Fiserv and TD Bank Partner on Merchant Services in Canada

TD Bank Group’s TD Merchant Solutions will use payments and financial technology from Fiserv, including the point-of-sale system Clover, for its merchant business in Canada.

That move is part of a new multi-year strategic managed services program agreement signed by the two companies, they said in a Wednesday (July 23) press release.

In addition, the companies have agreed that Fiserv will acquire part of TD’s merchant processing business in Canada, according to the release. With this acquisition, 3,400 TD merchant relationships with 30,000 merchant locations will migrate to Fiserv’s processing system and Clover.

The transaction is expected to close later this year, subject to customary closing conditions, per the release.

The new partnership will expand Clover’s reach in Canada, Fiserv Chief Operating Officer Takis Georgakopoulos said in the release.

“This agreement reinforces our strong relationship with TD and underscores our shared commitment to delivering value to clients,” Georgakopoulos said.

Barbara Hooper, group head, Canadian business banking at TD Bank Group, said in the release: “This strategic relationship with Fiserv will directly benefit our clients by combining Clover, Fiserv’s innovative merchant product offering, with our business banking solutions, providing our merchants with the capability to leverage the latest technology to process payments and grow.”

TD Bank Group is the sixth largest bank in North America by assets, the company said in a Wednesday press release.

Clover’s offerings are designed to help small businesses meet challenges like rising costs, labor shortages, and attracting and retaining customers, Fiserv said when launching a new suite of tools for these businesses in October.

Fiserv Head of Merchant Services Jennifer LaClair said at the time in a press release: “An enhanced suite of industry-specific solutions allows small business owners across industries to transform challenges into opportunities and streamline processes so they can focus on what matters most — elevating their business.”

In another recent move, Fiserv said in June that it aimed to strengthen its merchant services footprint across Ireland and Europe after agreeing to acquire the remaining 49.9% stake in AIB Merchant Services (AIBMS).

The transaction will give Fiserv full ownership of AIBMS, one of Ireland’s largest payment solution providers and a top European eCommerce acquirer.