Track market-moving stories before they get noisy

Posted by Defense World Staff on Jul 23rd, 2026

Shares of Fiserv, Inc. (NASDAQ:FISV – Get Free Report) have earned an average rating of “Hold” from the thirty-six ratings firms that are currently covering the company, MarketBeat reports. Three research analysts have rated the stock with a sell rating, twenty-six have issued a hold rating and seven have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $76.7667.

FISV has been the topic of several recent analyst reports. BNP Paribas Exane downgraded shares of Fiserv from a “neutral” rating to an “underperform” rating and set a $46.00 price objective on the stock. in a report on Friday, June 5th. Truist Financial set a $58.00 target price on shares of Fiserv and gave the stock a “hold” rating in a research note on Friday, May 29th. JPMorgan Chase & Co. dropped their target price on shares of Fiserv from $75.00 to $62.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 8th. Raymond James Financial restated a “market perform” rating on shares of Fiserv in a research note on Tuesday, July 7th. Finally, B. Riley Financial decreased their price target on shares of Fiserv from $69.00 to $66.00 and set a “neutral” rating for the company in a report on Wednesday, May 6th.

View Our Latest Report on FISV

Insider Buying and Selling at Fiserv In other news, CFO Paul M. Todd bought 10,060 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The shares were purchased at an average cost of $49.70 per share, with a total value of $499,982.00. Following the transaction, the chief financial officer directly owned 184,107 shares in the company, valued at approximately $9,150,117.90. The trade was a 5.78% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows A number of hedge funds have recently modified their holdings of FISV. Tema ETFs LLC raised its stake in shares of Fiserv by 16.2% in the second quarter. Tema ETFs LLC now owns 11,809 shares of the business services provider’s stock worth $579,000 after purchasing an additional 1,645 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Fiserv by 16.9% during the second quarter. Handelsbanken Fonder AB now owns 176,106 shares of the business services provider’s stock worth $8,638,000 after purchasing an additional 25,477 shares during the period. Fulton Bank N.A. boosted its position in Fiserv by 22.3% in the second quarter. Fulton Bank N.A. now owns 29,492 shares of the business services provider’s stock valued at $1,447,000 after buying an additional 5,386 shares during the last quarter. Atlas Brown Inc. acquired a new position in Fiserv in the 2nd quarter worth approximately $232,000. Finally, Legacy Wealth Asset Management LLC increased its holdings in Fiserv by 3.3% in the 2nd quarter. Legacy Wealth Asset Management LLC now owns 6,184 shares of the business services provider’s stock worth $303,000 after buying an additional 195 shares during the period. 90.98% of the stock is owned by institutional investors and hedge funds.

Fiserv Stock Down 0.8% Fiserv stock opened at $50.22 on Thursday. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $26.78 billion, a price-to-earnings ratio of 8.51, a PEG ratio of 1.42 and a beta of 0.82. Fiserv has a 1-year low of $47.04 and a 1-year high of $144.18. The business has a fifty day moving average price of $52.36 and a 200-day moving average price of $57.89.

Fiserv (NASDAQ:FISV – Get Free Report) last announced its earnings results on Tuesday, May 5th. The business services provider reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.22. Fiserv had a return on equity of 17.46% and a net margin of 15.17%.The company had revenue of $4.67 billion for the quarter, compared to analyst estimates of $4.73 billion. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. Fiserv has set its FY 2026 guidance at 8.000-8.300 EPS. Equities research analysts forecast that Fiserv will post 8.13 EPS for the current fiscal year.

Fiserv Company Profile (Get Free Report)

Fiserv, Inc, founded in 1984 and headquartered in Brookfield, Wisconsin, is a global provider of financial services technology. The company develops and delivers integrated solutions for payments, processing, risk and compliance, customer and channel management, and business insights and optimization. Serving thousands of clients, Fiserv supports banks, credit unions, securities broker-dealers, leasing and finance companies, and retailers.

Fiserv’s core offerings include account processing systems that automate deposit, lending and transaction processing for financial institutions, as well as digital banking platforms that enable mobile and online banking services.

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MILWAUKEE, July 21, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a global leader in payments and financial technology, today announced it will serve as the exclusive embedded financial services and payments provider for Datavault AI, Inc. (NASDAQ: DVLT), a provider of data monetization, credentialing, digital engagement, and real-world asset tokenization technologies. Fiserv will embed banking, payments, and card programs directly into Datavault AI-powered marketplaces and exchanges.

Through its Embedded Finance platform, Fiserv will enable banking, payments, and digital asset programs for Datavault AI and its customers. The relationship will allow Datavault AI to activate commerce inside its marketplaces while drawing on Fiserv’s scale and proven infrastructure across banking, payments, and card issuing – giving buyers, sellers, athletes, and sponsors seamless access to financial services in the digital environments where they already engage.

“Embedded finance is transforming how businesses create value by bringing trusted financial services directly into the digital experiences where customers already engage,” said Sunil Sachdev, Head of Embedded Finance and Digital Assets at Fiserv. “We’re proud to work with Datavault AI to enable financial services through its platform - giving participants simpler access to banking and payments while helping Datavault AI deliver more value and deepen customer relationships.”

Datavault AI’s NIL Exchange will be a digital marketplace that enables high school and college athletes, where permitted by applicable rules and law, to monetize their name, image, and likeness (“NIL”). Datavault AI will work with universities and other agencies to place athletes in the marketplace to receive NIL payments from sponsors. Under the program, Fiserv will enable payment wallets and associated debit cards through its platform, giving participating athletes a simple, no-cost way to receive, manage, and access funds earned through sponsor relationships.

“Embedding financial services directly into our exchanges connects commerce and payment in a single environment,” said Nathaniel T. Bradley, CEO of Datavault AI. “Athletes on our NIL Exchange are expected to gain a simple, no-cost way to receive and manage their NIL earnings, and participants on the Information Data Exchange can gain trusted financial infrastructure behind every transaction.”

Fiserv will also support the Information Data Exchange®, Datavault AI’s patented platform for buying and selling data assets, by enabling demand deposit accounts and card capabilities for buyers and sellers. The capability streamlines purchase and sale transactions on the exchange and extends Datavault AI’s ability to connect data-asset commerce with trusted financial services infrastructure.

About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, is a global leader uniting commerce and finance. The company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, e-commerce, and Clover®, the all-in-one business management platform. Fiserv is a member of the S&P 500® Index and one of FORTUNE® America’s Most Innovative Companies. Visit fiserv.com and follow on social media for more information and the latest company news. 

About Datavault AI
Datavault AI™ (NASDAQ: DVLT) is leading the way in AI-driven data experiences, valuation, and monetization of assets in the Web 3.0 environment. Datavault AI’s cloud-based platform provides comprehensive solutions with a collaborative focus in its Acoustic Sciences and Data Sciences divisions.

Datavault AI’s Acoustic Sciences division features WiSA®, ADIO® and Sumerian® patented technologies and industry-first foundational spatial and multichannel wireless, high-definition sound transmission technologies with intellectual property covering audio timing, synchronization, and multi-channel interference cancellation. The Data Science division leverages the power of Web 3.0 and high-performance computing to provide solutions for experiential data perception, valuation, and secure monetization.

Datavault AI’s platform serves multiple industries, including high-performance computing software licensing for sports & entertainment, events & venues, biotech, education, fintech, real estate, healthcare, energy and more. The Information Data Exchange® enables Digital Twins and the licensing of name, image, and likeness by securely attaching physical real-world objects to immutable metadata, fostering responsible AI with integrity. Datavault AI’s technology suite is fully customizable and offers AI- and machine-learning-based automation, third-party integration, detailed analytics and data, marketing automation, and advertising monitoring.

Datavault AI is headquartered in Philadelphia, PA. Learn more about Datavault AI at dvlt.ai Investor information is available at ir.datavaultsite.com. Technology news and insights are published at dvlt.ai/insights.

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MILWAUKEE, July 14, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, will announce its second quarter financial results before the market opens on Thursday, August 6, 2026. The company will discuss its results in a live webcast at 7 a.m. CT (8 a.m. ET) on August 6, 2026. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com. A replay will be available approximately one hour after the conclusion of the live webcast.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, is a global leader uniting commerce and finance. At the intersection of banking and commerce, the company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, eCommerce, and Clover®, the all-in-one business management platform. Fiserv is a member of the S&P 500® Index and one of FORTUNE® America’s Most Innovative Companies. Visit fiserv.com and follow on social media for more information and the latest company news.

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Dhivya Suryadevara resigned as president of Fiserv on Tuesday (July 7), the company said in a filing with the Securities and Exchange Commission (SEC).

Suryadevara resigned for “good reason” under her offer letter, her resignation is effective Tuesday, and she will remain a non-executive officer employee through July 31 to enable an orderly transition of her duties, according to the filing.

According to the offer letter dated Aug. 28, 2025, and included in Fiserv’s Annual Report on Form 10-K for the year ended Dec. 31, 2025, “good reason” events include a material reduction in base salary or annual incentive compensation target, a material adverse change to duties or responsibilities, or a change to the company’s CEO.

Fiserv announced June 15 that Mike Lyons stepped down as CEO and member of the board of directors to become CEO of Truist. The company also said it appointed Takis Georgakopoulos, who was its co-president leading Technology and Merchant Solutions, as CEO and as a member of the board of directors, effective June 15.

About eight months earlier, the company announced in an October press release that Georgakopoulos and Suryadevara would serve as co-presidents, effective Dec. 1, 2025, with Suryadevara serving as the head of Financial Solutions, Sales and Operations.

Suryadevara joined Fiserv at that time. Immediately prior to that, Suryadevara served as CEO of Optum Financial and Optum Insight at UnitedHealth Group.

When Suryadevara discussed artificial intelligence and banks with PYMNTS CEO Karen Webster in June, PYMNTS reported that Suryadevara also held senior leadership roles at Stripe and General Motors before joining UnitedHealth Group and then Fiserv.

Fiserv also announced in its Tuesday filing with the SEC that it appointed Andrew Gelb and Srini Krish as interim leaders of the company’s Financial Solutions business, effective immediately.

Gelb joined Fiserv in 2014 and is the company’s executive vice president and chief operating officer, Financial Solutions. Krish joined Fiserv in 2014 and is the company’s head of technology and operations, Financial Solutions.

When announcing Lyons’ departure in a June 15 press release, Fiserv said that it reaffirmed the outlook for the full year 2026 that it provided on May 5. The outlook called for organic revenue growth of 1% to 3% and adjusted earnings per share of $8 to $8.30 for 2026.

For years, big banks have railed against legal regulations that cap how much they can charge for debit-card fees – and now some industry leaders are reportedly eyeing a potential deal that could help them skirt around those limits.

In recent months, JPMorgan, Bank of America, Wells Fargo and PNC Financial Services Group have held tentative talks about a deal to acquire a network owned by fintech company Fiserv, according to the Wall Street Journal.

Under the 2010 Dodd-Frank law, known as the Durbin amendment, banks face caps on how much they can collect from merchants on debit-card transactions routed through an external network – but they are exempt from the rule if they also own the network.

Banks have railed against the 2010 Dodd-Frank law, which placed a cap on debit-card fees. Phushutter – stock.adobe.com There is no guarantee a deal will happen, and some of the banks that looked at the Fiserv network have already decided they are unlikely to move forward – while others are concerned about political backlash from regulators and merchants, sources told the Journal.

But the talks are a sign of how keen big banks are to hike transaction fees, especially after Capital One Financial completed its $50.6 billion acquisition of Discover Financial last year – securing its own network and allowing it to negotiate directly with merchants.

Wells Fargo, PNC and Fiserv declined to comment. JPMorgan and Bank of America did not immediately respond to The Post’s requests for comment.

Each time a customer swipes their debit or credit card at a register, the business needs to pay a small percentage of the total check to that customer’s bank in what is known as an interchange, or “swipe,” fee.

The Durbin amendment, which was signed into law by former President Barack Obama, gave the Federal Reserve the power to set limits on these fees for banks with $10 billion or more in assets – and Wall Street has been lambasting the cap ever since.

JPMorgan, Bank of America, Wells Fargo and PNC were reportedly involved in talks, according to the Wall Street Journal. Christopher Sadowski for NY Post Last year, US banks collected nearly $66 billion in credit- and debit-card interchange fees, accounting for roughly 11% of their noninterest income, according to the Federal Reserve Bank of St. Louis. 

But banks have argued that caps have unfairly limited the amount of interchange-fee revenue they can collect, restricting their ability to cover costs for free checking accounts and debit-card rewards programs, which have grown rare since the legislation was passed.

Merchants, however, have argued the law helps keep prices down, and that savings from lower interchange fees are ultimately passed along to the consumer.

Businesses typically pay an average of 34 cents, or 0.73% of the transaction total, in interchange fees, according to the Federal Reserve.

They also have to pay several other fees associated with debit- and credit-card transactions, including assessment charges to card companies and processing fees. 

Processing fees are charged by networks like STAR and Accel, which are owned by Fiserv.

Shares of Fiserv climbed more than 6% in premarket trading on Tuesday after a report said several of the largest US banks had explored acquiring one of the fintech company's debit-card networks, highlighting the growing strategic importance of payments infrastructure as banks compete with fintech firms and crypto players.

According to The Wall Street Journal, JPMorgan Chase, Bank of America, Wells Fargo, and PNC Financial Services Group have in recent months held preliminary discussions about a potential acquisition of a payments network owned by Fiserv.

The discussions remain tentative, and there is no certainty that a transaction will materialize.

The report said several banks that reviewed the opportunity have already concluded they are unlikely to proceed.

Reuters also reported that some institutions expressed concerns that such a deal could trigger opposition from lawmakers, regulators, and merchant groups.

The reported discussions underscore how aggressively traditional banks are searching for new ways to strengthen their position in the fast-changing payments industry.

The sector has faced mounting competition from fintech companies and digital assets as the Trump administration has taken a more supportive stance toward financial innovation and cryptocurrencies.

Owning payment infrastructure could provide banks with greater control over transaction processing while potentially creating new revenue opportunities.

The interest in Fiserv's network is also tied to long-running debates over debit-card interchange fees.

Under the Durbin amendment, a provision of the 2010 Dodd-Frank Act, large banks face limits on the debit-card fees they can collect from merchants when transactions are routed through outside payment networks.

However, banks that own a payments network are exempt from those caps, making ownership of such infrastructure strategically valuable.

Interchange fees are paid by merchants whenever consumers use debit cards and largely flow to the financial institutions issuing those cards.

The Federal Reserve regulates these fees for banks with more than $10 billion in assets.

Banks have long argued that reduced interchange income forced them to scale back free checking accounts and debit-card rewards programs after the Durbin rules took effect.

Merchant groups, meanwhile, maintain that lower fees have helped reduce costs for businesses and ultimately benefited consumers through lower prices.

Fiserv owns the STAR and Accel debit-payment networks, which process debit card transactions across the United States.

According to the company's website, the STAR Network routes debit, ATM, and e-commerce transactions between consumers, merchants, and financial institutions.

The network serves more than 115 million debit-card holders through over 2,800 financial institutions.

The payments infrastructure has become increasingly valuable as banks seek to strengthen their competitive positions in digital payments.

The reported takeover interest comes during a difficult period for Fiserv.

The company has faced significant pressure over the past year, with its shares falling roughly 70% from year-earlier levels before Tuesday's rally.

A photo illustration of a One Tank disposable vape device with American branding reflects how some products marketed as "made in the USA" have emerged as Chinese manufacturers adapt to a U.S.... Purchase Licensing Rights, opens new tab Read more

CompaniesLONDON, July 3 (Reuters) - Payments platform Fiserv (FISV.O), opens new tab and service station operators including BP (BP.L), opens new tab have warned their U.S. partners and store owners not to deal in illegal vapes or ​risk heavy fines as a consequence, notices seen by Reuters show.

A coalition of ‌state and city law enforcement officials in the U.S. is pressuring shippers, e-commerce platforms and payment networks in a bid to clamp down on a booming market in illegal vapes worth $9 billion or more ​in annual sales according to some estimates.

The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here.

Backed by attorneys general from states including California, ​Illinois and Arizona as well as authorities from the city of New ⁠York, the District of Columbia and Puerto Rico, the crackdown has in recent weeks ​helped secure a ban on vapes by Shopify (SHOP.TO), opens new tab. Mastercard (MA.N), opens new tab has also warned its partners that it ​would investigate if they enabled illegal vape transactions on its network.

Now, the documents seen by Reuters show, this stricter approach to illegal vape sales is gathering pace.

"BP has learned that MasterCard has begun issuing... ​compliance violation notices to merchants throughout the industry for processing sales transactions for illegal electronic ​nicotine delivery system products," BP wrote in an undated notice to its gas station operators.

The notice seen ‌by ⁠Reuters said that selling illegal vapes was also a violation of a store's agreement with BP.

Gas station operators Marathon Petroleum (MPC.N), opens new tab and Valero (VLO.N), opens new tab issued similar notices warning that Mastercard or similar firms could issue mid-six-figure fines for a single violation or revoke their card processing services. ​Valero's notice was dated ​June 17.

CardConnect, a ⁠payment technology provider and subsidiary of Fiserv (FISV.O), opens new tab, issued a notice to its partners stating that vape sales must comply with all relevant ​laws or risk "corrective action".

The notice said that CardConnect would send out ​a message warning ⁠all merchants using its services not to sell vapes lacking authorisation from the U.S. Food and Drug Administration.

The FDA has granted only 45 vaping products authorisation to market legally, but unauthorised ⁠brands ​are sold illegally nationwide both online and face-to-face in ​locations including convenience stores and bodegas.

Fiserv, BP, Marathon and Valero did not immediately respond to requests for comment. Friday ​was a public holiday in the United States.

Reporting by Emma Rumney; Editing by Joe Bavier

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Shares of the fintech are sliding in the wake of its former CEO's exit, and top executives are buying.

By PYMNTS  |  June 23, 2026

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A judge has denied Fiserv’s motion to dismiss a lawsuit brought by Polam Federal Credit Union in which the credit union alleges that the payments and core processing company breached its contract, misrepresented the security of its systems and imposed improper early-termination fees, CU Today reported Monday (June 22).

The Thursday (June 18) ruling allows the lawsuit to move forward, according to the report.

Polam FCU CEO Jennifer Audette told the publication, per the report: “Our Board of Directors and I are extremely grateful for our legal representation and encouraged by this significant first win against the ‘big guys.’”

Charles Nerko of Nerko PLLC, one of the attorneys representing the credit union, said in the report: “The legal process is a key tool credit unions can use to turn vendor frustrations into recoveries.”

Reached by PYMNTS, Fiserv declined to comment on the report.

According to the CU Today report, four other credit unions, including Self-Help Credit Union, FiCare Federal Credit Union, Educational & Governmental Employees Federal Credit Union and Midwest Family Federal Credit Union, are pursuing similar litigation against Fiserv.

In addition, Fiserv has settled similar lawsuits brought by three other credit unions, including Bessemer System Federal Credit Union, Cencap Federal Credit Union and U.S. Court House SDNY Federal Credit Union, per the report.

The CUDaily reported on the decision Monday and added that it reported in March that Polam FCU filed its lawsuit March 5, alleging that Fiserv failed to implement basic cybersecurity protections and attempted to force the credit union to buy a replacement security product while still under contract.

That report said Polam FCU is seeking damages, recovery of payments for services it alleges were deficient, a court order preventing Fiserv from imposing exit fees, and a court order requiring the company to improve safeguards for member information.

It added that Nerko PLLC was formed to represent credit unions in disputes with vendors and that Charles Nerko is representing five other credit unions in litigation against Fiserv.

PYMNTS reported in May that during the first quarter, Fiserv’s organic revenue was down 4%, with the company’s merchant solutions revenue down 1% and financial solutions down 6%. The company characterized this year as a transition period.

June 24, 2026 06:15 ET  | Source: Fiserv, Inc.

MILWAUKEE, June 24, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV) (the “Company”), a leading global provider of payments and financial services technology solutions, today announced the expiration and results of its tender offers to purchase for cash (the “Offers”) any and all of its outstanding 5.150% Senior Notes due 2027 (the “2027 Notes”) and 4.400% Senior Notes due 2049 (the “2049 Notes” and, together with the 2027 Notes, the “Notes”). The Offers were made under the Offer to Purchase, dated June 16, 2026 (the “Offer to Purchase”). Capitalized terms used but not defined in this news release have the meanings given to them in the Offer to Purchase. The Offers expired at 5:00 p.m., New York City time, on June 23, 2026 (the “Expiration Date”).

According to information provided by Global Bondholder Services Corporation, the Tender and Information Agent for the Offers, $1,330,795,000 aggregate principal amount of Notes were validly tendered by the Expiration Date and not validly withdrawn. This amount excludes $22,771,000 aggregate principal amount of Notes reflected in Notices of Guaranteed Delivery under the guaranteed delivery procedures specified in the Offer to Purchase (the “Guaranteed Delivery Procedures”) that were submitted by the Expiration Date, all of which remain subject to performance of the delivery requirements under the Guaranteed Delivery Procedures.

The table below includes information about the aggregate principal amount of Notes referred to above broken out between 2027 Notes and 2049 Notes.

Title of SecurityCUSIP No. / ISIN No.Aggregate
Principal Amount
Outstanding
Aggregate
Principal Amount
Tendered(1)Principal Amount
Reflected in Notices
of Guaranteed
Delivery(2) 5.150% Senior
Notes due 2027337738 BJ6 / US337738BJ60 $750,000,000
$516,181,000
$1,801,000
4.400% Senior
Notes due 2049337738 AV0 / US337738AV08
$2,000,000,000 
$814,614,000
$20,970,000
 (1) These amounts exclude the principal amounts of Notes for which Holders have delivered Notices of Guaranteed Delivery that remain subject to compliance with the Guaranteed Delivery Procedures. (2) To be accepted for purchase, Notes reflected in Notices of Guaranteed Delivery must be validly tendered using the Guaranteed Delivery Procedures by 5:00 p.m., New York City time, on June 25, 2026.  The Consideration for each $1,000 principal amount of Notes accepted for purchase in the Offer is $1,005.65 for 2027 Notes and $797.61 for 2049 Notes. In addition to the Consideration, Holders whose Notes are accepted for purchase will receive a cash payment representing the accrued and unpaid interest (such interest as described below, the “Accrued Interest”) on such Notes from the last interest payment date up to, but not including, the Settlement Date (as defined below). Interest will cease to accrue on the Settlement Date for all Notes accepted for purchase, including those tendered pursuant to the Guaranteed Delivery Procedures.

The Company intends to accept for purchase the principal amount of all Notes specified in the table above (including Notes reflected in Notices of Guaranteed Delivery that are validly tendered using the Guaranteed Delivery Procedures by 5:00 p.m., New York City time, on June 25, 2026) and pay the applicable Consideration and Accrued Interest for such Notes on the Settlement Date, which is expected to be June 26, 2026 unless extended (the date on which such payment occurs is the “Settlement Date”).

The description of the Offers in this news release is only a summary and is qualified in its entirety by reference to the Offer to Purchase.

Citigroup Global Markets Inc. (“Citigroup”), J.P. Morgan Securities LLC (“J.P. Morgan”), TD Securities (USA) LLC (“TD Securities”) and Wells Fargo Securities, LLC (“Wells Fargo Securities”) are the lead dealer managers for the tender offers. Investors with questions regarding the tender offers may contact the lead dealer managers at the following telephone numbers: (i) Citigroup at (800) 558-3745 (toll-free) or (212) 723-6106 (collect), (ii) J.P. Morgan at (866) 834-4666 (toll-free) or (212) 834-3554 (collect), (iii) TD Securities at (866) 584-2096 (toll-free) or (212) 827-2842 (collect), and (iv) Wells Fargo Securities at (866) 309-6316 (toll-free) or (704) 410-4235 (collect). Global Bondholder Services Corporation is the tender and information agent for the tender offers and can be contacted at (855) 654-2014 (toll-free) (bankers and brokers can call collect at (212) 430-3774) or by email at [email protected].

None of the Company or its affiliates, their respective boards of directors, the lead dealer managers, the co-dealer managers, the tender and information agent, and the trustee with respect to any Notes is making any recommendation as to whether Holders should tender any Notes in response to the Offers, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.

This news release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation or sale has been or will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Offers were only made pursuant to the Offer to Purchase. Holders of the Notes are urged to carefully read the Offer to Purchase before making any decision with respect to the Offers.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, is a global leader uniting commerce and finance. The company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, e-commerce, and Clover®, the all-in-one business management platform. Fiserv is a member of the S&P 500® Index and one of FORTUNE® America’s Most Innovative Companies.

Forward-Looking Statements

This news release contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those that express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development, outlook, or similar expression, and can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe our future plans, objectives or goals are also forward-looking statements. The forward-looking statements involve significant risks and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. The factors that may affect our results include, among others, the following: our ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for our products and services; the ability of our technology to keep pace with a rapidly evolving marketplace; our ability to successfully implement and achieve the expected benefits associated with our One Fiserv action plan; the success of our merchant alliances, some of which we do not control; the impact of a security breach or operational failure on our business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of our vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or international hostilities, and the impact they may have on us and our employees, clients, vendors, supply chain, operations and sales; our ability to use artificial intelligence to improve our products and services and enhance our operations; the effect of proposed and enacted legislative and regulatory actions affecting us or the financial services industry as a whole; our ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; our ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of our growth strategies; our ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors identified in “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents that we file with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements, which speak only as of the date of this news release. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this news release.

June 16, 2026 03:14 ET  | Source: Fiserv, Inc.

MILWAUKEE, June 16, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV) (the “Company”), a leading global provider of payments and financial services technology solutions, today announced the commencement of tender offers to purchase for cash any and all of the senior notes issued by the Company listed in the table below (collectively, the “Notes”). The tender offers (the “Offers”) are being made pursuant to the Offer to Purchase, dated June 16, 2026 (the “Offer to Purchase”).

Offers to Purchase for Cash Any and All of the Company’s Senior Notes Described in the Table Below

Title of SecurityCUSIP No. / ISIN No.(1)Principal Amount Outstanding
U.S. Treasury Reference Security(2)Bloomberg Reference Page(2)Fixed Spread(3)5.150% Senior Notes due 2027337738 BJ6 / US337738BJ60
$750,000,0004.000% UST due May 31, 2028FIT15 bps4.400% Senior Notes due 2049337738 AV0 / US337738AV08
$2,000,000,000
5.000% UST due May 15, 2046FIT1108 bps
(1)   No representation is made as to the correctness or accuracy of the CUSIP numbers listed herein. Such information is provided solely for the convenience of the Holders (as defined below) of the Notes.
(2)   The consideration (the “Consideration”) payable per $1,000 principal amount of Notes validly tendered and accepted for purchase will be determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread specified in the table above plus the yield to maturity of the applicable U.S. Treasury Reference Security specified in the table above based on the bid-side price of such Reference Security on the applicable Reference Page specified in such table at 2:00 p.m., New York City time, on June 23, 2026 (as such date and time may be extended). The calculation of the Consideration may be performed to either the maturity date or the par call date for the Notes, as applicable, in accordance with standard market practice. The Consideration does not include Accrued Interest (as defined below), which will be paid on Notes accepted for purchase by us.
(3)   In addition to the Consideration, holders (each a “Holder” and, collectively, the “Holders”) of Notes accepted for purchase pursuant to the Offers, including Notes accepted pursuant to the Guaranteed Delivery Procedures referred to herein, will also receive accrued interest from the last interest payment date of the Notes to, but not including, the Settlement Date (as defined below) (such accrued interest, the “Accrued Interest”) .

The Offers may be amended by us in our sole discretion, subject to applicable law. The Offers will expire at 5:00 p.m., New York City time, on June 23, 2026, unless extended or terminated by us (such time and date, as the same may be extended or terminated by us in our sole discretion, subject to applicable law, the “Expiration Date”). Tendered Notes may be withdrawn at or prior to the Expiration Date by following the procedures in the Offer to Purchase, but may not thereafter be validly withdrawn, unless otherwise required by applicable law.

Tenders of Notes after the Expiration Date will not be valid, unless the Guaranteed Delivery Procedures specified in the Offer to Purchase are followed.

We expect to purchase all Notes that have been validly tendered (including pursuant to the Guaranteed Delivery Procedures) and not validly withdrawn at or prior to the Expiration Date and accepted for purchase, on the third business day after the Expiration Date, which is expected to be June 26, 2026 unless extended (the “Settlement Date”).

Tenders of Notes may be validly withdrawn at any time at or prior to 5:00 p.m., New York City time, on June 23, 2026, unless extended by us in our sole discretion (the “Withdrawal Deadline”), but, unless otherwise required by applicable law, may not be validly withdrawn thereafter. The Company may extend the Withdrawal Deadline in its sole discretion. In addition, the Company may extend the Expiration Date without extending the Withdrawal Deadline or otherwise reinstating withdrawal rights of Holders, subject to applicable law.

Our obligation to accept for purchase and pay for Notes pursuant to the Offers is subject to the satisfaction or waiver by the Company of certain conditions set forth in the Offer to Purchase, including, among other things, the receipt of proceeds upon settlement of an offering of new euro denominated senior notes. The Offers are not conditioned upon the tender of any minimum principal amount of the Notes.

The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Offers. The description of the Offers above is only a summary and is qualified in its entirety by the Offer to Purchase, which may be obtained as described below.

Information Relating to the Tender Offers

Citigroup Global Markets Inc. (“Citigroup”), J.P. Morgan Securities LLC (“J.P. Morgan”), TD Securities (USA) LLC (“TD Securities”) and Wells Fargo Securities, LLC (“Wells Fargo Securities”) are the lead dealer managers for the tender offers. Investors with questions regarding the tender offers may contact the lead dealer managers at the following telephone numbers: (i) Citigroup at (800) 558-3745 (toll-free) or (212) 723-6106 (collect), (ii) J.P. Morgan at (866) 834-4666 (toll-free) or (212) 834-3554 (collect), (iii) TD Securities at (866) 584-2096 (toll-free) or (212) 827-2842 (collect), and (iv) Wells Fargo Securities at (866) 309-6316 (toll-free) or (704) 410-4235 (collect). Global Bondholder Services Corporation is the tender and information agent for the tender offers and can be contacted at (855) 654-2014 (toll-free) (bankers and brokers can call collect at (212) 430-3774) or by email at [email protected].

None of the Company or its affiliates, their respective boards of directors, the lead dealer managers, the tender and information agent, and the trustee with respect to any Notes is making any recommendation as to whether Holders should tender any Notes in response to the Offers, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender.

Holders are urged to evaluate carefully all information in this news release, including the documents referred to herein, consult their own investment and tax advisors and make their own decisions whether to tender some or all of their Notes. If a Holder holds Notes through a custodian bank, broker, dealer, commercial bank, trust company or other nominee, it should contact such custodian or nominee if it wishes to tender its Notes.

The Offer to Purchase may be obtained from Global Bondholder Services Corporation, free of charge, by calling (855) 654-2014 (toll-free) (bankers and brokers can call collect at (212) 430-3774 or by email at [email protected]. Additionally, copies of the Offer to Purchase are available at the following webpage: https://www.gbsc-usa.com/Fiserv/.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, is a global leader uniting commerce and finance.  The company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, e-commerce, and Clover®, the all-in-one business management platform. Fiserv is a member of the S&P 500® Index and one of FORTUNE® America’s Most Innovative Companies.

Forward-Looking Statements

This news release contains “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those that express a plan, belief, expectation, estimation, anticipation, intent, contingency, future development, outlook, or similar expression, and can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe our future plans, objectives or goals are also forward-looking statements. The forward-looking statements involve significant risks and uncertainties, and a number of factors, both foreseen and unforeseen, could cause actual results to differ materially from our current expectations. The factors that may affect our results include, among others, the following: general market conditions which might affect the Offers; our ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for our products and services; the ability of our technology to keep pace with a rapidly evolving marketplace; our ability to successfully implement and achieve the expected benefits associated with our One Fiserv action plan; the success of our merchant alliances, some of which we do not control; the impact of a security breach or operational failure on our business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of our vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or international hostilities, and the impact they may have on us and our employees, clients, vendors, supply chain, operations and sales; our ability to use artificial intelligence to improve our products and services and enhance our operations; the effect of proposed and enacted legislative and regulatory actions affecting us or the financial services industry as a whole; our ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; our ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of our growth strategies; our ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors identified in “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 and in other documents that we file with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements, which speak only as of the date of this news release. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this news release.

MILWAUKEE, June 15, 2026 /PRNewswire/ -- Ademi LLP is investigating possible breach of fiduciary claims against Fiserv (NASDAQ: FISV). The investigation results from recent announcement, investigations and lawsuits against Fiserv.

Click here to join our investigation or to obtain additional information, or contact us at [email protected] or toll-free: 866-264-3995. There is no cost or obligation to you.

On June 15, 2026, Fiserv announced that its CEO and board member Michael P. Lyons was resigning effective immediately. The investigation focusses on whether the board of Fiserv has breached its fiduciary duties to shareholders.

We specialize in securities fraud and shareholder litigation. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact:
Ademi LLP
Guri Ademi
3620 East Layton Ave.
Cudahy, WI 53110
Toll Free: (866) 264-3995
Fax: (414) 482-8001
www.ademilaw.com

SOURCE Ademi LLP

Fiserv, Inc. remains a Strong Buy despite the recent CEO departure and ongoing operational uncertainty. FISV's valuation is deeply discounted, trading at ~5x 2026 earnings, with significant upside if stability and growth targets are met. Clover, FISV's fintech platform, is a major value driver, with potential for 15%+ annual revenue growth and strategic monetization opportunities.

Appoints Fiserv Executive Takis Georgakopoulos as Chief Executive Officer Bringing Payments, Technology, and Financial Services Experience to the Role

Mike Lyons Steps Down to Become CEO of Truist Financial Corporation

MILWAUKEE, June 15, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced that Takis Georgakopoulos has been appointed Chief Executive Officer (CEO) and as a member of the Board of Directors, effective immediately. He succeeds Mike Lyons, who has stepped down as CEO and member of the Board of Directors to return to banking and become CEO of Truist Financial Corporation.

Mr. Georgakopoulos joined Fiserv in late 2024 and brings more than two decades of payments, technology, financial services, AI, and cybersecurity experience to the role. As a member of the Fiserv executive team, he has been leading and partnering across the company’s Financial Solutions and Merchant Solutions businesses to capitalize on the opportunities in these converging markets. Mr. Georgakopoulos will continue to focus on delivering best-in-class technology across the enterprise and remain closely engaged with the Merchant Solutions business to drive positive client outcomes.

Most recently, Mr. Georgakopoulos served as Fiserv’s Co-President leading Technology and Merchant Solutions and previously as Chief Operating Officer, Technology and Merchant Solutions. Prior to his tenure at Fiserv, he served as Global Head of Payments for J.P. Morgan’s Corporate and Investment Bank, where he oversaw all aspects of the business including technology, product, sales, and operations. Earlier in his career, he was a partner at McKinsey & Company, advising large financial institutions.

Gordon Nixon, Chairman of the Fiserv Board of Directors, said, “Takis is an exceptional leader whose strategic vision, technical depth, and knowledge of our clients have been instrumental since he joined Fiserv. During this time, he has driven meaningful progress in modernizing our merchant platform, accelerating Clover, and embedding AI across our infrastructure. He is the right leader to guide Fiserv in an industry being reshaped by rapid advances in technology, innovation, AI, and cybersecurity.”

Nixon added, “The Board has great confidence in the company's strategy outlined at Investor Day and in Takis's ability to lead Fiserv, execute the One Fiserv action plan, and optimize shareholder value for the long-term.”

Mr. Georgakopoulos commented, “I am honored to serve as CEO of Fiserv. The company has leading positions across finance and commerce, a unique ability to enable financial transactions across financial institutions, merchants, and consumers, the scale to compete and win, and the most talented team in the industry. I look forward to working closely with the Board and leadership team as we continue to advance the strategic priorities we laid out at Investor Day.”

Mr. Nixon added, “We appreciate Mike's leadership during an important period for the company. On behalf of the Board, we wish him all the best in his new role.”

Mr. Lyons said, “I’m proud of what the team has accomplished over the past year. I have great confidence in the Company's strong platform, talented leadership team, and dedicated associates and look forward to partnering with Fiserv as a client in the years ahead.”

Reaffirming 2026 Outlook
The company is reaffirming its outlook for the full year 2026 as provided on May 5, 2026. Fiserv continues to expect organic revenue growth of 1% to 3% and adjusted earnings per share of $8.00 to $8.30 for 2026.

Additional information regarding our current outlook, including the definitions of the non-GAAP financial measures referenced herein and related reconciliations, is included in our earnings release dated May 5, 2026, which is available on our investor relations website.

About Takis Georgakopoulos
Takis Georgakopoulos joined Fiserv in 2024 as an Executive Vice President and member of the Management Committee and became Chief Operating Officer, Technology and Merchant Solutions in April 2025 and Co-President and Head of Merchant Solutions and Technology in December 2025. Before joining Fiserv, he served as Global Head of Payments for J.P. Morgan’s Corporate & Investment Bank, where he oversaw all aspects of the business, including technology, product, sales, and operations.

About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, is a global leader uniting commerce and finance. The company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, e-commerce, and Clover®, the all-in-one business management platform. Fiserv is a member of the S&P 500® Index and one of FORTUNE® America’s Most Innovative Companies. Visit fiserv.com and follow on social media for more information and the latest company news. 

Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue growth, adjusted earnings per share and other statements regarding our future financial performance. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe the company’s future plans, outlook, objectives or goals are also forward-looking statements.

Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that could cause the company’s actual results to differ materially include, among others, the following: the company’s ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for the company’s products and services; the ability of the company’s technology to keep pace with a rapidly evolving marketplace; the company’s ability to successfully implement and achieve the expected benefits associated with its One Fiserv action plan; the success of the company’s merchant alliances, some of which are not controlled by the company; the impact of a security breach or operational failure on the company’s business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of the company’s vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or international hostilities, and the impact they may have on the company and its employees, clients, vendors, supply chain, operations and sales; the company’s ability to use artificial intelligence to improve its products and services and enhance its operations; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; the company’s ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; the company’s ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of the company’s growth strategies; the company’s ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors included in “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in other documents that the company files with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release.

Media Relations:
Stacy Davidson
Chief Communications and Marketing Officer
Fiserv, Inc.
[email protected]

Investor Relations:
Walter Pritchard
Senior Vice President, Investor Relations
Fiserv, Inc.
[email protected]

HomeIndustriesBankingThe financial-services company ‘continues to look strategically adrift,’ an analyst says, as the stock falls furtherPublished: June 15, 2026 at 9:36 a.m. ET

In just over 13 months as the CEO of Fiserv, Mike Lyons presided over a 71% stock drop. Now shares of the financial-technology company are falling further toward a 10-year low after news of Lyons’ unexpected departure for a new role.

The company, which sells payment-processing, mobile-banking and other services to both merchants and financial clients, announced Monday morning that Lyons is departing to become CEO of Truist Financial. Succeeding him, effective immediately, is Takis Georgakopoulos, who’s been with the company since late 2024 and most recently served as a co-president focused on technology and merchant solutions.

For years, merchant services centered on moving money from cardholder to business.  The current earnings season gives proof that business has become far broader, encompassing everything from payments to back-office efficiency.

Across quarterly updates from Block, PayPal, Shopify and Fiserv, executives described merchants grappling with rising operating complexity, fragmented sales channels and pressure to keep customers engaged while managing costs.

The common thread running through the results was that many businesses still want direct relationships and operational support, even as commerce becomes automated and software-driven. The growth revolves around who can become embedded in a merchant’s daily operations.

Small and mid-sized businesses, particularly those managing both physical and digital storefronts, often lack the internal technology resources to stitch together payments, marketing, payroll and financing systems on their own.

Fiserv, for example, used its first-quarter results to emphasize what executives described as a broader operating platform strategy with Clover as a key anchor. Clover gross payment volume rose 12% excluding gateway conversion impacts. Executives also pointed to healthcare and professional services initiatives, along with efforts tied to AI-powered merchant development tools.

During the earnings call, CEO Mike Lyons said businesses want providers that can combine payments, software and workflow management rather than offering isolated products. He also told analysts that Fiserv was “expanding Clover into other verticals such as healthcare and professional services” while deepening capabilities around payroll, accounts payable and software tools for merchants.

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PayPal’s results showed a similar effort to broaden merchant relationships beyond checkout. The company reorganized its business into three segments, including a division focused specifically on payment processing and value-added services.

Executives described merchants as seeking integrated tools that can improve conversion rates, deepen customer relationships and simplify increasingly global commerce operations. PayPal said payment services provider volume growth accelerated to 11%, while enterprise payment volume increased in the mid-teens. The company also pointed to demand for buy now, pay later options and digital wallet adoption among consumers.

Moving Further Into Operations The earnings reports also highlighted a broader change underway in merchant services: Providers are attempting to become operating systems for commerce rather than utilities sitting behind transactions.

Shopify’s quarter illustrated how deeply software, payments and merchant management have become intertwined.

President Harley Finkelstein framed the company’s role as helping merchants manage growing complexity across commerce channels. Executives also repeatedly discussed AI tools designed to assist merchants with automation, marketing and operational management. Shopify said merchants built more than 12,000 custom applications using Sidekick during the quarter.

Block CEO Jack Dorsey described a strategy in which AI tools move from passive assistants to systems that actively help merchants identify operational issues before they worsen. The company’s Managerbot product, aimed at sellers, is designed to identify issues such as rising food costs or staffing inefficiencies.

That dynamic has encouraged providers to bundle more services together.

Fiserv highlighted Clover Capital as one of the growth drivers inside its merchant business.

Shopify’s filings showed the degree to which merchant financing has become embedded in platform economics. The company reported loans and merchant cash advances of $2.1 billion on its balance sheet at the end of the quarter, up from $1.8 billion at year-end 2025. That increase reflected continued expansion of Shopify Capital as merchants seek working capital tied directly to sales activity flowing through the platform.

Executives made clear that lending is becoming part of a broader merchant-retention strategy. Shopify’s Finkelstein said on the earnings call that the company wants to “absorb more of that complexity into our systems and become more valuable to merchants.” In practice, that often includes financing, payments, logistics and operational software delivered through one ecosystem.

Block provided further evidence that merchant lending remains a key offering. In its 10-Q filing, commercial lending tied to Square sellers remains a substantial balance-sheet business. Commercial loans held for investment totaled $456.9 million at the end of the quarter.

Taken together, the earnings reports suggested that merchant lending is no longer being treated as a standalone business line. Providers view credit as part of the broader infrastructure tying merchants to their ecosystems. The more deeply financing becomes embedded into payments flows, payroll management, customer analytics and software operations, the more difficult it becomes for merchants to separate one provider from another.

Ecosystems Become Retention Tools The earnings reports also suggested that merchant ecosystems are becoming central to customer retention strategies.

Rather than scaling transaction by transaction, providers increasingly want merchants operating within closed loops of software, financial products and customer engagement tools. The deeper the integration, the harder it becomes for businesses to leave.

Block’s Neighborhoods initiative illustrated this strategy particularly clearly. The company said sellers representing $320 million in annualized gross payment volume had joined the loyalty and rewards platform by March. The service ties Square sellers directly to Cash App consumers through rewards and local promotions.

PayPal similarly pointed to its “two-sided network” strategy connecting merchants and consumers across checkout, wallets and payment services. Shopify stressed that merchants are relying on the company not just for storefront creation but for logistics, analytics, customer acquisition and operational management.

The broader message is this: Merchant services firms are trying to cement loyalty by becoming indispensable to daily business operations. Payments remain the foundation, but the surrounding services increasingly determine the ecosystem’s expansion.

MILWAUKEE, May 19, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, announced its participation in an upcoming investor conference in June.

Paul Todd, Chief Financial Officer, will represent Fiserv at the RW Baird 2026 Global Consumer, Technology and Services Conference at 3:45 p.m. ET on June 2, 2026.

A live webcast and replay of the presentation will be available on the Investor Relations section of the Fiserv website at investors.fiserv.com.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, 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 Clover®, the world’s smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of TIME Magazine’s Most Influential Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

For more information contact:
  Media Relations:
Investor Relations:Stacy DavidsonWalter PritchardChief Communications and Marketing OfficerSenior Vice President, Investor RelationsFiserv, Inc.Fiserv, [email protected]@fiserv.com

Key Takeaways Square is expanding in the restaurant and mid-market segments with POS and commerce tools for sellers.The Hat chose Square's unified commerce platform to support operations across 11 locations and expansion.Square's first-quarter 2026 gross profit rose 9% as payment volume grew 13% amid restaurant momentum. Block’s (XYZ - Free Report) Square is strengthening its presence in the restaurant and mid-market segments through point-of-sale and commerce solutions that help sellers accept payments, manage operations and improve customer engagement. New restaurant-focused offerings, including the early-access Square for Drive-Thru solution, are helping the company gain traction in higher-throughput food and beverage businesses.

A key example is Square’s partnership with The Hat, the restaurant chain known for its pastrami sandwiches. The Hat selected Square as a unified commerce platform to support operations across its 11 locations as it expands beyond California. The company needed real-time operational visibility, standardized workflows and seamless coordination across its restaurant portfolio.

Square for Restaurants addresses these requirements through centralized menu management and unified reporting, enabling leadership to monitor performance across locations and improve operational efficiency. The Hat also uses Square Register, paired with receipt printers and cash drawers, to support high-volume counter service, while Square Marketing helps strengthen customer engagement and loyalty as the brand enters new markets.

Square is seeing similar adoption from other restaurant brands, including Black Seed Bagels, which recently implemented Square’s unified commerce platform across its New York City locations. These product additions and customer wins are contributing to stronger business performance. In first-quarter 2026, Square’s gross profit rose 9% year over year to $982 million, while gross payment volume increased 13% to $61.2 billion, reflecting strong momentum in food and beverage, mid-market and international markets.

How Are Square’s Competitors Fairing?Toast (TOST - Free Report) added two notable enterprise wins: Hungry Howie’s selected Toast for a rollout across roughly 500 locations, using its restaurant technology suite for complex pizza operations, and The Alinea Group chose Toast as its preferred platform across Michelin-starred restaurants and bars, including Alinea, Next, The Aviary and The Office.

Fiserv’s (FISV - Free Report) Clover recently expanded its restaurant offerings with Clover Reserve powered by Tabit, an enterprise-grade POS and hospitality solution for full-service and fine-dining restaurants. The platform adds advanced floor management, tableside service and unified payments, strengthening Clover’s push into complex restaurant operations, similar to Square’s restaurant-focused expansion.

XYZ’s Price Performance, Valuation & EstimatesShares of Block have risen 20.6% over the past year, outperforming the broader industry but underperforming the S&P 500 Index.

Image Source: Zacks Investment Research

In terms of forward 12-month P/E, XYZ stock is trading at 16.55X, which is at a discount to the Zacks Internet Software industry’s 26.48X.

Image Source: Zacks Investment Research

Block’s estimate revisions reflect a positive trend. The Zacks Consensus Estimate for full-year 2026 EPS has been revised northward 1.1% over the past month. It indicates a significant increase year over year.

Image Source: Zacks Investment Research

Block currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Experian has teamed with Fiserv to help merchants stem the tide of artificial intelligence (AI)-powered fraud.

The collaboration involves the addition of real‑time debit card verification for Experian Link, the company’s payment authentication tool, Experian said in a news release Wednesday (May 27).

“As AI accelerates the speed and sophistication of fraud, merchants need precise, instant verification that confirms the customer behind a payment is truly who they say they are without introducing added friction,” said Kathleen Peters, chief innovation officer, fraud and identity at Experian North America.

“By integrating Fiserv’s proprietary debit card data into Experian Link alongside our robust identity and fraud insights, clients can further reduce false declines, lower fraud rates and confidently approve more legitimate customers,” Peters added.

Experian Link will leverage Fiserv’s VerifyNow Advantage with newly improved verification capabilities that determine bank account and debit card ownership verification in real time.

The release noted that the collaboration is happening at a time when generative artificial intelligence (AI) tools are helping fraudsters expand their attacks and mimic consumer behavior, putting more pressure on merchants to tighten risk controls.

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But these controls can trigger more false declines, unintentionally blocking legitimate customers, a problem that costs merchants billions per year, the release said.

“Merchants need real‑time intelligence they can trust as payment fraud grows more sophisticated and AI further blurs the line between real and synthetic behavior,” said Dennis Becker, senior vice president of fraud, data and analytics solutions at Fiserv. “By combining debit card verification from Fiserv with Experian’s identity insights and analytics, we’re enabling merchants to validate payments faster and with greater accuracy, strengthening fraud defenses without adding friction for customers.”

As PYMNTS wrote earlier this week, the problem of false declines is compounded by the rise of agentic AI, as “the consumer may never directly participate in the checkout process.”

That report gave the example of an AI assistant authorized to reorder household goods, compare airline pricing or put together a shopping basket across merchants.

“If the transaction is declined because the purchase pattern appears unusual, the consumer may never see a checkout screen or receive context around the rejection,” PYMNTS wrote. “The failed authorization becomes invisible friction. Repeated enough times, it weakens trust not only in the merchant or issuer but in the AI workflow itself.”

False declines are also tough to diagnose in an agentic environment because the transaction path itself can change. Traditional disputes often center around a shopper recognizing a failed purchase and trying again.

“Agentic systems may abandon the attempt, substitute another merchant or alter the purchase decision without intervention,” PYMNTS wrote.

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Payments and financial technology provider Fiserv is teaming with AI agent lab Cognition.

The collaboration will see the companies use artificial intelligence (AI) software engineer, Devin, to modernize core banking technology and shorten the time it takes for new capabilities to reach Fiserv financial institution customers, Fiserv said in a Thursday (May 28) news release.

“Modernization is among the most significant and historically slowest initiatives in financial services,” the release added.

“Devin is uniquely suited to accelerate this work, operating at scale across complex codebases. Fiserv plans to deploy Devin across core platform modernization and other strategic engineering initiatives — executing complex engineering work in parallel and accelerating the pace at which Fiserv ships new capabilities to clients.”

The release said the partnership builds on Fiserv’s broader effort to embed AI into its technology operations and product development to help clients.

Devin’s engineering abilities — such as understanding codebases, writing and testing code, and iterating autonomously — extends engineering capacity so teams can concentrate on things like shipping enhancements, strengthening quality checks, and improving platform resilience, the news release added.

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“Speed matters more than ever in banking, and our clients are counting on us to deliver,” said Dhivya Suryadevara, co-president of Fiserv.

“With Devin, we can accelerate modernization of the platforms our clients run their business on, ship new capabilities faster, and free our teams to focus on the work that matters most.”

The partnership comes one day after Cognition announced it had raised $1 billion in a new funding round, valuing the company at $26 billion. The startup said it would use the new funding to continue expanding Devin.

“We launched Devin two years ago as the first AI software engineer,” Cognition said in its announcement. “Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.”

Meanwhile, Fiserv earlier this month announced an agentic AI operating system designed for banking, as well as a collaboration with OpenAI to put frontier AI to work at financial institutions.

The new operating system, agentOS, was created to help financial institutions deploy, manage and scale AI agents across their workflows.

“Banks have spent years building the data pipes,” PYMNTS wrote soon after. “This week, the industry confronted what happens when AI agents start running through them: who builds the infrastructure, who sets the rules and who captures the value.”

See More In: AI, B2B, B2B Payments, banking, banking technology, Cognition, Fiserv, News, PYMNTS News, What's Hot, What's Hot In B2B

Block’s Pivot to Profits and AI Is Turning HeadsFiserv NASDAQ: FISV President and CEO Mike Lyons said the payments and financial technology company is working to restore what he described as its historically predictable, mid-single-digit revenue growth profile after a difficult year for investors.

Speaking at a Bernstein-hosted discussion with senior analyst Harshita Rawat, Lyons said Fiserv’s review of its franchise last fall found that, excluding post-COVID cyclical benefits, the company’s growth profile looked more like its pre-pandemic pattern. He said the review also identified areas requiring action, including client service, product delivery, technology resilience and capital allocation.

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Shift4’s Explosive Growth Comes With High-Stakes Risk“We know the last year has been difficult for our investors, and we don’t take that lightly,” Lyons said. He added that the review confirmed what management views as the underlying strength of Fiserv’s core businesses, including number one positions in digital banking, core banking, issuer processing and payments, along with leading positions in small business payments and enterprise.

Management Emphasizes “One Fiserv” Plan and AI Lyons said the company launched its “One Fiserv Action Plan,” centered on a client-first mindset and five pillars intended to address operational issues and support growth. He said the effort has included leadership changes, greater accountability, cultural shifts, employee engagement and a broader embrace of artificial intelligence.

The Quiet Infrastructure Play on Small-Bank SurvivalLyons said Fiserv has built a leadership team that is roughly half new and half existing across an expanded group of about 40 to 50 leaders. He highlighted Dhivya Suryadevara, who leads financial services, and Takis Georgakopoulos, who leads merchant services, and said attrition among the company’s best-performing employees is at record low levels based on measurable history.

On AI, Lyons described a three-part approach: generating more revenue, reducing costs and improving client experience. He said AI is helping Fiserv turn its “systems of record” into “systems of greater value” through better data, higher authorization rates, lower fraud rates, data products and more personalized offers. He also cited opportunities in servicing, operations, application development and faster product delivery.

Lyons pointed to Fiserv’s OpenAI partnership announced at its Investor Day and said the company also reached a formal agreement with Cognition to use Devin, its software engineering agent, to help modernize core systems in Fiserv’s financial services business.

AgentOS Positioned as Bridge Between Banks and AI Agents Lyons discussed agentOS, a product introduced at Fiserv’s Investor Day that is designed to help banks safely deploy AI agents and connect agents to bank systems. He said banks have raised concerns about allowing agents into core systems and personally identifiable information, while agent developers often do not want to handle regulated data directly.

Fiserv’s role, Lyons said, is to sit between banks and agents, managing items such as data masking, access controls and “kill switches.” He said agentOS includes an agent marketplace where third parties, banks, Fiserv or even competitors could create agents for bank use cases.

The product was co-developed with six banks, Lyons said, and two beta versions are live. He said Fiserv has received significant inbound interest from both banks and agent developers since Investor Day. Lyons said agentOS is not included in the company’s medium-term guidance but could expand Fiserv’s market opportunity in workflow automation and value-added banking services.

Clover Growth Remains Central to Merchant Strategy In merchant solutions, Lyons said Clover is central to Fiserv’s path toward 6% to 8% revenue growth in the segment. The company has laid out targets of 10% to 15% volume growth and 15% to 20% revenue growth for Clover.

Lyons said the 10% organic volume growth target is based on Clover’s performance since 2022, when quarterly growth has generally ranged from 8% to 12% and averaged about 10%. He said incremental upside could come from converting non-Clover small and midsize business customers to Clover.

Growth drivers include greater horizontal capabilities, vertical expansion, international growth, improved customer experience and broader distribution, Lyons said. He cited Clover Capital, Clover Savings, ADP and Homebase as horizontal opportunities, and said Fiserv recently launched healthcare and professional services offerings. He also highlighted international growth in Canada and Brazil and said Japan is coming online with Visa and SMCC as partners.

Lyons said international volume now represents more than 20% of total Clover volume and is growing faster from a smaller base. He also said Fiserv has extensive distribution through approximately 3,000 independent sales organizations and 1,000 banks.

Fiserv’s non-Clover small business base remains a significant opportunity, Lyons said, with about $4 billion of revenue, 1.8 million SMBs and roughly $700 billion in gross payment volume. He described the base as stable and generally satisfied, saying Fiserv intends to be thoughtful about conversions rather than forcing customers to migrate.

Financial Services Focuses on Core Stabilization and Payments Lyons said Fiserv’s core banking business has faced higher-than-desired attrition tied to past client service issues, missed product deadlines and forced conversions. He said the company has reversed course by supporting all cores, investing in client-facing personnel and technology, adding value-added services, and giving clients more choice in modernization paths.

He said management expects a gradual path from 2026 to 2029 toward more normalized attrition, noting that current results reflect decisions made in prior years because of long-dated contracts.

In digital payments, Lyons described the business as just under $4 billion in revenue and said Fiserv serves 41 of the 50 largest U.S. banks for payments. He said end markets remain healthy, supported by real-time, digital and embedded payment trends. Fiserv is working to unify multiple payment solutions into broader platforms for individual and business payments, with an intelligence layer to help determine the best payment method.

Lyons also discussed issuer processing, a roughly $3.3 billion revenue business, saying Fiserv has 25 of the 50 largest issuers and eight of the top 10 private-label issuers. He said the company is modernizing Optis, its major issuer platform, while developing Vision Next as a modern card core intended for embedded finance, international expansion and new issuing clients.

Emerging Opportunities Include Deposits, Stablecoins and Data Lyons said Fiserv’s acquisition of StoneCastle supports the Fiserv Deposit Network, which connects cash holders with banks seeking deposits through fully FDIC-insured accounts. He said Clover merchants will be able to move idle cash through the Clover Dashboard into StoneCastle’s network to seek competitive rates, while banks can access insured operating deposits.

He also said StoneCastle brought stablecoin and cryptocurrency custody capabilities. Fiserv has created FIUSD, a stablecoin intended to help banks meet future regulatory requirements and offer stablecoin and fiat wallets within a single demand deposit account. Lyons said FIUSD is expected to go live in July, with an initial publicly announced use case in North Dakota involving bank-to-bank money movement through the Roughrider Coin, a white-label version of FIUSD.

Asked what investors may misunderstand about Fiserv, Lyons said the company is not trying to recover from a permanent loss of competitive position after a drop from double-digit growth. Instead, he characterized the post-COVID growth period as the anomaly and said Fiserv is trying to reclaim its historical identity as a mid-single-digit revenue grower that generates cash and double-digit earnings-per-share growth.

He also said investors may underestimate the revenue and cost opportunities from AI and the potential synergies from Fiserv’s mix of banking, issuing, large merchant and small merchant businesses.

About Fiserv NASDAQ: FISVFiserv, Inc, founded in 1984 and headquartered in Brookfield, Wisconsin, is a global provider of financial services technology. The company develops and delivers integrated solutions for payments, processing, risk and compliance, customer and channel management, and business insights and optimization. Serving thousands of clients, Fiserv supports banks, credit unions, securities broker-dealers, leasing and finance companies, and retailers.

Fiserv’s core offerings include account processing systems that automate deposit, lending and transaction processing for financial institutions, as well as digital banking platforms that enable mobile and online banking services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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NEW YORK, June 02, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, today announced at Snowflake Summit 26, that it has been named the 2026 Financial Services Product Partner of the Year by Snowflake, the AI Data Cloud company. The award recognizes the financial services product partner whose application, solution, or offering delivered the strongest industry-specific value on Snowflake through differentiated capabilities, customer relevance, and measurable business impact.

Fiserv earns this recognition for its achievements leveraging Snowflake AI Data Cloud, helping customers eliminate data silos and transform fragmented payments information into actionable business intelligence.

   "Data is the lifeblood of the modern economy, but its true value lies in accessibility and action," said Sanjay Saraf, Chief Product Officer, Merchant Solutions, at Fiserv. "Being named Snowflake’s Financial Services Product Partner of the Year validates our commitment to helping clients unlock greater value from their data. By providing more ways for merchants to access and use payments data, Fiserv can transform transactions into strategic assets, empowering informed decisions, accelerate growth, and confidently navigate the evolving landscape of commerce."

   By integrating its significant proprietary data ecosystem with Snowflake to deliver Data-as-a-Service, Fiserv enables enterprise merchants to securely share and access payments data in real time. This approach minimizes unnecessary data movement and reduces operational overhead, allowing clients to concentrate on leveraging data for business outcomes rather than managing complex pipelines.

   In addition, Fiserv offers thousands of financial institutions streamlined access to their data via the Snowflake platform, helping them gain insights, personalize services, and advance AI use across banking, cards, and payments solutions.

   "Fiserv is a great example of how leaders in the financial services industry leverage the Snowflake AI Data Cloud to drive tangible value for the enterprise," said Amy Kodl, SVP, Worldwide Alliances & Channels at Snowflake. "By providing a governed, scalable foundation for payments data, Fiserv allows our joint customers to bypass traditional pipeline bottlenecks and move straight to innovation. Their approach to Data-as-a-Service is a blueprint for how companies can use timely data and AI to stay lean while remaining incredibly competitive."

   In addition to Data-as-a-service, Fiserv offers access to payments data through pre-built dashboards, APIs, and BI tools to support a wide range of analytics and reporting needs across the company.

Learn more about Fiserv and Snowflake here. Check out keynotes from Snowflake Summit 2026 live or on-demand here and stay on top of the latest news and announcements from Snowflake on LinkedIn and X.

About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, 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 Clover®, the world’s smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of TIME Magazine’s Most Influential Companies™. Visit fiserv.com and follow on social media for more information and the latest company news.

Media Relations:
Torrie Miers
Director, Communications - Merchant Solutions
Fiserv, Inc.
+1-470-669-5181
[email protected]

MILWAUKEE, June 03, 2026 (GLOBE NEWSWIRE) -- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for May 2026, indicating that U.S. small business sales growth in May was driven primarily by higher average ticket sizes amid persistent cost pressures, while consumer foot traffic continued to soften.

The seasonally adjusted Index remained at 144. Small business sales rose (+0.7%) year over year, driven by average tickets that climbed +3.1% compared with 2025. Transactions declined (-2.4%) year over year, marking the seventh consecutive month of declining foot traffic. Compared with April, sales were flat (+0.0%) and transactions declined slightly (-0.2%).

“We saw a continuation of recent trends in May: stable overall sales, rising average tickets, and softer consumer activity as households adjust to increasing costs,” said Prasanna Dhore, Chief Data Officer, Fiserv. “Services remained the strongest contributor to sales growth, full-service restaurants outperformed limited-service and higher fuel costs continued to impact many businesses.”

Key Takeaways

Restaurant sales continue to fight for growth
Sales declined (-0.6%) year over year but accelerated slightly (+0.6%) compared with April. Higher prices continued to shape results, with average tickets up +3.0% year over year. Transactions fell -3.6%, marking a sixth consecutive month of year over year declines. Limited-Service Restaurants led the slowdown, with sales down -3.4% year over year and foot traffic falling -5.4%. Full-Service Restaurants showed relative strength, with sales rising +1.5% year over year, supported by stable foot traffic (+0.2%) and modest average ticket growth (+1.3%).

Elevated gasoline prices continue to impact multiple categories
Gas Station sales grew +22.9% year over year and +1.2% month over month, due entirely to higher average tickets. Rising fuel costs likely contributed to average ticket growth across multiple service segments, including Professional Services, Transportation and Warehousing, and Administrative Support Services.

Retail remained stable overall, with modest divergence between Core and Non-Core
Total retail sales increased +0.1% year over year but declined -0.5% month over month. Transactions were flat year over year and softened -0.6% compared with April. Core Retail sales were soft (-0.1% year over year; -0.5% month over month). Retail transactions did not grow (0.0%) but average tickets rose +0.9%. Much of this reflects trade-offs consumers are making as retail essentials like gasoline have surged in price, driving consumers to find savings in other retail categories, such as Grocery, which fell -3.3% compared with 2025.

Essentials continued to show steady growth
Sales increased +0.9% year over year as average tickets rose +4.3%. Discretionary categories also expanded (+0.6%) year over year, with average tickets up +2.6%. Transactions declined across both segments, though the pattern was consistent, indicating consumers are seeking to mitigate cost pressures wherever they can.

Goods stabilize while Services growth remains price-led
Goods sales edged up +0.1% YoY with stable transactions (0.0%) and modest ticket growth (+0.2%). Services expanded +1.0% year over year, supported by +4.2% average ticket growth, while transactions declined -3.2%, a clear indication that price continues to drive overall sales growth.

To access the full Fiserv Small Business Index, visit fiserv.com/FiservSmallBusinessIndex.

About the Fiserv Small Business Index®

The Fiserv Small Business Index is published during the first week of every month and differentiated by its direct aggregation of consumer spending activity within the U.S. small business ecosystem. Rather than relying on survey or sentiment data, the Fiserv Small Business Index is derived from point-of-sale transaction data, including card, cash, and check transactions in-store and online across approximately 2 million U.S. small businesses, including hundreds of thousands leveraging the Clover point-of-sale and business management platform.

Benchmarked to 2019, the Fiserv Small Business Index provides a numeric value measuring consumer spending, with an accompanying transaction index measuring customer traffic. Through a simple interface, users can access data by region, state, and/or across business types categorized by the North American Industry Classification System (NAICS). Featuring the most detailed classification available, the Fiserv Small Business Index provides visibility into 56 standardized level-6 national industries across 26 subsectors and 13 sectors, allowing users to track sales trends with precision and understand the diverse dynamics shaping the U.S. small business economy. 

About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, is a global leader uniting commerce and finance. The company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, e-commerce, and Clover®, the all-in-one business management platform. Fiserv is a member of the S&P 500® Index and one of FORTUNE® America’s Most Innovative Companies. Visit fiserv.com and follow on social media for more information and the latest company news. 

For more information contact:

Media Relations:
Chase Wallace
Director, Communications
+1 470-481-2555
[email protected]

The debate over stablecoin regulation has always had a deeper question underneath it.

Do blockchain-based payment systems become an extension of the banking sector or remain permanently adjacent to it?

The Federal Deposit Insurance Corp.’s proposed GENIUS Act framework may not answer that question, but it is starting to draw the lines.

The comment period for the FDIC’s proposed implementation of the GENIUS Act closed Tuesday (June 9) after drawing hundreds of pages of responses from banks, FinTechs, industry groups and other stakeholders. The central dispute is whether stablecoin reserves are fundamentally different from other custodial deposits and who bears the consequences if they are not.

The FDIC’s rulemaking will not answer those questions by itself. However, it may establish the framework that determines which institutions are best positioned to answer them.

Read also: Crypto Embraces Regulator-in-the-Loop Strategy as Federal Rules Roll Out

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Drawing a Line Between Stablecoins and Bank Money The GENIUS Act was designed to solve a regulatory challenge that has frustrated policymakers for years. Congress wanted a framework that would permit dollar-backed stablecoins while preventing them from becoming synthetic bank deposits carrying implicit government guarantees.

The FDIC framework establishes reserve, liquidity, custody, redemption and operational standards for FDIC-supervised issuers while clarifying how tokenized deposits fit within the banking system. The framework effectively draws a line between speculative cryptocurrency activity and payment infrastructure. Stablecoin issuers would be limited to a narrow set of activities centered on issuance, redemption, reserve management and custody. They would face strict reserve requirements and limitations on activities that could introduce risk into the system. The message is that stablecoins can become part of the financial mainstream, but only if they start behaving more like utilities than startups.

The proposal would clarify that deposits held as reserves backing stablecoins would be insured as deposits of the stablecoin issuer itself rather than insured on a pass-through basis to individual stablecoin holders. That position has triggered opposition from parts of the banking and payments industries.

In its Tuesday comment letter, Fiserv said the FDIC’s approach breaks with longstanding deposit-insurance principles. A “deposit structure-specific framework” would better align with both the GENIUS Act and existing deposit insurance law than a blanket prohibition on pass-through coverage. If regulators reject that approach, they in effect reinforce a bright-line distinction between traditional bank deposits and privately issued digital dollars.

See also: Why Stablecoins Are a Money Story, Not a Consumer Story

The Bigger Story May Be Tokenized Deposits While much of the public debate focuses on stablecoins, the more significant long-term development may be the FDIC’s treatment of tokenized deposits. The proposal explicitly distinguishes payment stablecoins from deposits recorded on distributed ledger technology. That distinction may prove critical because it points toward a future in which banks themselves issue blockchain-based versions of traditional deposits, a future that PYMNTS CEO Karen Webster flagged earlier this January in a piece on tokenized deposits.

For years, stablecoins have flourished largely because existing banking infrastructure was not designed for programmable, internet-native payments. Tokenized deposits offer a different model. They are digital money issued directly by regulated banks while retaining the legal and regulatory characteristics of deposits.

On Thursday (June 4), it was reported that JPMorganChase, Bank of America, Citi, Wells Fargo and other major commercial banks plan to launch a tokenized deposit network in the first half of 2027, operated by The Clearing House, the real-time payments company co-owned by the same banks.

Increasingly, the debate is not whether assets should be tokenized but whether regulators will treat tokenization as a technological upgrade or as a fundamentally different category of financial activity.

Read also: Stablecoins Are Just Wildcat Banking With Better Wi-Fi

Why the Banking Industry Wants Regulators to Slow Down One of the more revealing responses to the proposal came not from crypto companies but from major banking trade associations. In a joint filing, industry groups asked regulators to delay the comment process until the Office of the Comptroller of the Currency finalizes its own GENIUS Act framework. The reason is that the various stablecoin rulemakings are interconnected.

The groups said the pending Treasury, FDIC and anti-money-laundering proposals remain “substantively tethered” to the OCC’s still-unfinished framework. Moving ahead without greater coordination risks creating overlapping or inconsistent standards for institutions operating across multiple regulatory jurisdictions.

If different agencies establish divergent requirements for similar activities, financial institutions will inevitably structure themselves around whichever regulatory framework proves most advantageous. The resulting arbitrage is precisely what lawmakers sought to avoid when creating a federal stablecoin framework in the first place.

See also: A Stablecoin History Lesson: The Messy Origins of the Internet’s ‘Digital Dollar’

The Real Prize Is Control of Payment Infrastructure The PYMNTS Intelligence and Citi report “Chain Reaction: Regulatory Clarity as the Catalyst for Blockchain Adoption” found that blockchain’s next leap will be shaped by regulation. At stake is the future structure of payments, deposits, settlement infrastructure and the boundary between traditional banking and blockchain networks.

For banks, the proposal represents a defensive challenge and a strategic opportunity. For FinTechs, it signals growing federal acceptance of blockchain-based financial infrastructure. For regulators, it marks the beginning of the more difficult task of incorporating programmable money into the financial system without importing the instability that accompanied earlier crypto markets.

Will the future belong to nonbank stablecoin issuers holding reserves inside the banking system? Will banks dominate through tokenized deposits? Or will the two models converge into a hybrid structure where the distinctions become increasingly difficult to see?

The real question, after all, is no longer whether digital dollars will exist. They already do. It is who will issue them.