Fiserv

Fiserv splits its merchant business into three lines, all of them built on merchant acquiring. Small Business sells card acceptance and Clover to shops, restaurants and independent software vendors, and Enterprise serves large retailers through Commerce Hub, the payment gateway of Fiserv. Processing runs merchant transactions for banks and joint ventures that keep the direct relationship with the merchant themselves.

Clover is the point-of-sale and business management platform of Fiserv for small merchants. Besides card payments, Clover handles orders, pick-up and delivery, cash flow and staff, and Fiserv lends working capital to Clover merchants through Clover Capital. Fiserv is taking Clover into further markets outside the US, among them Australia, Brazil, Belgium, Spain and Japan.

For banks and credit unions, Fiserv runs the core banking systems that keep deposit and loan accounts. The main account processing platforms are DNA, Finxact, Premier, CoreAdvance, Portico and Signature, and DNA, Finxact and Signature are also sold outside the US. Finxact is an API-first, cloud-native core with real-time processing, and Fiserv adds AI functions to its cores starting with Finxact.

On the issuing side, Fiserv processes credit and prepaid cards for banks, retailers and consumer lenders and also produces the physical cards. North American issuers mostly run on the Optis platform, while banks in other countries use FirstVision or VisionPLUS as a service or under license. Fiserv holds 1.6 billion issuing accounts on file, and in the US it owns the Accel, STAR and MoneyPass debit networks.

Fiserv sells card acceptance in Germany under the TeleCash brand, which has served German merchants since 1991. The German company is First Data GmbH in Bad Homburg vor der Höhe, which BaFin licenses and supervises as an e-money institution. TeleCash counts more than 300,000 installed payment terminals, from Clover devices to self-service terminals, and also sells online payments and payment links.

Large German retailers get card acceptance through Carat, the Fiserv brand for enterprise merchants. For card-issuing banks, Fiserv processes debit, prepaid and credit card payments, names more than 100 issuing banks as clients and runs Tier 3 data centers in Frankfurt for this work.

In June 2025, Fiserv announced FIUSD, a US dollar stablecoin for the banks and merchants on its network, together with a digital asset platform. Fiserv planned to run the platform with Finxact as its ledger, make FIUSD available on Solana and offer it through existing Fiserv systems at no extra cost to clients. Fiserv also plans custody for stablecoin reserves under the US GENIUS Act, so that banks keep the funds behind FIUSD, and it is looking at deposit tokens for banks.

The digital asset platform went live with financial institution clients on 1 October 2026. In the first use case, more than 90 banks and credit unions in North Dakota move dollar tokens on Solana through Commercial Center, the online banking system of Fiserv. Fiserv names stablecoin cards, cross-border payments, treasury automation and tokenized deposits as further uses of the platform.

Fiserv is a payments and financial technology company with its head office in Milwaukee, Wisconsin, listed on the Nasdaq Global Select Market and part of the S&P 500. In 2025, Fiserv had $21.2 billion in revenue and more than 38,000 employees, and 84 percent of that revenue came from the US and Canada.

First Data became part of Fiserv in 2019, and with it came TeleCash, the German card acceptance brand founded in 1991. The German company still trades as First Data GmbH in Bad Homburg, and TeleCash presents itself to merchants as TeleCash from Fiserv.

Clover is the point-of-sale system of Fiserv, made of countertop and handheld card devices plus an app market for add-on functions. In Germany, TeleCash sells the Clover Mini, Clover Flex and Clover Flex Pocket, which accept girocard, credit cards, Apple Pay and Google Pay and store payments offline until the connection returns.

When Fiserv announced FIUSD in June 2025, it planned to add the stablecoin to its banking and payments systems by the end of that year. The digital asset platform behind FIUSD went live with its first bank clients on 1 October 2026, and Fiserv lists the launch of FIUSD among the growth plans of its digital asset business.

Mastercard agreed in June 2025 to bring FIUSD into its network, where more than 150 million merchants accept Mastercard payments. The two companies plan to explore cards linked to FIUSD balances, exchanges between dollars and FIUSD, and FIUSD as a settlement option for acquirers.