchant Solutions (TDMS) in Canada. The partnership aims to leverage Fiserv’s advanced payment technologies, particularly the Clover point-of-sale system, to offer more innovative and efficient payment processing solutions to TD's merchant clients [1][3][5].
Under this agreement, TD Merchant Solutions will adopt Fiserv’s Clover hardware and SaaS (software-as-a-service) offerings. This will enable TD's merchants to accept credit and debit payments seamlessly, thereby supporting their business growth [1][3][5].
A significant aspect of this deal is Fiserv's acquisition of a portion of TD’s merchant processing business in Canada. This includes approximately 3,400 TD merchant contracts across 30,000 merchant locations. These merchants will transition to Fiserv's processing platform and utilize Clover systems, ensuring uninterrupted service during and after the transition [1][3][5].
The transaction is designed to simplify TD’s operating model and reduce costs, which will improve TD’s financial performance over time. Simultaneously, it expands Fiserv’s presence in Canada and grows the distribution of the Clover platform [1][3][5].
For small and medium-sized businesses (SMBs) in Canada, the partnership means access to a best-in-class payment processing solution combined with TD’s business banking services. This will help SMB merchants leverage the latest payment technologies to streamline operations, improve customer experiences, and support business growth [1][3].
The acquisition and migration to Fiserv’s platform are expected to close in late fiscal 2025, subject to usual closing conditions. Barbara Hooper, Group Head, Canadian Business Banking, TD Bank Group, stated that the strategic relationship with Fiserv will benefit TD’s business clients by combining Clover with TD’s business banking solutions [1].
Takis Georgakopoulos, Chief Operating Officer at Fiserv, expressed pleasure at expanding Clover’s reach in Canada through the partnership with TD. He stated that the deal enhances Fiserv's offerings for small and medium-sized businesses [1].
The financial terms of the deal were not disclosed in the provided statements. However, it is expected that the deal will close later this year, as previously stated [1]. This partnership and partial acquisition create a more technologically advanced, cost-effective, and streamlined payment processing ecosystem for TD’s merchant clients, especially benefiting SMBs by providing Clover’s innovative, smart point-of-sale solutions alongside TD’s banking services [1][3][5].
[1] TD Bank Group Press Release, [Link to Press Release] [3] Fiserv Press Release, [Link to Press Release] [5] TD Bank Group Investor Relations, [Link to Investor Relations]
This partnership between Fiserv and TD Bank Group will see TD Merchant Solutions adopting Fiserv's Clover hardware and SaaS offerings, enabling TD's merchants to accept payments more efficiently and support their business growth. The agreement also includes Fiserv's acquisition of a portion of TD’s merchant processing business in Canada, which will expand Fiserv’s presence in Canada and grow the distribution of the Clover platform. This strategic move aims to offer small and medium-sized businesses in Canada a best-in-class payment processing solution combined with TD’s business banking services.
