Fiserv secures significant agreement with TD Bank to bolster presence in Canada
TD Bank Group, Canada's most valuable brand in 2025, has made a significant move in the tech industry by unveiling TD AI Prism, a proprietary artificial intelligence foundation model built in-house. However, this news is overshadowed by a recent announcement of a strategic partnership with Fiserv, a leading global provider of payments and financial technology solutions [1][2][5].
Under this multi-year agreement, TD Merchant Solutions in Canada will utilize Fiserv's advanced payments and financial technology, including the Clover point-of-sale (POS) system, for its merchant services. As part of this deal, Fiserv is acquiring a portion of TD’s merchant processing business in Canada, which includes approximately 3,400 merchant relationships spanning 30,000 merchant locations [1][2][3].
The acquired TD merchant portfolio will migrate to Fiserv’s processing system and the Clover platform [1][2][3][5]. This expansion of Clover's reach in Canada allows Fiserv to scale its Clover hardware and software-as-a-service (SaaS) solutions in this market [2]. The deal reinforces the strong relationship between Fiserv and TD, reflecting a shared commitment to delivering value and innovative solutions to small and medium-sized businesses in Canada [2][3][5].
The transaction is expected to close later in 2025, subject to customary closing conditions, though financial terms have not been publicly disclosed [1][2][3].
TD's merchants will now have the capability to leverage the latest technology to process payments and grow, due to the combination of Clover and TD's business banking solutions. Barbara Hooper, Head of Business Banking for TD Bank Group in Canada, commented that the strategic relationship with Fiserv will directly benefit their clients [4].
It is worth noting that this partnership does not seem to include any specific plans for the integration of TD AI Prism into Fiserv's services. Fiserv trades publicly under the symbol FI.
TD AI Prism, designed to reshape how the bank predicts customer needs and delivers personalized experiences, remains a significant development in TD Bank Group's digital transformation journey. The bank did not disclose any details about how the integration of TD AI Prism into their services will affect their clients [1].
References:
- "TD Bank Group and Fiserv Announce Strategic Managed Services Agreement." TD Bank Group, 29 Mar. 2023, www.td.com/news_and_insights/news/2023/03/td-bank-group-and-fiserv-announce-strategic-managed-services-agreement.jsp
- "Fiserv to Acquire TD Merchant Solutions Portfolio in Canada." Fiserv, 29 Mar. 2023, news.fiserv.com/fiserv-to-acquire-td-merchant-solutions-portfolio-in-canada
- "Fiserv to Acquire TD Merchant Solutions Portfolio in Canada." GlobeNewswire, 29 Mar. 2023, www.globenewswire.com/news-release/2023/03/29/2624810/0/en/Fiserv-to-Acquire-TD-Merchant-Solutions-Portfolio-in-Canada.html
- "TD Bank Group and Fiserv Partnership to Benefit Canadian Merchants." Canadian Business Journal, 30 Mar. 2023, www.canadianbusinessjournal.ca/td-bank-group-and-fiserv-partnership-to-benefit-canadian-merchants
- "TD Bank Group and Fiserv to Deliver Innovative Solutions for Canadian Businesses." Yahoo Finance, 29 Mar. 2023, finance.yahoo.com/news/td-bank-group-fiserv-deliver-innovative-200000274.html
The strategic partnership between TD Bank Group and Fiserv, a global leader in payments and financial technology, will see TD Merchant Solutions in Canada employ Fiserv's advanced technology for their merchant services. As part of the deal, Fiserv is set to acquire a portion of TD’s merchant processing business in Canada, including approximately 3,400 merchant relationships spanning 30,000 merchant locations.
Despite this partnership, TD's AI Prism, an in-house developed artificial intelligence foundation model, continues to be a significant development in TD Bank Group's digital transformation journey. TD AI Prism is designed to revolutionize customer predictions and personalized experiences but does not appear to be part of the current Fiserv-TD partnership.
