Fiserv is a large financial technology company that provides payment and banking technology infrastructure to merchants and financial institutions. Fiserv operates two core businesses. The Merchant Solutions segment, roughly 45% of adjusted revenue, centers on Clover, a cloud-based point-of-sale and business management platform for small and mid-size businesses that combines hardware terminals with software tools for payments, inventory, scheduling, and working capital. Beyond Clover, Fiserv also serves large enterprise merchants through its Commerce Hub platform, handling e-commerce, fraud management, and omnichannel payment processing. The Financial Solutions segment, roughly 55% of adjusted revenue, provides the core technology infrastructure that banks and credit unions run on — including account processing, digital banking, credit and debit card issuing, debit networks (STAR and Accel), bill payment, Zelle P2P payments, and ACH/real-time payment capabilities. About 80% of Fiserv's revenue comes from account- and transaction-based fees under multi-year contracts, making the business largely recurring. Revenue scales with transaction volumes and accounts on file, with high incremental margins given the fixed cost base. Fiserv's growth strategy focuses on expanding Clover internationally and into vertical software, growing Commerce Hub into a global enterprise payment gateway, cross-selling adjacent products into its bank and credit union client base, and building out embedded finance capabilities that allow non-bank businesses to offer banking and payments directly within their own platforms.