Through the partnership, Fiserv says it has also “entered into a purchase agreement with TD to acquire a part of TD’s merchant processing business in Canada”.
TD Bank Group in Canada has signed a strategic managed services programme agreement with US fintech giant Fiserv.
Under the multi-year programme agreement, TD Merchant Solutions (TDMS) will provide Clover, Fiserv’s point-of-sale offering, to its clients. The all-in-one payments platform features virtual terminals and payment processing capabilities as well as tools for invoicing, inventory tracking, and employee management.
Fiserv states that this agreement will expand its merchant relationships in Canada and “creates new opportunities to scale Clover hardware and SaaS solutions”.
The fintech has been working to further the reach of Clover internationally, as noted through its recent acquisitions of Money Money Serviços Financeiros in Brazil and CCV, a longstanding payment solutions provider headquartered in the Netherlands.
Through the partnership, Fiserv says it has also “entered into a purchase agreement with TD to acquire a part of TD’s merchant processing business in Canada”.
The agreement includes a portfolio of approximately 3,400 TDMS merchant group contracts with 30,000 merchant locations, which Fiserv says will “migrate to Fiserv’s processing system and Clover” once the acquisition closes, expected “later this year”. Financial terms of the deal have not been disclosed.
Source: https://www.fintechfutures.com/
