Fiserv (FISV) Citi’s 15th Annual FinTech Conference summary

Outlook and portfolio actions

• Cleaner quarters expected from Q4 as elevated non-recurring revenue effects are anniversaried; recurring revenue and volume trends have remained stable.

• Portfolio review identified more than a dozen small, no-growth and/or unprofitable businesses for shutdown, subject to client-impact considerations.

• Several larger non-strategic assets are under review for alternative ownership; interested parties and sale processes are in place, contingent on attractive shareholder value.

• Clients will be migrated from two debit networks to one over the next few quarters; the other network will be sold if a suitable buyer is found or have costs reduced.

Elevate and AI

• Elevate targets $1B of savings over three years on a static basis; portfolio rationalization drives much of the range between $500M and $1B.

• Savings are expected to come roughly one-third each from AI, sharper focus, and process automation; legacy-platform decommissioning will take longer as remaining clients are migrated.

• AI is accelerating delivery, with work once expected to take quarters now expected to take weeks; savings and investment choices will evolve with technology and market needs.

• AI and interoperability are expected to support new client propositions and faster modernization, including APIs, developer experience, and agentic commerce solutions.

Clover and small-business growth

• Higher VAS penetration is expected to lift Clover revenue above processing revenue growth; Clover Capital is growing at high double digits, and Clover Savings has launched.

• Growth opportunities include healthcare via Rectangle Health, retail online tools supported by Google Ads, and Clover for Enterprise, planned for launch in 2027.

• Clover for Enterprise will be a standalone offer, retain growing clients, pursue larger SMBs, and combine e-commerce, card-present payments, and hardware for omnichannel use.

• Clover International has high share and growth in Canada, Mexico, Brazil, and Argentina; Japan is in pilot, with launch planned for Q1 2027 through a local bank partner.

• A thoughtful migration of eligible legacy SMB clients to Clover will use VAS such as capital and savings first; some legacy partner books are expected to keep declining naturally.