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TD Announces Strategic Relationship with Fiserv to Enhance TD Merchant Solutions Offering in Canada
TD Fiserv Partnership will elevate TD Merchant Solutions in Canada through the integration of Fiserv’s advanced Clover technology. This collaboration aims to make payment processing easier and give business clients seamless experiences. The strategic relationship gives TD new financial services tools that improve its offerings.
TDMS will provide Fiserv’s advanced Clover product offering, payment processing and servicing to its clients. The transition for clients will be seamless as they will continue to have access to merchant solutions enabling them to accept credit and debit payments.
“At TD, we are focused on helping our business clients succeed,” said Barbara Hooper, Group Head, Canadian Business Banking, TD Bank Group. “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.”
As part of this new strategic relationship, TD and Fiserv are also entering into a purchase agreement, which will include Fiserv acquiring a part of the TD merchant processing business relating to a select portfolio of approximately 3,400 TDMS merchant group contracts with 30,000 merchant locations. This divestiture, which is not material to TD, is subject to customary closing conditions and is expected to close in late fiscal 2025, at which time the agreement reflecting TD’s strategic relationship with Fiserv will also become effective.
With the TD Fiserv Partnership, TD improves its merchant services by using new technology, making operations more efficient, and providing better customer service.
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