PYMNTS.comยท2025-07-23 15:53Core Insights - TD Bank Group's TD Merchant Solutions has entered into a multi-year strategic managed services program agreement with Fiserv, which will utilize Fiserv's payment and financial technology, including the Clover point-of-sale system, for its merchant business in Canada [1][2]. Group 1: Partnership Details - Fiserv will acquire a portion of TD's merchant processing business in Canada, which includes migrating 3,400 TD merchant relationships across 30,000 merchant locations to Fiserv's processing system and Clover [3]. - The transaction is expected to close later this year, pending customary closing conditions [3]. Group 2: Strategic Benefits - The partnership aims to expand Clover's reach in Canada, enhancing the value delivered to clients through the integration of Clover's innovative merchant product offerings with TD's business banking solutions [4][5]. - This collaboration is designed to help small businesses address challenges such as rising costs and labor shortages, while also improving customer retention [6]. Group 3: Company Background - TD Bank Group is recognized as the sixth largest bank in North America by assets [5]. - Fiserv has been actively enhancing its merchant services, including a recent acquisition aimed at strengthening its footprint in Ireland and Europe [7][8].