About Fiserv

Fiserv, Inc. is a leading global provider of payments and financial services technology solutions. The company serves clients around the globe, including merchants, banks, credit unions, other financial institutions, and corporate clients. The company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover cloud-based point-of-sale (POS) and business management platform. Most of the products and services the company provides are necessary for its clients to operate their businesses and is, therefore, non-discretionary in nature. The company serves its global client base by working among its geographic teams across various regions, including the United States of America (U.S.) and Canada; Europe, Middle East and Africa; Latin America; and the Asia Pacific. The company has operations and offices located both within the U.S. and Canada, and internationally. The company has grown its business organically and through acquisitions by signing new clients, expanding the products and services it provides to existing clients, offering new and enhanced products and services developed through innovation and acquisition, and extending its capabilities geographically, all of which have enabled it to deliver a wide range of products and services and created new opportunities for growth. Segments The company operates through the Merchant Acceptance (Acceptance), the Financial Technology (Fintech), and the Payments and Network (Payments) segments. Acceptance segment The businesses in the company’s Acceptance segment provide a wide range of commerce-enabling solutions and serve merchants of all sizes around the world. Acceptance solutions enable businesses to securely accept payment transactions online or in-person. Payment transactions include credit, debit, stored-value and loyalty payments online or through a physical POS or mobile device, such as a smartphone or tablet. The solutions in this segment include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection products; Clover, the company’s cloud-based POS and integrated commerce operating system for small and mid-sized businesses (SMBs) and independent software vendors (ISVs); and Carat, its integrated operating system for large businesses. The businesses in the company’s Acceptance segment distribute products and services through a variety of channels, including direct sales teams, strategic partnerships with agent sales forces, ISVs, financial institutions, and other strategic partners in the form of joint venture alliances, revenue sharing alliances (RSAs), and referral agreements. Merchants, financial institutions and distribution partners in the Acceptance segment are frequently clients of the company’s other segments. Clover Clover is the company’s cloud-based POS and integrated commerce operating system for SMBs and ISVs designed for business management. The Clover platform includes hardware and software technology necessary to enable SMB merchants to accept payments, process transactions, provide online ordering, maintain an e-commerce presence, and generate consumer loyalty through Clover’s customer engagement tools. By integrating next-generation hardware and software-as-a-service (SaaS) applications, along with value-added solutions, Clover has become a leader in enabling omnichannel commerce solutions for SMBs and ISVs, with touchless commerce through QR code-based payments, online ordering solutions, and virtual terminals. The company also offers small business owners access to capital through its Clover Capital cash advance program. Carat Carat is the company’s integrated operating system for large businesses, designed to enable clients to accept more payments, engage more customers, and optimize commerce. Through this integrated operating system, numerous payment and commerce solutions can be accessed, including payment acceptance, payments optimization, network routing, fraud detection, online electronic benefits transfers and digital payouts. This wide variety of services enables Carat to help clients create more revenue, reach more consumers, and enable innovative omnichannel transactions, such as voice-enabled commerce and payments. Distribution Channels and Partnerships Acceptance segment businesses distribute solutions and services through direct sales teams, as well as indirect sales channels, such as agent sales forces, ISVs, value-added resellers (VARs), and payment service providers (PSPs). The company provides agent sales forces, ISVs, VARs and PSPs with specialized sales capabilities and integrated merchant technology solutions to help them grow their businesses and manage their portfolios. The company also provides marketing services, data analytics and other tools that enable partners to further expand their businesses in local communities, specific industry verticals, and through e-commerce channels. In addition, the businesses in its Acceptance segment leverage powerful sales capabilities for financial institution and non-financial institution partners to distribute their products and solutions through strategic arrangements including joint venture alliances, RSAs and referral agreements. These strategic alliances combine the company’s commerce-enabling technology, processing capabilities and management expertise with the distribution capabilities, footprint and customer relationships of its partners. Fintech segment The businesses in the company’s Fintech segment provide financial institutions around the world with the technology solutions they need to run their operations, including products and services that enable financial institutions to process customer deposit and loan accounts and manage an institution’s general ledger and central information files. As a complement to the core account processing functionality, the Fintech segment businesses also provide digital banking, financial and risk management, professional services and consulting, check processing, and other products and services that support numerous types of financial transactions. Certain of the businesses in the Fintech segment provide products or services to corporate clients to facilitate the management of financial processes and transactions. Many of the products and services offered in the Fintech segment are integrated with products and services provided by the company’s other segments. Core Account Processing Solutions The company provides account servicing and management technology products and services to its depository institution clients, as well as a range of integrated, value-added banking products and services. Account processing solutions enable a financial institution to operate systems that process customer deposit and loan accounts, an institution’s general ledger, central information files and other financial information. These solutions also include security, report generation and other features that financial institutions need to process transactions for their customers. Although many of the company’s clients obtain a majority of their processing requirements from it, its software design allows clients to start with one application and, as needed, add applications and features developed by it or by third parties. The company supports a broad range of client-owned peripheral devices manufactured by a variety of vendors, which reduce a new client’s initial conversion expenses, enhance existing clients’ ability to change technology and broaden its market opportunity. The principal account processing solutions used by the company’s depository institution clients are Finxact, Cleartouch, DNA, Precision, Premier, Signature and Portico. All of these systems are available in the U.S., and the DNA and Signature platforms are also available globally. Account processing solutions are offered primarily as an outsourced service or can be installed on client-owned computer systems or those hosted by third parties. The company’s account processing business also provides consulting services, business operations services and related software products that enable the transition of check capture from branch and teller channels to digital self-service deposit channels, including mobile, merchant and ATM. Through the Fiserv Clearing Network, the company provides check clearing and image exchange services. Other products and services include image archive with online retrieval, in-clearings, exceptions and returns, statements, and fraud detection. The company’s deposit liquidity solutions enable its clients to retain, monetize and grow their deposit account base while analyzing customer demand and enabling customer short-term liquidity. The company’s decision management solutions include Nautilus, a content management product, and Prologue Financials, which combines enterprise performance management and financial control offerings to deliver budgeting, planning, financial accounting, and automated reconciliation and account certification tools to its clients. These solutions are further complemented by fraud detection and mitigation through the company’s fraud and financial crime risk management solutions. Digital Financial Solutions The company’s digital financial solutions business includes Experience Digital (XD), its principal consumer and business digital banking platform, which includes its Configure, Architect, Corillian Online, Mobiliti and Create products. XD is a cloud-based platform that enables customers to perform balance inquiries, view their transaction history and access electronic bill payments, person-to-person digital payments, card services, account and loan originations, funds transfer and personal financial management tools. XD can be highly customized and integrated to multiple products and services, allowing clients to deploy new services quickly and efficiently to increase customer acquisition, engagement and insights. Enterprise Payment Solutions The company’s enterprise payment solutions products and services enable operating efficiencies and management insight by providing financial institutions with the infrastructure they need to process, route and settle non-card-based electronic payments, including Automated Clearing House (ACH), wire and instant payments, and to efficiently manage associated information flows. The company’s enterprise payment solutions business includes its Payments Exchange platform, which provides multiple payment capabilities, including domestic and international wire transfers and real time payments connection to the FedNow Service and RTP Network. Enterprise Payments Platform is a multi-entity, multi-country, multi-currency, multi-clearings, single payments platform processing all payment types, connecting financial institutions to clearings and correspondents wherever they operate. PEP+ is another enterprise payment solutions offering, which is a mainframe system that allows financial institutions to automatically receive and originate electronic payments through the ACH network in a straight-through processing manner. Clients may use the company’s payment platform applications on a licensed or hosted basis, and as an add-on to existing legacy technology or as a stand-alone comprehensive modern payments platform. Payments segment The businesses in the company’s Payments segment provide financial institutions and corporate and public sector clients with the products and services required to process digital payment transactions. This includes card transactions, such as debit, credit and prepaid card processing and services; a range of network services, such as funds access, debit payments, cardless ATM access and surcharge-free ATM networks; security and fraud protection products; and card production and print services. In addition, the Payments segment businesses offer non-card digital payment software and services, including bill payment, account-to-account transfers, person-to-person payments, electronic billing, and security and fraud protection products. Clients of the Payments segment businesses reflect a wide range of industries, including merchants, distribution partners and financial institutions customers in the company’s other segments. Debit and Network Processing The company’s debit and network processing business provides a comprehensive payments solution through a variety of products and services. The company provides financial institution clients with a full range of debit processing services, including tokenization, loyalty and reward programs; customized authorization processing; gateway processing to payment networks; ATM managed services and cash and logistics management; and risk management products. The company’s debit processing also provides security, risk and fraud management solutions, which incorporate machine-learning-based predictive technology, that help financial institutions securely operate and grow their business by preventing fraud. CardHub provides the company’s clients’ customers with mobile, customizable card management and alert tools that drive engagement and revenue for card issuers. Credit Choice, a fully managed credit card issuing-as-a-service solution, allows community financial institutions to offer their customers a branded credit card that is integrated into their debit solutions without the operational burden of managing their own credit card portfolio. The company owns and operates the Accel, STAR and MoneyPass networks, which provide access to funds for debit card purchases through any physical and online channel, with or without a PIN/signature; and support transactions at ATMs, with or without a surcharge, including CardFree Cash. These networks are available to all issuers and merchants in the U.S. Credit Processing The company’s credit processing business provides solutions to financial institutions and other issuers of credit, such as group service providers, retailers and consumer finance companies, to enable them to process credit card transactions on behalf of their customers. Depending on the needs of its client, the company delivers these solutions through its proprietary processing platforms, software application licenses, or software-as-a-service hosted in the cloud. The company’s solutions in North America primarily use its Optis platform to provide transaction authorization and posting, account maintenance and settlement. The company’s VisionPLUS software is used outside of the U.S. as both a processing solution and a licensed software solution that enables some clients to process transactions on their own. The company also provides financial institutions with solutions that support the lifecycle of a cardholder, including acquisition, fraud detection, credit risk management, servicing, collections and professional services. Output Solutions The company’s Output Solutions business provides business statement and card products and services to clients across a wide variety of industries, including financial services, healthcare, retail, utilities, telecommunications, insurance and travel and entertainment. The company’s products and services include electronic document management through its electronic document delivery products and services; card manufacturing, personalization and mailing; statement production and mailing; and design and fulfillment of direct mail services. Digital and Bill Payments The company’s digital and bill payments business consist of electronic bill payment and presentment services, as well as other digital payment solutions for businesses and consumers, including person-to-person payments, account-to-account transfers and account opening and funding. The company’s principal electronic bill payment and presentment product for financial and other institutions, CheckFree RXP, allows its clients’ customers to manage household bills via an easy-to-use, online tool; view billing and payment information; pay and manage all of their bills in one place; and complete same-day or next-day bill payments to a wide range of billers and others. In addition, CashFlow Central, an integrated digital payment and cash flow management experience, enables financial institutions to better meet the payments needs of small businesses. The company’s person-to-person payments and account-to-account transfer services allow consumers a convenient way to send and receive money while offering financial institutions the opportunity to generate new transaction-based revenue, attract new accounts and increase loyalty among existing customers. The company partners with Early Warning Services, LLC to offer a turnkey implementation of its Zelle® real-time person-to-person payments service. The company’s turnkey solution simplifies the implementation of Zelle by providing interface, risk management, alerting, settlement and other services to clients. Biller Solutions The company’s biller solutions business provides electronic billing and payment services to companies that deliver bills to their customers, such as utilities, telephone and cable companies, lending institutions and insurance providers. These services enable the company’s clients to reduce costs, collect payments faster through multiple channels and increase customer satisfaction, and provide customers flexible, easy-to-use ways to view and pay their bills. The company’s clients’ customers access its electronic billing and payment systems by viewing or paying a bill through a financial institution’s bill payment application, using a biller’s website, mobile application, automated phone system or customer service representative, or by paying in-person at one of the many nationwide walk-in payment locations. Because the company’s biller clients are able to receive all of these services from it, it can eliminate the operational complexity and expense of supporting multiple vendor systems or in-house-developed systems. Prepaid Solutions The company’s prepaid solutions include stored value cards offered by its Gift Solutions and Money Network businesses. The Gift Solutions business provides end-to-end, omnichannel solutions to securely implement and manage gift card programs that help clients drive revenue, engagement and loyalty. These solutions include physical and digital gift card fulfillment, program management, e-commerce gift card storefronts, security and fraud protection, transaction processing services, incentive and rebate cards as well as reloadable and non-reloadable prepaid cards that may be used with a variety of mobile applications. The Money Network service simplifies payment distribution for organizations while reducing or eliminating expenses associated with issuing traditional paper checks. This service also provides consumers without bank accounts with fast, digital access to their money, including wages. Money Network solutions include Electronic Payroll Delivery, government disbursements, digital disbursements and corporate incentives, as well as single-load and reloadable prepaid account options. Account holders of the Money Network Electronic Payroll Delivery Service have access to a Money Network Card, Money Network Checks and a robust mobile app to manage their account anytime, anywhere. Strategy The company plans to increase the number and breadth of its client relationships by, among other actions: continuing to integrate its products and services; introducing new products and services that are aligned with market needs; combining products and services to deliver enhanced, integrated value propositions; and delivering quality service and support for its clients. The company seeks to be an innovation leader, utilizing its assets and capabilities to be at the forefront of its industry and enable its clients to deliver best-in-class results. The company expects to acquire businesses when it identifies a compelling strategic need, such as a product, service or technology that helps meet client demand; an opportunity to change industry dynamics; a way to achieve business scale that enables competition and operational efficiency; or similar considerations. Government Regulation Because a number of its businesses provide services to regulated financial institutions, the company is a significant service provider under the Bank Service Company Act and as such it is subject to examination by the U.S. Federal Banking Agencies, which consists of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. The company is regulated based on the uniform principles, standards, and guidance created by the Federal Financial Institutions Examination Council (FFIEC). In the U.S., the company is also subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, among other things, and in conjunction with the Federal Reserve Board’s Regulation II, caps debit interchange rates for certain debit and prepaid card issuers; prohibits card issuers and payment networks from restricting the ability of merchants to direct the routing of debit card transactions; requires all debit card issuers in the U.S. to participate in at least two unaffiliated debit payment card networks; prohibits payment card networks from restricting debit and prepaid card issuers from contracting with other payment card networks; and generally prohibits network exclusivity arrangements for debit card and prepaid card issuers. These regulations impact the company’s card processing businesses and its clients’ ability to generate revenue. Certain of the company’s subsidiaries hold payment institution or electronic money licenses. These subsidiaries are subject to regulation and oversight in the jurisdictions in which they operate, and may be required to meet minimum capital maintenance requirements or other obligations. In addition, several of the company’s subsidiaries outside of the U.S. provide services such as merchant terminal leasing, debit processing, acquiring, issuing, factoring and settlement that make them subject to regulation by financial services supervisory agencies, including the Financial Conduct Authority (FCA) in the United Kingdom (U.K.), the Federal Financial Supervision Agency in Germany, the National Bank of Poland, the Reserve Bank of Australia, the Central Bank of Brazil and the Monetary Authority of Singapore. The company is subject to the rules of various payment networks, such as Visa and Mastercard. In order to provide processing services, a number of its subsidiaries are registered with Visa and/or Mastercard as service providers for member institutions. A number of the company’s subsidiaries outside the U.S. are direct members or associate members of Visa and Mastercard for purposes of conducting merchant acquiring. Various subsidiaries are also processor level members of other debit and electronic benefits transaction networks or are otherwise subject to various network rules in connection with processing services and other services the company provides. As such, the company is subject to applicable card association, network and national scheme rules that could subject it to fines or penalties. The company is subject to network operating rules promulgated by Nacha relating to payment transactions processed by it using the ACH network and to various federal and state laws regarding such operations, including laws pertaining to electronic benefits transactions. In the U.S., the company is subject to various federal and state privacy and cybersecurity laws and regulations. The U.S. Gramm-Leach-Bliley Act (GLBA) requires financial institutions to explain their information sharing practices to their customers and to safeguard customer data. In some circumstances, the company is subject to GLBA and it has privacy and information security obligations to its clients who are regulated by the GLBA. In certain circumstances, the company is subject to the U.S. Health Insurance Portability and Accountability Act of 1996 (HIPAA), which governs the use and disclosure of protected health information in healthcare treatment, payment and operations by covered entities and their business associates. The company is also subject to the Federal Trade Commission Act which empowers the U.S. Federal Trade Commission (FTC) to prohibit unfair and deceptive practices, including those related to privacy and cybersecurity. In addition to the Federal Trade Commission Act, the FTC, along with the CFPB, is responsible for overseeing and enforcing the privacy and information security provisions over certain aspects of GLBA and the Fair Credit Reporting Act (FCRA), each of which is applicable to the company’s businesses in certain circumstances. The company also has obligations under various state laws, such as the California Consumer Privacy Act, which, among other things, give consumers more control over the personal information businesses hold about them. In the European Union (E.U.) and the U.K., the company is subject to the General Data Protection Regulation (GDPR), which impose a comprehensive approach to personal data protection and include penalties for non-compliance of up to the greater of 20 million Euro or four percent of a company’s consolidated global revenue. There are numerous additional privacy laws and regulations that apply to the company’s businesses around the world which also provide for significant penalties. Some of these data protection laws, including in the E.U., India, United Arab Emirates and China, impose requirements regarding data rights and security and either prohibit the international transfer of personal data or restrict such transfers absent lawfully recognized transfer mechanisms. There are also additional obligations that apply to the company by virtue of the fact that it provides services in the financial services industry or are considered to be providing critical infrastructure to its clients. Examples of these are the SOCI Act in Australia, the EBA Outsourcing Requirements in the E.U. and the CERT-In obligations in India. TeleCheck, the company’s check acceptance business, is subject to FCRA and various similar state laws. The collection business within the company’s subsidiary TRS Recovery Services, Inc. (TRS) is subject to the U.S. federal Fair Debt Collection Practices Act and various similar state laws. TRS maintains licenses in a number of states in order to engage in collection in those states. TeleCheck and TRS are also subject to regulation, supervision and examination from the CFPB. In addition, several of the company’s subsidiaries are subject to comparable local laws regarding collection activities and obtaining credit reports and it’s the U.K. branch also holds FCA permissions for debt collection activities. The company and its clients are subject to various federal, state and foreign laws prohibiting unfair or deceptive trade practices. Various regulatory enforcement agencies, including the FTC and state attorneys general, have authority to take action against parties that engage in unfair or deceptive trade practices or violate other laws, rules and regulations. The company is subject to anti-money laundering laws and regulations, including the U.S. Bank Secrecy Act (BSA). Among other things, the BSA requires money services businesses, such as money transmitters, issuers of money orders and official checks, and providers of prepaid access, to develop and implement anti-money laundering programs. The company’s acquiring businesses outside the U.S. are subject to anti-money laundering laws and regulations in the countries where they operate. The company’s Money Network Financial, LLC subsidiary provides prepaid access for various open loop prepaid programs for which it is the program manager and therefore must meet the requirements of the Financial Crimes Enforcement Network. The company is subject to anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (FCPA) and similar laws outside of the U.S. such as the U.K. Bribery Act, that prohibit the making or offering of improper payments to foreign government officials and political figures. The FCPA has a broad reach and requires maintenance of appropriate records and adequate internal controls to prevent and detect possible FCPA violations. The company is also subject to certain economic and trade sanctions programs that are administered by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), which prohibit or restrict transactions to or from, or dealings with, specified countries, governments, individuals and entities that are specially designated nationals of those countries, including narcotics traffickers and terrorists or terrorist organizations. History Fiserv, Inc. was founded in 1984. The company was incorporated in Delaware in 1984 and reincorporated as a Wisconsin corporation in 1992.